Trump’s Treasury Secretary Scott Bessent has failed to divest his financial holdings, the government’s ethics watchdog has warned
Bessent, a former hedge fund manager, has a net worth of around $600 million, according to Forbes.
The United States Office of Government Ethics recently sent a letter to Senate Finance Committee Chairman Michael Crapo, informing him that Bessent has yet to fully divest his financial assets, The New York Times, which reviewed the letter, reported.
In the letter, Dale Christopher, the watchdog’s deputy director of compliance, told Crapo his office “will continue to monitor the status of the secretary’s compliance with his ethics agreement,” which required him to divest his assets.
Christopher said his office “has also advised Treasury’s ethics officials to emphasize to the secretary that it is his personal responsibility to avoid taking any action that could create a real or apparent conflict of interest with regard to his holdings.”
The NYT reported Bessent’s biggest potential conflict of interest is his soybean and corn farmlands in North Dakota, which are worth an estimated $25 million.
After the letter was sent, Treasury ethics officials said Bessent indicated he would comply with the agreement by December 15, according to a follow-up letter Christopher sent to the Senate Finance Committee Wednesday.
“The ethics officials explain that the assets are illiquid and are not readily marketable,” Christopher wrote.
He continued: “They add that excluding the farmlands, the assets also have significant restrictions on who can acquire them and that the secretary has been working to divest them since his confirmation in January 2025.”
Bessent said in a statement published by the NYT that he just needs to divest four percent of the assets he is required to get rid of.
He emphasized that he’s not trying to personally profit from his position: “The honor of serving the American people under President Trump can’t be ascribed a dollar value.”
The Independent has reached out to the Treasury Department for comment.
Bessent will continue to abstain from “particular matters” affecting his assets, Treasury officials told the watchdog.
