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.

Treasury Secretary Scott Bessent is coming under fire for remarks about so-called “Trump accounts” being a “backdoor for privatizing Social Security,” with Democrats characterizing his comments as representing a secret plan to gut the program.

Treasury Secretary Scott Bessent has described a children's savings program in President Trump's recent tax package as a "back door for privatizing Social Security."