U.S. Treasury Secretary Calls for G20 Focus on Deregulation and Growth at Finance Track Summit

Asheville, North Carolina – Treasury Secretary Scott Bessent opened the G20 Finance Track meetings on Monday with a strong call for global financial leaders to prioritize “stronger and more durable growth” by removing government-imposed economic barriers. In his remarks, Bessent urged the group to adopt a “back‑to‑basics” strategy that tackles policy failures and restores robust expansion.

“Many forces can inhibit economic growth,” Bessent said. “But policy failures of our own making must no longer be one of them.” He framed the U.S. G20 presidency around a pragmatic agenda that emphasizes deregulation, efficient tax systems, and market integration.

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Treasury Secretary Scott Bessent at the G20 Finance Track meetings in Asheville, North Carolina. (Department of Treasury)

Bessent highlighted a range of obstacles to global expansion identified by the finance track, including excessive regulatory burdens, poorly designed tax regimes, fragmented internal markets, insufficient public and private investment, and limited workforce mobility. He argued that addressing these drag factors is essential for reigniting worldwide growth.

White House senior deputy press secretary Kush Desai commented on the U.S. economic outlook, noting, “We’re already seeing leading indicators such as robust factory construction growth. To create factory jobs, you need factories to be built first. This administration has added tens of thousands of construction jobs in the sector.”

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To illustrate a path forward, Bessent presented the Trump administration’s domestic model as a “great regulatory reset.” He pointed out that federal agencies have far exceeded the goal of eliminating ten old regulations for every new one, achieving a historic 129‑to‑1 reduction ratio over the past year. This deregulatory push, he said, is designed to spur investment and lift wages.

International Monetary Fund Managing Director Kristalina Georgieva praised the U.S. approach as a benchmark for attracting business. Speaking at the Federal Reserve’s Jackson Hole Symposium, she observed, “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 positioned the United States as the premier global destination for capital, emphasizing historic tax relief for working families and energy independence as key drivers for the next wave of economic expansion. He encouraged international partners to adopt ambitious reform programs that engage the private sector and stimulate market activity.

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Treasury Secretary Scott Bessent at the G20 Finance Track meetings in Asheville, North Carolina. (Department of Treasury)

He also commended partners for pursuing bold reforms to boost private‑sector engagement and market dynamism, welcoming collaborative feedback as the two‑day summit proceeds.

The Asheville meetings mark a pivotal moment in the U.S. G20 host year, 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.

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