Foster Care Accounts

The New York Stock Exchange is set to be opened from the Oval Office next week as the White House marks the launch of Trump Accounts. The unusual ceremony will also include Nasdaq, with both exchanges ringing the bell from the Oval for the first time together, according to White House economic adviser Kevin Hassett. A White House rollout with political overtones Hassett, who leads the National Economic Council, said on CNBC that the event is meant to celebrate the accounts. CNN has reached out to the White House for further details. He also linked the savings program to a wider political message, saying the accounts give every child born in the US “a stake in the game.” How Trump Accounts are supposed to work Trump Accounts are IRA-style savings accounts for eligible children. Like traditional IRAs, the money grows tax deferred, but the rules differ on contributions, withdrawals, and approved uses of the funds. Families will be able to start contributing to the accounts on July 4. The accounts would provide parents of children born between 2025 and 2028 with $1,000 to invest, and the money may not be tapped before a child turns 18. Feature Trump Accounts Details from the report Eligibility Eligible children Parents of children born between 2025 and 2028 can receive $1,000 to invest Tax treatment IRA-style Money grows tax deferred Access to funds Restricted until adulthood The money may not be tapped before age 18 Contribution start July 4 Families can begin contributing on that date Melania Trump expands the foster care angle The accounts did not initially include children in foster care, because they must be opened by an “authorized individual,” typically a parent or other family member named as a legal guardian. Child welfare advocates raised the issue with first lady Melania Trump’s office. Melania Trump later appeared at the Treasury Department earlier this month to announce “Fostering the Future Accounts.” The updated guidance allows state child welfare agencies and foster youth representatives to set up the accounts for foster children. The first lady has used part of her second term to shine a light on children in the foster care system, and the new guidance extends that effort into the Trump Accounts rollout. The result is a program launch that now reaches beyond the original setup and into a broader conversation about access for children in foster care. Read more at: www.cnn.com

Trump Accounts Get a White House Launch, and the Opening Bell Moves to the Oval Office