Access inside the hotel itself is also limited. Anyone entering the space must be accompanied by a press minder, and only media that are part of the official press pool are permitted to attend the “spray” opportunities for questions before each major session. (The Citizen Times was not granted pool privileges for Tuesday’s meetings.)
Many events are closed to the press entirely, including a lunch with Sen. Ted Budd. However, the Citizen Times did secure a separate interview with the North Carolina senator.
Bessent: Data centers, AI key to US growth
12:24 PM ET, September 1 2026, Daniel Walton
Western North Carolina has seen a recent wave of action against data centers. Asheville, Hot Springs, Canton, and other local communities have passed moratoria pausing their construction, citing concerns over their energy use and environmental impact.
But U.S. Treasury Secretary Bessent, speaking with Fox Business personality Larry Kudlow at the G20 in Asheville, said the AI boom and its associated infrastructure were critical to the country’s economic growth.
Bessent noted that for the first time, the G20 finance meetings had included participants from the private sector, who spoke on Monday about how they were integrating AI to boost productivity. “I think that we’re just beginning this,” the secretary said. “This is where the jobs are created.”
By the end of President Trump’s second term in 2028, proclaimed Bessent, the US would host 80 percent of global computing power, up from about 60 percent today.
The secretary praised a provision in 2025’s One Big Beautiful Bill Act” that allows businesses to deduct the full cost of data centers from their taxes, thereby incentivizing new projects. He also pointed to the support that trade unions have shown for data center construction.
“They said, ‘we will go after anyone who attacks data centers, because these are great projects,'” said Bessent.
11:00 a.m. Session: Sovereign debt
10:56 AM ET, September 1 2026, Cory Vaillancourt
The U.S. G20 presidency has focused on making debt restructurings faster, more transparent and more predictable, according to a senior Treasury officialwho spoke on background during an Aug. 27 press call. The official cited work through the Paris Club, G20 Common Framework and Global Sovereign Debt Roundtable and said the U.S. wants non-Paris Club creditors, including China, brought into restructurings on comparable terms. He also highlighted an illustrative sovereign debt restructuring memorandum of understanding intended to standardize terms and procedures.
Bessent highlights Carolina ties, talks tough on Iran
10:46 AM ET, September 1 2026, Daniel Walton
As Treasury Secretary Scott Bessent settled in for a “fireside chat” with Fox Business commenter Larry Kudlow on Tuesday morning, he shared his praise of Western North Carolina and its “resilient people.”
Bessent, who spent his childhood in South Carolina, said he “grew up coming here” and referenced his home in Jackson County. He acknowledged the area’s “terrible tragedy about two years” in Hurricane Helene and expressed his hope that the G20 attendees would return to visit the Blue Ridge Mountains in the future.
The secretary also drew on his South Carolina upbringing in a vivid metaphor for the Trump administration’s actions against Iran. He compared Iranian leadership to the venomous snakes his family would find around his home.
“You would take either a rake or a machete or a paddle from a boat, and you’d cut the head off. But the snake, the tail, kept wiggling,” Bessent said. “The snake doesn’t know it’s dead yet, but it will stop wiggling when the sun goes down.”
Bessent said the US was planning additional sanctions on banks tied to the Iranian regime in the next couple of weeks, as well as the freezing of Islamic Revolutionary Guard Corps assets. He told Kudlow that American allies at the G20 continue to support those moves.
“The world is tired of this pariah state,” declared Bessent. “And they are willing to make it a pariah.”
NC Sen. Ted Budd speaks with Citizen Times
10:20 AM ET, September 1 2026, Cory Vaillancourt
Citizen Times Helene Recovery Reporter Cory Vaillancourt will sit with North Carolina Republican Sen. Ted Budd to talk about the status of federal funding for recovery from the devastating Sept. 27, 2024 storm, which caused $60 billion in damage and killed more than 100 people in the state.
State recovery data showed about $2.9 billion in federal Helene funding had actually been delivered, a fraction of the $8.3 billion the state said had been awarded as of May 15.
Budd has been critical of the federal recovery response, using holds on Department of Homeland Security nominees to push FEMA to release stalled reimbursements and, in June, pledging to oppose any supplemental spending package that did not include additional money for Western North Carolina.
Check back for more Citizen Times coverage of today’s interview with Sen. Budd.
Fireside chat with Larry Kudlow
10:16 AM ET, September 1 2026, Cory Vaillancourt
First up this morning, Larry Kudlow will host a “fireside chat” focusing on what the international financial system will look like over the next 50 years. Kudlow is an economist, commentator and former investment banker who served in the Reagan administration and directed President Donald Trump’s National Economic Council from 2018 to 2021. He now hosts “Kudlow” on Fox Business and contributes to Fox News.
The EU responds to an unexpected guest
08:22 AM ET, September 1 2026, Daniel Walton
To the surprise of the international community, Russian finance minister Anton Siluanov is present for the G20’s proceedings in Asheville. As reported by Axios, this marks the top Russian official’s first in-person participation at a G20 meeting since his country’s 2022 invasion of Ukraine.
