WASHINGTON, D.C. — Treasury Secretary Scott Bessent defended President Trump’s newly signed One Big Beautiful Bill, highlighting the $1,000 "Baby Account" initiative as a bold step toward long-term financial independence for future generations.

“This doesn’t replace Social Security—it supplements it,” Bessent said during a press briefing. “Every newborn becomes a stakeholder in America’s future.”

Under the plan, each U.S.-born child receives a government-seeded $1,000 investment account at birth, designed to compound wealth over time. The administration says it’s a shift away from “government dependence” toward “ownership and opportunity.”

Critics argue it may not go far enough to address systemic inequality, but supporters praise the effort as a groundbreaking approach to generational wealth-building.