Scott Bessent called for sweeping change at the World Bank and International Monetary Fund, claiming they needed to reconnect with their missions, faulting their dealings with China.  Treasury secretary Scott Bessent,

U.S. Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.

Treasury Secretary Scott Bessent has played a balancing act trying to reassure nervous investors that the U.S. would maintain its global leadership role while staying true to the Trump administration’s skepticism of multilateral banking organizations.

Speaking in the Oval Office after a brief swearing-in ceremony for Securities and Exchange Commission Chair Paul Atkins Tuesday, Trump said talks with China were “doing fine” because “everybody wants to have involvement” in American markets.