Valdis Dombrovskis, the European Commissioner for Economy and Productivity, addressed Siluanov’s attendance during a press availability Tuesday morning. He said the European Union did “not see now as the time to normalize Russia,” especially at the country continues its bombardment of Ukrainian civilian infrastructure.
Dombrovskis said he planned to raise the issue with U.S. Treasury Secretary Scott Bessent and other US officials during a planned bilateral conversation later today.
Early bird gets the worm
08:10 AM ET, September 1 2026, Daniel Walton
At about 7 a.m., the Citizen Times was the first media outlet to pick up a press credential for the G20 summit on Sept. 1. “That’ll be five bucks,” joked one of the red-tied staffers working the registration desk.
The Citizen Times boarded a black shuttle bus together with correspondents from the Financial Times and a Polish news agency, then rumbled through the grounds of the Grove Park Inn to the International Media Center, a building near the foot of the resort’s golf course. “Stayin’ Alive” blasted over the van’s speakers.
One wonders if Donald Trump, although not expected to attend the event, may have somehow made a psychic impression upon the soundtrack. (A viral AI-generated video from 2024 shared by Elon Musk showed the president and the Tesla CEO busting moves to the Bee Gees classic.)
Access denied
05:22 PM ET, August 31 2026, Daniel Walton
Journalists from the New York Times, Wall Street Journal, and Bloomberg have all been denied access to Asheville’s G20 meetings, according to reporting from the Associated Press. Media organizations and foreign government officials have criticized that move by the Trump administration, with German Finance Minister Lars Klingbeil calling it “unacceptable.”
Some local outlets also did not receive permission from the Treasury Department to cover the event. Thomas Calder, managing editor of the Asheville alternative weekly *Mountain Xpress,* confirmed that a reporter from the paper was not granted credentials.
Reporters from the Asheville Watchdog were denied as well, said Michael Stowe, the nonprofit online newsroom’s editor in chief. He told the Citizen Times that the Trump administration’s decision was “frustrating” and suggested its access decisions were designed to shape favorable coverage of the event.
Other local media outlets did secure access, including the Citizen Times, WLOS, and Blue Ridge Public Radio.
G20 finance leaders in Asheville.
03:20 PM ET, August 31 2026, Josh Bell
Local vendors at G20
02:27 PM ET, August 31 2026, Daniel Walton
In the runup to the G20’s Asheville meeting, organizers and local business leaders touted the event’s economic benefits for the region. Administration officials estimated the gathering would generate over $20 million in overall economic value for Asheville and Buncombe County. Vic Isley, president and CEO of Explore Asheville, told the Citizen Times that preliminary estimates of direct spending ranged from $1.5 million to $2 million.
In response to a Citizen Times inquiry, a Treasury spokesperson shared a list of local vendors who are helping service the G20 meeting. Entertainment includes Asheville harpist Jessica Schaeffer, the Asheville Mountain Boys bluegrass band, and string band Uptown Appalachia.
On the food and beverage side, the list includes local brands like French Broad Chocolate, Poppy Popcorn, and Asheville Jerky Company. Among the area farms supplying the event are Hickory Nut Gap, Sprout Culture, and Harper Mountain Mushrooms. Home goods manufacturer East Fork Pottery is also listed as a vendor.
Germany says it is unacceptable that journalists are barred
01:08 PM ET, August 31 2026, Maria Martinez
German Finance Minister Lars Klingbeil said on Monday it was unacceptable that some journalists had been barred from attending a G20 finance ministers’ and central bankers’ meeting in Asheville, North Carolina.
“I consider it unacceptable for journalists — or entire newsrooms — to be excluded,” he told reporters at the meeting.
The U.S. government refused to allow reporters from the New York Times, the Wall Street Journal and Bloomberg to attend the meeting of G20 finance ministers and central bankers.
“I am an absolute advocate of a free and independent press,” Klingbeil said. “I believe the press has an entirely legitimate interest in reporting openly and freely on this G20 meeting.”
– Reporting by Maria Martinez, REUTERS
12:15 p.m. – Federal Reserve chairman notes underappreciated strengths of US economy
01:01 PM ET, August 31 2026, Cory Vaillancourt
Chair of the Federal Reserve Kevin Warsh said the breadth of American lenders and the depth of the nation’s financial markets remain underappreciated strengths of the U.S. economy.
Warsh said thousands of banks and other credit providers compete while using their knowledge of local communities to offer products and services suited to their customers.
“It is those thousands of institutions, many of whom compete with each other, that, knowing their communities best, provide the best products and services to their customers,” Warsh said.
He contrasted that diversity with earlier international efforts to create common bank-lending standards through negotiations in Basel. Although international coordination remains valuable, Warsh said each country must prioritize a banking system that is safe, sound and competitive.
Warsh said recent strength in U.S. banking and credit markets should not lead policymakers to become complacent. Instead, he said the United States should remain focused on reforms that build upon that strength and preserve competition among financial institutions.
