Overview
U.S. Treasury Secretary Scott Bessent entered office in January 2025 with an ethics agreement committing him to sell extensive personal holdings, including up to $25 million in North Dakota soybean and corn farmland that earned as much as $1 million a year in rent. Months after an April 28 deadline passed, the Office of Government Ethics (OGE) warned the Senate Finance Committee that Bessent had failed to timely comply with parts of his agreement, zeroing in on his illiquid farmland even as he shaped trade policy and farm rescue measures that directly affected U.S. growers.
On December 7, 2025, Bessent told CBS’s “Face the Nation” that he had finally divested the soybean farm “this week,” a move confirmed by a new financial disclosure and Reuters reporting. The sale came four months after OGE’s non‑compliance letter and amid watchdog complaints, Democratic criticism and questions about whether his role in Trump’s tariff and farm-aid strategy created at least the appearance of self‑dealing. The divestiture reduces the most glaring conflict but does not resolve potential inquiries into decisions he made while still owning the land, leaving an ongoing fight over ethics norms in Trump’s second-term economic team.
Key Indicators
People Involved
Organizations Involved
The Treasury Department manages federal finances, debt issuance, tax administration and key elements of U.S. economic and sanctions policy.
OGE provides overall leadership and oversight of the executive branch ethics program, reviewing financial disclosures and negotiating ethics agreements with senior officials.
The Senate Finance Committee oversees tax, trade and certain health programs, and plays a central role in vetting Treasury nominees and overseeing Treasury policy.
Trump’s second-term administration has prioritized tariffs, deregulation and populist-leaning economic messaging, while facing ongoing questions about conflicts of interest and ethics norms.
High Plains Acres LLP is a limited liability partnership that has owned thousands of acres of cropland across multiple North Dakota counties, used for soybean and corn production.
Campaign Legal Center (CLC) is a nonpartisan nonprofit focused on campaign finance, ethics and democratic reform.
A pro‑democracy advocacy organization focused on ethics, transparency and defending democratic norms.
Timeline
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Bessent announces sale of soybean farm on national TV
Public StatementOn CBS’s “Face the Nation,” Bessent reveals he has “just divested” his soybean farm as part of his ethics agreement, saying he is “out of that business.” Reuters confirms the sale as part of his remaining 4% of required divestitures.
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Trump administration prepares new bailout for trade‑hit farmers
Policy DecisionReuters reports the administration is poised to unveil a multibillion‑dollar aid package for farmers hurt by trade disputes, reinforcing concerns that Bessent’s own soybean holdings could benefit.
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Banking Dive exposes scope of Bessent’s remaining assets
Media AnalysisA detailed Banking Dive report explains that Bessent has divested about 96% of agreed assets but still holds substantial farmland and some private stakes; OGE grants him until December 15 to finish divesting.
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Ethics groups file formal complaint over Bessent’s holdings
Advocacy ActionCampaign Legal Center and Democracy Defenders Fund file a complaint with OGE and the Treasury inspector general, alleging Bessent’s delay raises serious questions about compliance with criminal conflict-of-interest laws.
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OGE warns Senate that Bessent missed ethics deadlines
Watchdog LetterIn a letter to Senate Finance Chair Mike Crapo, OGE’s Dale Christopher writes that Bessent “has failed to timely comply” with certain ethics‑agreement terms, notably farmland divestitures.
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Bessent cites illiquid holdings in letter to Treasury ethics officials
Ethics ReviewBessent informs Treasury ethics officials that several private investments are too illiquid to sell; OGE later agrees they no longer pose conflicts, leaving farmland as the central unresolved issue.
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Agweek reveals family still controls multimillion‑dollar North Dakota farmland
Investigative ReportAn Agweek investigation finds that High Plains Acres LLP, tied to Bessent’s family, still owns about 5,662 acres of North Dakota cropland worth an estimated $18 million despite the ethics agreement.
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Initial divestiture deadline passes without full compliance
Missed DeadlineThe 90‑day deadline for Bessent to divest 25 entities expires. By mid‑May, his ethics compliance certification still does not appear on OGE’s public site.
