'Throwing documents and swearing' hot-tempered Besant... U.S. Treasury officials packing their bags

He is more passionate about his work than anyone else, but has a sensitive personality and gets angry easily. If you don't like a report, you throw away your folder, and if you don't like a reported article, you yell at the public information officer. He yells at the vice minister and reprimands him.

This is the working method of U.S. Treasury Secretary Scott Besant described in a Wall Street Journal (WSJ) article reported on the 7th (local time).

WSJ reported that Secretary Besant's strong personality and unstoppable, aggressive work style served as the driving force for the Wall Street graduate to take control of the Treasury, but at the same time, it is also a factor in increasing internal tensions and personnel departures.

WSJ reported this based on interviews with about 30 people, including current and former officials of the Trump administration, including the Treasury Department, and people close to Wall Street.

According to reports, Secretary Besant, who is highly trusted by President Donald Trump, has strongly criticized his staff for issues big and small, such as work speed and media response, since taking office.

Last year, he got so angry at the way the daily briefing materials were organized that he picked up a folder and threw it at the wall.

In particular, in January of last year, he was reported to have shouted and cursed during a meeting with John Hurley, the Treasury's undersecretary for terrorism and financial intelligence.

At the time, it was reported that Secretary Bessant judged it to be passive in the process of investigating suspicions of fraud in Minnesota's Somali community under President Trump's instructions.

Hurley later left the Treasury Department and moved to the position of U.S. ambassador to the Organization for Economic Co-operation and Development (OECD).

WSJ reported that Secretary Besant's actions contributed to the departure of several high-ranking officials from the Treasury Department, and in some cases were the most important factor.

In fact, after his inauguration until the end of August, seven officials who had received Senate confirmation left the Treasury. This is significantly higher than the number of defections (0 to 2 people) during the same period in the past four administrations.

Only one of these positions has been filled, and key positions such as legal advisor, tax policy, and domestic finance are still vacant.

The tension among employees has increased. Some employees are said to ask colleagues about the minister's mood before contacting him or share tips for avoiding him when he is angry.

Some employees say they feel relieved when Secretary Bessant is away.

Secretary Bessant, who previously developed a reputation in the hedge fund industry for his outspoken investment style, has maintained this approach even after taking office, and supporters say this leads to quick decision-making and performance.

On the other hand, there are criticisms that he has a dogmatic attitude in a large organization and relies on a small number of close associates who worked together on Wall Street in the past.

Minister Besant is not bothered by criticism and still appears confident.

Secretary Bessant is said to have an attitude toward Treasury employees: "If you have a purpose and a mission, you have to focus on that mission. I don't care about your feelings. I'm sorry if you're offended, but get out of here." This is a message from Steve Bannon, chief strategist in the first White House of the Trump administration, who has known him for nearly 10 years.

Bannon said, “He is a good person, but he has a hot-tempered personality that explodes easily.”

He called Wall Street figures who question his policies “people who live buried in Bloomberg terminals.”

Also, in a recent interview, he mentioned the insight he gained as finance minister and jokingly said, "I am the house," and "If you want, try the opposite bet."

Behind this strong momentum, there is also pressure to complete the '3-3-3' policy, a key economic pledge of the Trump administration.

Secretary Besant proposed to President Trump a plan to lower the federal budget deficit to 3% of gross domestic product (GDP) by 2028, increase the economic growth rate to 3%, and increase crude oil production by 3 million barrels per day.

However, the current economic growth rate in the United States is around 2%, and the increase in crude oil production since President Trump's re-inauguration is less than 1 million barrels per day.

The federal budget deficit exceeds 6% of GDP and the national debt recently exceeded $40 trillion.

Selling continued in the U.S. Treasury bond market, with interest rates on major bonds rising to the highest level in more than 20 years.

Although Minister Bessant expanded government bond buybacks (purchase of own bonds), it did not completely calm the selling pressure in the market.

Poor economic performance, including high inflation and high borrowing costs, is becoming a political burden for the Trump administration and the Republican Party ahead of the midterm elections in November.

Despite challenges and noise both inside and outside the country, President Trump is said to maintain strong trust in Secretary Besant, speaking on the phone almost every day.

The WSJ reported that Secretary Besant is one of the few senior staff who can dissuade President Trump from pursuing policies such as tariff increases, but that he is "facing high staff turnover and skepticism from Wall Street amid falling short of economic policy goals."