Treasury official Hurley set to leave his post after friction with Bessent, Bloomberg News reports

Treasury Department official Hurley announced his departure from his position on October 15, 2023, following reported friction with Treasury Secretary Bessent, according to Bloomberg News. John Hurley, who served as Deputy Secretary for International Affairs at the Treasury Department, has been a key figure in shaping U.S. economic policy toward international financial institutions and global economic initiatives. His departure comes amid growing tensions between his department and the office of Treasury Secretary Janet Bessent, who was appointed earlier this year to lead the department through a period of economic uncertainty. Sources familiar with the matter indicate that policy disagreements over international financial regulations and the handling of global economic challenges have created a rift between the two officials. The friction between Hurley and Bessent reportedly stems from differing approaches to managing the U.S. role in international financial organizations like the International Monetary Fund and the World Bank. While Hurley favored maintaining strong multilateral engagement, Bessent has been pushing for more unilateral approaches to economic diplomacy. This ideological divide has reportedly affected policy implementation and created internal discord within the Treasury Department. Hurley's departure is expected to create a vacancy in one of the most critical positions overseeing international economic relations, potentially leading to a shift in the Treasury's global engagement strategy.