The Treasury Secretary has described new savings account for young Americans as a "backdoor for privatizing Social Security."

Treasury Secretary Scott Bessent said Wednesday that the Trump administration was committed to protecting Social Security hours after he said in an interview that a new children's savings program President Donald Trump signed into law “is a back door for privatizing Social Security.

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.