“In a way, it is a backdoor for privatizing Social Security,” Bessent said at a Breitbart event in Washington, Politico reported. “If, all of a sudden, these accounts grow and you have in the hundreds of thousands of dollars for your retirement, that’s a game-changer, too.”

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.