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.

Treasury Secretary Scott Bessent said Wednesday that the so-called “Trump accounts” created by the One Big Beautiful Bill Act could be a “backdoor for privatizing Social Security.” The comments, made during an appearance on the Breitbart podcast,