Treasury Secretary Scott Bessent said Wednesday that the “Trump Accounts” proposal in the One Big Beautiful Bill Act that President Donald Trump signed into law on July 4 could be a “back door” to privatizing Social Security.

The initiative allows the federal government to contribute $1,000 for every newborn American with a valid Social Security number from 2025 to 2028 and allows up to $5,000 in annual private contributions until the child turns 18.

At a policy event in Washington sponsored by Breitbart News, Bessent said the long-term potential of the accounts could reshape federal entitlement programs.

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