Bessent's Portfolio Keeps Growing. His Team Is Getting Smaller.

Treasury Secretary Scott Bessent is being asked to do more than ever before. His department plays a key role in managing the economy and, now, in putting financial pressure on Iran. But at the same time, many of his top officials have been leaving. Since President Donald Trump's second term began, seven Senate-confirmed officials have left the Treasury Department.

The people who left include the deputy secretary, the top legal official, the head of sanctions, and the IRS chief. Last month, two more senior officials departed, and in June, Bessent named his third chief of staff. Some officials left just months after starting. These departures are happening fast and at a difficult time.

Bessent is now expected to lead a major effort to cut Iran off from global money and trade. The Trump administration calls this effort the greatest economic isolation campaign in world history. Other parts of the government have also lost staff, but Treasury's situation stands out. The department has a bigger role than usual right now, and it needs strong leadership to keep financial markets stable.

Some people who know the situation say the losses make Bessent's job harder. One former official said: 'If you're focused on everything, you're focused on nothing.' That person worried that Treasury might struggle to attract skilled new workers if it is seen as mainly focused on Iran. Nervous investors holding U.S. government debt need experienced people looking after their concerns.

While key posts sit empty, Bessent has relied on a small group of people he trusts. One of them is Gene Lange, now the acting head of terrorism and financial intelligence at Treasury. Lange worked for Bessent before at his private investment company, Key Square, and joined the government in early 2025. He stepped in after the previous official, John Hurley, left the department.

People familiar with Treasury's inner workings give several reasons for the departures. Some say the administration has little patience for officials seen as slowing things down. Others say rivalries between government departments have pushed people out. A few officials may simply have not been the right fit for their roles.

A senior White House official had a more relaxed take on the situation. That official said many departing workers had been in government a long time and now had better job offers from private companies on Wall Street. 'They're hot commodities on Wall Street,' the official said, meaning businesses see them as very valuable. The official suggested this kind of turnover is common and not unusual in Washington.