Treasury Secretary Scott Bessent is facing heavy backlash from Democrats over a Wednesday remark in which he talked about “a backdoor for privatizing Social Security.” “In a way, it is a backdoor for privatizing Social Security,

The GOP’s “big, beautiful bill,” as the law is called, created a new children’s savings program, Trump Accounts, which can be created for babies born in the U.S. and come with a potential $1,000 deposit from the Treasury.

U.S. Treasury Secretary Scott Bessent on Wednesday likened new savings accounts in a bill President Donald Trump this month signed into law to "a backdoor for privatizing Social Security," speaking at an event sponsored by Breitbart.