WASHINGTON — Treasury Secretary Scott Bessent was grinning from ear to ear as he arrived at a Group of 20 finance ministers reception Sunday with the hope of marshaling global support for his “Operation Economic Outcast” campaign against Iran.
Bessent was accompanied by Federal Reserve Chairman Kevin Warsh and was later seen walking with JPMorgan CEO Jamie Dimon outside the G20 Finance Track reception in Asheville, NC.
The treasury secretary spent most of last week previewing a series of measures meant to isolate the Islamic Republic from global markets by punishing countries and financial institutions still doing business with Tehran.
“I think it could be within weeks or months,” Bessent told reporters on Monday when asked about how long “Operation Economic Outcast” will last.
“The economy doesn’t have to collapse. We just have to have the regime come to their senses.”
The two-day gathering in the Blue Ridge Mountains will feature government officials, central bank leaders, and top private sector bankers discuss pressing financial issues, with the Iran war expected to dominate the agenda.
Other issues expected to be discussed in North Carolina include recent unrest in the bond market, trade disputes, the rise of artificial intelligence, and stubbornly high inflation.
“Secretary Bessent will advance a US-led agenda focused on strengthening long-term global growth, promoting private sector-led demand, and addressing the structural barriers and global imbalances,” a Treasury spokesperson said.
“The G20 is a critical forum for addressing shared challenges and opportunities in the global economy. 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.”
JPMorgan’s Dimon, one of the most outspken bank bosses on public policy, was once rumored to be a contender for Treasury secretary, only for Trump to publicly close the door on that speculation.
Earlier this year, the president slapped a $5 billion lawsuit against JPMorgan, alleging he was wrongfully debanked following the Jan. 6, 2021, Capitol riot.
Meanwhile, Warsh has faced skepticism from critics over the extent of his closeness to Trump, who stepped up pressure on the Federal Reserve to slash interest rates last year.
Warsh attempted to ease those concerns during remarks at the Jackson Hole economic symposium in Wyoming last week.
In September, the Federal Reserve will have to decide whether to raise interest rates amid elevated inflation and concerns about an energy shock, with a move to increase rates likely to annoy the president ahead of the Nov. 3 midterm elections.
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