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 President Donald Trump's new children's savings program "is a back door for privatizing Social Security," a remark at a Breitbart News forum that revived a long-fraught debate Republicans have largely avoided in recent years.

Treasury Secretary Scott Bessent on Wednesday described the tax bill President Donald Trump signed into law this month as a way of eventually privatizing Social Security. The law created a new category of tax-advantaged retirement savings accounts for babies,