US Treasury Secretary Scott Bessent has failed to fully divest his financial holdings, according to a letter from the Office of Government Ethics (OGE) to the Senate Finance Committee. The former hedge fund manager, worth an estimated $600 million, was required to divest assets under his ethics agreement to avoid conflicts of interest.
The OGE's deputy director of compliance, Dale Christopher, wrote that the office “will continue to monitor the status of the secretary’s compliance” and has advised Treasury ethics officials to emphasise that Bessent must avoid any action creating a real or apparent conflict of interest. The New York Times reported that Bessent's biggest potential conflict is his soybean and corn farmlands in North Dakota, valued at around $25 million.
Following the letter, Treasury ethics officials said Bessent indicated he would comply by December 15. In a follow-up letter, Christopher noted that officials described the assets as illiquid and not readily marketable, adding that excluding farmlands, the assets have significant restrictions on buyers. Bessent has been working to divest since his confirmation in January 2025.
Bessent stated he needs to divest only four per cent of the required assets, insisting he is not seeking personal profit. “The honour of serving the American people under President Trump can’t be ascribed a dollar value,” he said. Treasury officials confirmed Bessent will continue to abstain from matters affecting his holdings.
