Treasury Secretary Scott Bessent on Wednesday likened the Trump accounts created by Republicans’ massive new domestic policy law to “a backdoor for privatizing Social Security.” Democrats are already launching political attacks.

Treasury Secretary Scott Bessent said that the Trump administration was committted to protecting Social Security hours after he described a children's savings program in President Trump's recent tax package as a “back door for privatizing Social Security.

Treasury Secretary Scott Bessent is trying to walk back comments that Trump savings accounts for newborns could be a "backdoor" to start privatizing Social Security.