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

Treasury Secretary Scott Bessent is trying to walk back comments that Trump savings accounts for newborns could be a "backdoor" to start privatizing Social Security.

The White House is walking back Treasury Secretary Scott Bessent‘s claim that President Donald Trump‘s accounts for newborns are a “backdoor way to privatize Social Security.” White House press secretary Karoline Leavitt told reporters on Thursday that Bessent meant the Trump accounts “will help supplement,