Treasury Secretary Scott Bessent said in an interview on July 30 that the Trump Accounts, which are aimed at helping parents save for their children’s future, are “a back door for privatizing Social Security,” before later clarifying that the administration remains committed to protecting Social Security.
Trump Accounts are tax-advantaged investment vehicles created as part of President Donald Trump’s One Big Beautiful Bill Act. Under the bill, parents can contribute up to $5,000 yearly, while the federal government will contribute $1,000 into the accounts for children born in the United States between Jan. 1, 2025, and Dec. 31, 2028.
