Treasury Secretary Scott Bessent argued in a speech that the multilateral economic institutions have veered away from their missions.

Treasury Secretary Scott Bessent said Wednesday that the Trump administration planned to pursue reforms at the International Monetary Fund and World Bank to achieve a more “sustainable international economic system” that better serves the United States and other countries.

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.