Treasury Secretary Scott Bessent on Wednesday called for sweeping reforms at the International Monetary Fund and World Bank, urging the institutions to abandon what he described as “mission creep” and return to their founding charters focused on macroeconomic stability, trade, and development.

Speaking at the Institute of International Finance during the spring meetings of the IMF and World Bank, Bessent said that “America First does not mean America alone.” He argued that the Trump administration is not looking to abandon international institutions or the global financial system built with American leadership, but rather is making a renewed commitment to U.S. leadership within it.

“Far from stepping back, ‘America First’ seeks to expand U.S. leadership in international institutions like the IMF and World Bank,” Bessent said.