The WSJ reports that Treasury Secretary Scott Bassan consolidated power at the department amid a clash with staff and oversaw unusually high turnover.

The WSJ reports that Treasury Secretary Scott Bassan consolidated power at the department amid a clash with staff and oversaw unusually high turnover.

More than a dozen current and former officials described him as demanding and quick-tempered, with several senior officials leaving after conflicts with him. Seven Senate-confirmed Treasury officials had left by the end of August, far more than in recent administrations.

At the same time, Basan is under pressure due to unmet financial goals. His "3-3-3" plan has failed: growth is around 2%, the deficit remains above 6% of GDP, oil production has increased by less than a million barrels per day, and the US debt has passed $40 trillion.

Rising Treasury yields have also pushed borrowing costs higher, while Bessant is leading the administration's economic pressure campaign against Iran. Despite the criticism from Wall Street and within the Ministry of Finance, Trump brought Bessen closer, talking to him almost every day and relying on him more and more to manage economic policy.

Source: WSJ