Trump accounts, Treasury Secretary Scott Bessent said, would make “everyone a shareholder” in the success of the economy.

Treasury Secretary Scott Bessent on Wednesday likened the Trump accounts created by Republicans’ massive new domestic policy law to “a backdoor for privatizing Social Security.” Democrats are already launching political attacks.

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.