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 is trying to walk back his suggestion that the so-called Trump savings accounts for newborns could be a "back door" to start privatizing Social Security. Bessent made the comments in an interview with Breitbart while he was speaking at length about the importance of financial literacy.