Treasury Secretary Scott Bessent arrived at a Group of 20 finance ministers reception Sunday, expressing a hope to galvanize international support for a campaign aimed at isolating Iran from global markets. Bessent previewed measures intended to penalize countries and financial institutions that continue to conduct business with Tehran as part of what he termed “Operation Economic Outcast."
"I think it could be within weeks or months,” Bessent told reporters when asked about the potential duration of the operation. “The economy doesn’t have to collapse. We just have to have the regime come to their senses.”
The two-day gathering in Asheville, North Carolina, includes government officials, central bank leaders, and private sector bankers to discuss pressing financial issues, with the situation involving Iran anticipated to be a dominant topic. The agenda also includes discussions on recent bond market volatility, trade disputes, the advancement of artificial intelligence, and persistent inflation.
A Treasury spokesperson stated that Bessent would advocate for a U.S.-led agenda focused on enhancing long-term global growth, fostering private sector-driven demand, and addressing structural barriers and global imbalances. The spokesperson added, “Under President Trump, we are no longer indulging the twin cults of climate and diversity. Growth is the guiding principle around which we have built our economic agenda.”
Federal Reserve Chairman Kevin Warsh, who accompanied Bessent to the reception, also attended. Warsh has faced scrutiny regarding his proximity to President Trump, who has previously urged the Federal Reserve to lower interest rates. Warsh addressed these concerns during remarks at the Jackson Hole economic symposium. The Federal Reserve is expected to decide on interest rates in September amid ongoing inflation and energy concerns, with a rate increase potentially drawing criticism from the president ahead of the midterm elections.
JPMorgan CEO Jamie Dimon was also present at the reception and was seen walking with Bessent. Dimon has been a vocal figure in public policy discussions and was previously considered a potential candidate for Treasury Secretary. Earlier this year, JPMorgan faced a lawsuit from President Trump, who alleged wrongful debanking following the January 6, 2021, Capitol riot.