The Trump administration announced plans to allow child welfare agencies to elect to open a Trump account for children in foster care. The move comes after commenters raised concerns about access to Trump accounts — a new type of tax-favored account established by the One Big Beautiful Bill Act (OBBB).
First Lady Melania Trump and Treasury Secretary Scott Bessent unveiled the initiative on June 11. Treasury said the option is available where a state, territorial, or tribal government agency is the legal guardian of a child who has a Social Security number.
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