Bessent urges G20 to 'get back to the basics' with deregulation and growth-first agenda

close video G20 summit will be a 'big win' for North Carolina, US and the global economy: White House official White House Deputy Press Secretary Kush Desai previews the G20 summit in Asheville, N.C., U.S. sanctions on Iran, public opinion regarding data centers and White House Press Secretary Karoline Leavitt's best moments at the podium. ASHEVILLE, N.C. – Treasury Secretary Scott Bessent delivered a firm call to action to global financial leaders in his opening remarks at the G20 Finance Track meetings on Monday, urging the group to refocus on driving "stronger and more durable growth" by dismantling government-imposed economic barriers. Speaking at the gathering of finance ministers and central bank governors, Bessent framed the U.S. presidency of the G20 around a "back-to-basics" approach to economic policy, arguing that global growth has underperformed for far too long. "Many forces can inhibit economic growth," Bessent said in his opening remarks. "But policy failures of our own making must no longer be one of them." WHAT WARSH'S JACKSON HOLE SPEECH SIGNALS ABOUT WHERE INTEREST RATES ARE HEADED Treasury Secretary Scott Bessent at the G20 Finance Track meetings in Asheville, North Carolina. (Department of Treasury) Bessent outlined a comprehensive list of drag factors identified by the G20 finance track that hamper global expansion. Among the key bottlenecks named were excessive regulatory burdens, poorly designed tax systems , internal market fragmentation, lagging public and private investment, and persistent gaps in workforce mobility. "I think we're already seeing a lot of these leading indicators that we've been talking about, for instance, robust factory construction growth. In order to have factory jobs, you need factories to be constructed first," White House senior deputy press secretary Kush Desai told FOX Business, regarding the U.S. economy. "And so far, this president has added tens of thousands of factory construction jobs." BESSENT SAYS TREASURY AUCTIONS WILL CONTINUE AS USUAL DESPITE EXPANDED BUYBACK PROGRAM To counter these challenges, Bessent presented the Trump administration’s domestic policy model as a blueprint for foreign counterparts. Highlighting what he termed a "great regulatory reset," Bessent pointed to aggressive deregulatory measures aimed at stimulating investment and boosting wages. He noted that federal agencies drastically surpassed the administration's initial goal of eliminating 10 existing regulations for every new one issued, achieving a 129-to-1 reduction ratio over the past year. International Monetary Fund Managing Director Kristalina Georgieva used the U.S. model as an example of the right policy to attract business. She told FOX Business at the Federal Reserve's Jackson Hole Symposium that "You realize that here, 2.5% a year. You go to Europe, it is zero. You go to Japan, half a percentage point. Because of this entrepreneurial environment and the commitment to eliminate red tape, so businesses can flourish." International Monetary Fund Managing Director Kristalina Georgieva used the U.S. model as an example of the right policy to attract business. (Wang Haizhou/Xinhua via Getty Images) U.S. Pitch to International Partners Bessent pitched the U.S. as the premier global destination for capital, citing historic tax relief for working families and energy independence as primary drivers for the next era of economic expansion. TREASURY YIELDS HIT MULTI-DECADE HIGHS AMID SURGING NATIONAL DEBT Treasury Secretary Scott Bessent at the G20 Finance Track meetings in Asheville, North Carolina. (Department of Treasury) He also commended international partners for pursuing ambitious reform programs of their own to engage the private sector and spur market activity, welcoming collaborative feedback as discussions continue over the two-day summit. GET FOX BUSINESS ON THE GO BY CLICKING HERE The Asheville meetings mark a critical milestone in the U.S. host year for the G20, setting the stage for the Leaders' Summit in Florida later this year. Discussions will continue through Tuesday, focusing on structural reform, global financial stability and private sector investment.