The United States Secretary of the Treasury, Scott Bessent, announced on Sunday (December 7) that he has completed the sale of his soybean farms this week to fulfill the ethical agreement he signed upon joining the Trump administration. This move aims to eliminate any potential conflicts of interest in agricultural policy and trade decision-making.
Bessent discussed the pressures facing American farmers in the current trade environment during an interview on the CBS program “Face the Nation”. He mentioned his involvement in the agricultural industry, managing a soybean farm, and added, “I have just completed the sale of the farm this week in accordance with the ethical agreement, hence completely exiting the agricultural industry.”
The U.S. Office of Government Ethics had previously sent a letter to the Senate Finance Committee on August 11, stating that Bessent had not fully divested some assets within the specified deadline. In response, Bessent stated in a Treasury Department declaration in August that he had completed the sale of 96% of the assets as required by the agreement, with the remaining portion set to be finalized by the end of this year.
Earlier reports by US media indicated that Bessent owned soybean and corn farmland in North Dakota worth up to $25 million, generating approximately $1 million in rental income annually. Given the significant influence of the Treasury Department on trade and agricultural policies, such assets were seen as potential sources of sensitive interests. Therefore, the ethical agreement he signed upon joining the cabinet in January clearly required divesting ownership interests in these farmlands.
As a key figure driving the Trump administration’s tariff policies and reshaping the foreign trade framework, Bessent’s personal asset allocation has been under scrutiny. According to the ethical agreement he signed with the government, he is required not only to sell the farmland but also to completely exit his founded asset management company, Key Square Group, and other financial investments. The deadline for divesting most of the assets was set for April 28 of this year.
(Reference: Reuters)