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Bessent urges G20 to 'get back to the basics' with deregulation and growth-first agenda
Fox Business • • nation
Key Points:
- Treasury Secretary Scott Bessent urged G20 finance leaders to focus on "stronger and more durable growth" by removing government-imposed economic barriers during the G20 Finance Track meetings.
- Bessent emphasized a "back-to-basics" approach, identifying regulatory burdens, inefficient tax systems, market fragmentation, low investment, and workforce mobility gaps as key obstacles to global economic expansion.
- He highlighted the Trump administration's deregulatory efforts as a model, noting a significant reduction in regulations with a 129-to-1 elimination ratio aimed at stimulating investment and wage growth.
- International Monetary Fund Managing Director Kristalina Georgieva praised the U.S. entrepreneurial environment and regulatory reforms as factors contributing to higher growth compared to Europe and Japan.
- Bessent positioned the U.S. as a top destination for capital due to tax relief and energy independence, while encouraging international cooperation on ambitious reform programs to boost private sector engagement.
