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The Treasury secretary received counsel and criticism from some of his predecessors over President Trump’s policies.
Alan Rappeport has covered the Treasury Department since 2017.
April 12, 2025, 5:02 a.m. ET
The traditional gathering of former Treasury secretaries to welcome a newly minted one into the fold is usually a lighthearted and pleasant affair. But when the group convened this month, on President Trump’s “Liberation Day,” the tone was strikingly serious.
The dinner, organized by former Treasury Secretary Steven T. Mnuchin, took place at a moment of tumult for the U.S. economy. The president had upended global trade with punishing tariffs on both allies and adversaries, and Treasury Secretary Scott Bessent was at the center of it, defending a policy that many in the room viewed as economic malpractice.
“The mood was somber,” said W. Michael Blumenthal, 99, who led the Treasury Department in the Carter administration and was in attendance.
Mr. Bessent was pressed over the strategy behind the tariffs and the impact that they would have on the economy, according to Mr. Blumenthal and other people familiar with the dinner. At times, Mr. Bessent elevated his voice when his predecessors confronted him about Mr. Trump’s approach.
“He didn’t just smile,” Mr. Blumenthal recalled. “There he is — he has to defend it.”
The guest list included Robert E. Rubin, Henry M. Paulson, Lawrence H. Summers, Timothy F. Geithner and Jack Lew. Former Treasury Secretary Janet L. Yellen was traveling in Australia and did not attend, a spokesman said.
The Treasury Department declined to comment on the dinner, and Mr. Bessent declined to comment for this article.
