Leavitt cleans up Bessent's Social Security privatization comments: ‘Supplement, not substitute'
Treasury Secretary Scott Bessent arrives before President Donald Trump speaks at an event to promote his proposal to improve Americans' access to their medical records in the East Room of the White House, July 30, 2025. | Mark Schiefelbein/AP
By Nicole Markus
07/31/2025 02:56 PM EDT
White House press secretary Karoline Leavitt said Thursday that President Donald Trump is 'wholeheartedly committed' to protecting Social Security, after Treasury Secretary Scott Bessent framed his 'Trump accounts' as a 'backdoor for privatizing' it.
'What the secretary of Treasury was saying, and what this administration believes, is that these Trump newborn accounts — which is an incredibly creative and great provision that was in the One Big Beautiful Bill for newborn children, and families and future generations of Americans — will help supplement, not substitute, Social Security,' Leavitt said during Thursday's briefing.
The tax-deferred investment accounts allow parents to contribute up to $5,000 a year for their children. The accounts allow for penalty-free withdrawals after age 59. The government will also contribute $1,000 to each baby born from 2025 to 2028.
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