The private sector had never had a seat at the table at the G20 until Treasury Secretary Scott Bessent extended an invitation this week — one Wall Street leaders happily accepted.
Economic growth is Bessent’s top priority at the G20 finance ministerial meeting this week in Asheville, North Carolina. Bessent argues that growth cannot happen without the private sector and “rests upon the abundance of our resources, the clarity of our rules, and the strength of our markets.”
JPMorgan Chase CEO Jamie Dimon praised Bessent’s move to extend an invitation, saying, “Good policy is made better when those who lend, hire, invest, and build have a voice in shaping it. Collaboration works.”
Goldman Sachs CEO David Solomon echoed Dimon’s sentiment, saying, “I really appreciate the fact that Treasury has invited a group of people from industry to participate. It really speaks to the desire to have a public-private partnership to drive more economic growth. … I’m happy to be here.”
Bessent’s focus on growth is also central to his answer to the national debt, which recently crossed $40 trillion. He pointed to the Trump administration’s deregulation efforts and restoration of 100% bonus depreciation, which allows businesses to immediately deduct the full cost of certain investments. The policy incentivizes companies to purchase equipment and finance new projects, spurring construction and manufacturing — including the data centers powering the artificial intelligence boom. Bessent argues that growth from those investments could help the economy outpace its mounting debt burden.
He also invited a subset of private leaders to share with foreign leaders how AI and AI regulation affect their businesses.
“They asked me to come speak on an AI panel and how AI is affecting our business which is exciting,” Eli Lilly CEO David Ricks said.
Bessent told The Daily Wire that he hopes other countries commit to pro-growth initiatives, but added that there is no guarantee they “will take the measures they need.” He explained that countries choose to do business in America because “under President Trump, we have tax certainty, energy certainty, and regulatory certainty.”
He added that at the Asheville meeting, leaders are working to address imbalances “that are sucking growth from the rest of the world.”
Bessent’s growth agenda was also reflected in his choice of Asheville as the meeting’s host city. “We chose Asheville, not only because we want to showcase this beautiful place, but also to show the resiliency of the people,” Bessent said. “Only two years ago, Hurricane Helene brought communities in this region to the brink of ruin. Families were forced from their homes, rivers overran their roads, and businesses that stood for generations were suddenly washed away.”
Bessent said Asheville’s response demonstrated the resilience needed to turn devastation into renewed economic growth. “A region tested by disaster responded with the resilience that has long defined the American people.”
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