Treasury Secretary Scott Bessent addressed the National Committee on U.S.-China Relations Gala on Wednesday evening, highlighting ongoing bilateral economic discussions and U.S. efforts to combat illicit finance.

The remarks came as the department continues a series of actions targeting networks supporting the Iranian regime and global scam operations. Earlier this week, Treasury's Financial Crimes Enforcement Network issued orders severing access to the U.S. financial system for MEXC Global, a cryptocurrency exchange that facilitated at least $16 billion in illicit finance, including transactions linked to Iran's Islamic Revolutionary Guard Corps-Qods Force.

Additional sanctions under Operation Economic Outcast targeted eight Canadian money services businesses and a global maritime fraud network supporting Iran. These steps build on prior actions against facilitators of North Korean IT worker fraud and Rwandan entities backing the M23 group.

The Treasury Department, established by Congress in 1789, oversees the nation's finances, collects revenue through the IRS, manages public debt, and enforces economic sanctions to advance national security. Its Office of Foreign Assets Control plays a central role in restricting access to the U.S. financial system for adversaries and criminal networks.

On the domestic front, the Treasury and IRS announced Opportunity Zones designations covering more than 6,500 communities across America. The program, created under the 2017 Tax Cuts and Jobs Act, aims to spur private investment in economically distressed areas through tax incentives rather than expanded government spending.

Debt management remains a focus amid elevated borrowing needs. The department completed a $42 billion 10-year note auction on Tuesday that drew weaker demand amid inflation concerns and Federal Reserve commentary on potential rate increases. October data showed the federal deficit reached $409 billion for the month, exceeding the prior year's figure by $125 billion.

Treasury officials have signaled possible adjustments to bond issuance patterns in coming quarters to manage costs, following a summer period of debt restructuring described by Bessent as a "Treasury twist." The Financial Action Task Force recently recognized the effectiveness of the U.S. anti-money laundering and counter-terrorism financing system during its plenary meetings.

These activities reflect the department's dual role in sanctions enforcement and fiscal operations under the current administration, emphasizing enforcement against foreign threats alongside efforts to promote domestic economic growth through targeted incentives.