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.

The GOP’s “big, beautiful bill,” as the law is called, created a new children’s savings program, Trump Accounts, which can be created for babies born in the U.S. and come with a potential $1,000 deposit from the Treasury.

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