11:45 a.m. – Treasury secretary on Trump administration
12:59 PM ET, August 31 2026, Cory Vaillancourt
Treasury Secretary Scott Bessent said the Trump administration is working to reduce regulatory burdens on financial institutions so they can provide more loans and capital to families, small businesses and local communities.
Speaking just before a private-sector banking discussion in Asheville, Bessent said half of the nation’s community and small banks have disappeared since the Great Financial Crisis, while regulators still failed to prevent three major bank failures in 2023.
“Dodd-Frank was supposed to end ‘too big to fail.’ Instead, it created ‘too small to succeed,'” Bessent said of the a 2010 act designed to stabilize the financial system and prevent another economic collapse like the 2008 financial crisis.
Bessent said smaller banks serving Main Street should have the same opportunity to succeed as major institutions serving Wall Street. He also pointed to an increase in applications for new bank charters as evidence that financial institutions are gaining confidence in the administration’s policies.
The goal, he said, is a safer and more competitive financial system that encourages investment, expansion and innovation.
11:30 a.m. – Federal Reserve chairman: ‘Inflation is a choice’
12:53 PM ET, August 31 2026, Cory Vaillancourt
Federal Reserve Chairman Kevin Warsh told G20 finance leaders in Asheville that governments can influence not only inflation but also the long-term growth potential of their economies.
“Inflation is a choice,” Warsh said. “What I’ll add to the discussion today … is growth is a choice, too.”
Warsh said policymakers should look beyond consumer demand and examine the supply side of the economy, particularly productivity and business investment.
He cited a Congressional Budget Office projection that U.S. economic growth will average about 1.8% annually during the next decade, with relatively modest productivity gains.
Warsh asked whether rising capital expenditures will improve productivity and whether those gains can be sustained over a decade.
10:45 a.m. – Treasury secretary urges focus on durable economic growth policies
12:49 PM ET, August 31 2026, Cory Vaillancourt
Treasury Secretary Scott Bessent urged G20 finance leaders meeting in Asheville to focus on policies that can deliver stronger, more durable economic growth.
Bessent said the finance track had identified several barriers, including excessive regulation, poorly designed tax systems, inadequate investment, fragmented markets and gaps in workforce skills and mobility.
He pointed to the Trump administration’s deregulation, energy policies and efforts to attract capital as a model for other countries.
“Tax certainty, energy certainty and regulatory certainty are the drivers,” Bessent said.
He added that G20 discussions had highlighted reforms member countries are considering to increase growth and give the private sector a greater role in policymaking.
9:15 a.m. – US G20 agenda is focusing on stronger growth
12:46 PM ET, August 31 2026, Cory Vaillancourt
During an Aug. 27 press call, a senior official from the U.S. Department of the Treasury said the U.S. views the foundation of its G20 agenda as focusing on stronger U.S. and global growth, citing roughly 12% growth in business investment during the first three quarters of 2025, 2.1% annualized real GDP growth in the first quarter of 2026 and projections by President Donald Trump’s administration that its policies could increase investment by as much as 10% and GDP by about 5% over the medium term, while supporting as many as 7 million jobs over the longer term.
10:15 a.m. – Treasury secretary says Iran is taking energy sector sanctions seriously
12:45 PM ET, August 31 2026, Cory Vaillancourt
Speaking with reporters before the first G20 session, Treasury Secretary Scott Bessent was asked if Iran is taking sanctions against their energy sector seriously. Bessent said he felt Iran was taking them very seriously.
“If you look back at what the Iranian political leadership has said over the past 10 days, they’re in shock at the state of their economy, and you know they’re seeing gas lines – a could you imagine a country in the world with the third-largest amount of energy resources has to import gasoline, so they now have 3-4 hour gas lines that go through the night,” he said. “So, I would think that they are lashing out kinetically because they are losing economically, and I want to thank the European Union for their very fulsome support for Operation Economic Outcast. They made it known today in the strongest terms that they support it.”
8:45 a.m. – G20 Finance Ministers and Central Bank Governors Meeting begins
12:41 PM ET, August 31 2026, Cory Vaillancourt
Day 1 of the G20 Finance Ministers and Central Bank Governors Meeting is underway, with a full slate of activities planned for Aug. 31 and Sept. 1.
Iran is expected to play a prominent role on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Asheville, with a senior Treasury official saying Secretary Scott Bessent plans to raise U.S. sanctions against Iran in every bilateral meeting with G20 counterparts.
The official said the administration will press other countries to comply with U.S. sanctions as part of Operation Economic Outcast, an effort aimed at cutting Iran off from international financial networks.
Treasury officials also expect discussions about Iran’s illicit finance networks and the economic effects of the conflict, although Iran does not appear to be part of the formal G20 agenda.
The administration has already discussed its campaign with countries in the Middle East and elsewhere and cited public support from Bahrain, Japan and the United Kingdom.
Despite repeated questions about whether Iran, Operation Economic Outcast or the Strait of Hormuz would appear in the meeting’s final communiqué, the official said the document is expected to focus on growth, public-private partnerships, global imbalances, sovereign debt and financial literacy.
This article originally appeared on Asheville Citizen Times: Live updates as G20 finance leaders meet in Asheville
