At 22:00 Beijing time on Wednesday, US Treasury Secretary Bescent delivered a speech on the status of the financial system.

Bescent said while affirming the "key role" of the International Monetary Fund (IMF) and the World Bank,Call on these two institutions to carry out"Pedition correction". The former hedge fund manager said bluntly: "Under the status quo, they failed to meet the standards."

He particularly criticized the existence of IMF"Task Overext"question, economic stability and growth should be a sign of the success of the IMF, not the size of the debt limit. The IMF has invested too much time and resources into work on climate change, gender and social issues, squeezing space for macroeconomic work.

In addition, Becente said the World Bank needs to use resources as efficiently and effectively as possible to demonstrate its tangible value to its member states. The World Bank must establish clear exit periods to end loans to countries that have met graduation standards for a long time.

Besent said,As long as the IMF and the World Bank stick to their mission, the Trump administration will "extremely look forward to" cooperating with it.The United States hopes that allies will cooperate with it to rebalance the international financial system and readjust the charter of the International Monetary Fund and the World Bank.

For the International Monetary Fund, he said, "We have to make the IMF an IMF again." The former hedge fund manager described the IMF's initial mission includingStop “harmful policies, such as competitive currencies depreciation” and promote “balanced growth of international trade.”

He said the IMF should refocus on solving the balance of payments and make its loans temporary. Becente said it should ask countries to be held accountable for the reforms it has carried out, "sometimes the IMF needs to say 'no'."

The reform calls for a subtle response to the Trump administration's tariff policies. IMF President Georgieva said this month that the current "restart" of the global trade system is creating opportunities to establish a "more balanced and more resilient" economic pattern. Becente emphasized that the IMF should return to its original mission - curb harmful policies such as competitive exchange rate depreciation and promote balanced growth in international trade.

Becente continues to deliver a mild message. He pointed out thatU.S. priority does not mean the U.S.Walk alone, on the contrary, it is a call for deeper cooperation and mutual respect among trading partners. The Treasury Secretary added, “Far from retreating, ‘America First’ seeks to expand U.S. leadership in international institutions such as the IMF and the World Bank. By taking on a stronger leadership role, ‘America First’ aims to restore equity in the international economic system.”

Besent reiterated thatThe United States still adheres to a strong dollar policy.I think Wall Street can continue to perform well. But I think it's time for "Main Street" to share prosperity.

Becent said that the regulatory skeleton after 2008 was too strict for regulated agencies. "I convened an agency in the United States called the Financial Stability Regulatory Commission (FSTOC) to bring together various regulators. I believe that through cooperation with the three major U.S. banking regulators - the Federal Reserve and the U.S. Currency Audit Office, the U.S. Federal Deposit Insurance Company.We can establish a system that will make the regulated financial system prosper again.”