So far, at least 23 governors have agreed to set up Fostering the Future Accounts for children in their respective states.
Janet Mills is not one of them. Maine’s children should be elevated above politics.
The states that have opted in so far include Alabama, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Louisiana, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, and West Virginia.
Qualifying children born between 2025 and 2028 get a one-time $1,000 seed deposit from the Treasury Department.
Matching contributions can also be made by employers, private donors, and state funds.
Foster children will have access to the money, which is automatically invested in the stock market.
They can then access it at age 18 to pay for schooling, buy a home, or start a business.
With no contributions made after the $1,000, the funds will grow to roughly $5,800 by 18, according to White House estimates.
Maximum contributions of $5,000 yearly would grow the account to between $162,000 and $730,000.