The recently enacted federal budget reconciliation law established a new children’s savings initiative known as the “Trump Account,” creating federally supported investment accounts for eligible children. The law also includes enhanced accounts and additional contributions for certain children who have experienced foster care, reflecting a growing recognition of the importance of assets during the transition to adulthood.
On Tuesday, July 21st from 2:00-3:00 pm ET we had a timely discussion of what this new opportunity could mean for young people and examined key implementation questions, including eligibility, administration, and access.
Todd Lloyd of the Annie E. Casey Foundation moderated a conversation with Dr. William "Willie" Elliott III, Professor of Social Work at the University of Michigan and founding director of the Center on Assets, Education, and Inclusion (AEDI); Ray Boshara, Senior Policy Advisor at both WashU's Center for Social Development and the Aspen Institute Financial Security Program and a nationally recognized expert on asset building and financial security; and Beadsie Woo, Director of Family and Youth Financial Stability at The Annie E. Casey Foundation.
Speakers explored the opportunities and challenges these accounts present for advancing economic mobility and long-term financial security, as well as the role philanthropy can play in supporting equitable implementation, complementary investments, and policy innovation.