Washington on Friday launched a $20 billion insurance program to stimulate shipping in the Persian Gulf and the Strait of Hormuz.
The major bank JP Morgan points out that the state financial institution has $154 billion of remaining capacity. It also says there is $352 billion in "maximum insurance coverage that private markets do not currently provide" for ships in the area.
Therefore, the firepower is "too small for the risk," according to the bank.
This infuriated Bessent.
"I can't articulate how wrong it is," he told Fox News.
Bessent called the report "terrible" and "completely irresponsible."
