Establishes a trust for current and recent foster youth receiving benefits and other income.

The bill establishes a trust for current and recent foster youth receiving benefits and other income. It mandates that financially responsible agencies apply for all cash benefits a child is eligible to receive and deposit these benefits into the trust. The trust must be managed by a qualified financial institution selected through a competitive request for proposals. The commissioner of children, youth, and families must oversee the trust and ensure compliance with federal and state standards.

Establishes a trust for current and recent foster youth receiving benefits and other income.

The bill establishes a trust for current and recent foster youth receiving benefits and other income. It mandates that financially responsible agencies apply for all cash benefits a child is eligible to receive and deposit these benefits into the trust. The trust must be managed by a qualified financial institution selected through a competitive request for proposals. The commissioner of children, youth, and families must oversee the trust and ensure compliance with federal and state standards.