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Senate confirms Bessent as Treasury Secretary
ConfirmationBessent is confirmed by the Senate, starting the 90‑day clock for required divestitures under his ethics agreement.
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Bessent signs ethics agreement requiring broad divestitures
Ethics AgreementAhead of his confirmation, Bessent signs an ethics agreement promising to divest interests in 25 entities—including High Plains Acres LLP farmland—within 90 days of Senate confirmation.
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Trump selects Scott Bessent as Treasury Secretary
NominationPresident‑elect Trump announces hedge fund manager Scott Bessent as his pick for Treasury Secretary, triggering ethics scrutiny of his sprawling financial holdings.
Scenarios
Divestiture calms immediate crisis but leaves a lingering ethics cloud
Discussed by: Reuters, Axios, Banking Dive, mainstream ethics commentators
Under this scenario, Bessent’s December farmland sale satisfies OGE that he has finally completed the most problematic part of his divestiture plan. The watchdog complaint and media criticism continue, but no clear evidence emerges that he used his office to materially benefit his holdings. He remains in his position, somewhat politically weakened but still central to Trump’s trade and economic policy, with OGE maintaining quiet monitoring and Democrats using the episode as an example of lax ethics culture rather than as grounds for removal.
Formal investigations find potential violations in Bessent’s pre‑divestiture actions
Discussed by: Campaign Legal Center, Democracy Defenders Fund, legal analysts quoted in Banking Dive and Agweek
In a more escalatory path, Treasury’s inspector general and possibly the Justice Department open inquiries into whether Bessent or his family improperly benefited from policy decisions made while he still owned the farmland, particularly during farm bailout design and China trade negotiations. Findings could range from procedural lapses (e.g., inadequate recusals) to potential violations of criminal conflict-of-interest statutes. Even if no charges are brought, a scathing report could force stricter recusals, constrain Bessent’s role in agriculture‑related policy, or make his continued service politically untenable.
Political backlash escalates into calls for resignation or Cabinet reshuffle
Discussed by: Democratic lawmakers, opinion writers; hinted at in Banking Dive and New York Times coverage
If public frustration over inflation, farm distress or perceptions of corruption deepens, Democrats could push for high‑profile hearings and Bessent could become a symbol of Trump‑era ethics failings, much as Wilbur Ross did in the first Trump term. Under sustained pressure—especially if new reporting reveals additional undisclosed assets—Trump might replace Bessent to change the narrative on economic policy and integrity. This outcome depends heavily on political calculations inside the White House and whether Republicans unify in his defense.
Bessent case catalyzes broader ethics reforms for financial‑sector officials
Discussed by: Ethics scholars, good‑government groups, commentators drawing parallels to Federal Reserve trading scandals
The controversy could spur Congress and OGE to tighten conflict-of-interest rules for Cabinet officials with complex portfolios, including stronger deadlines, narrower waivers for illiquid assets, and more aggressive recusal or blind‑trust requirements for sector‑specific holdings such as farmland or shipping. Similar scandals at the Federal Reserve have already produced new restrictions on senior officials trading individual securities; Bessent’s case might become another example used to justify stronger standards across the executive branch.
Historical Context
Rex Tillerson’s ‘clean break’ from Exxon as Secretary of State
2016-12 – 2017-02What Happened
When ExxonMobil CEO Rex Tillerson was nominated as Trump’s first‑term Secretary of State, he struck an agreement—negotiated with OGE—to sever all financial ties with Exxon. More than 2 million restricted Exxon shares were converted into an independently managed trust barred from investing in Exxon, and Tillerson sold his personally held shares, sacrificing about $7 million in compensation to comply with conflict‑of‑interest rules. OGE director Walter Shaub publicly praised this as a “clean break” and a model ethics agreement.
Outcome
Short term: Tillerson entered office with strong ethics marks despite criticism of his Exxon ties, limiting conflict-of-interest attacks even as other concerns about his policies mounted.
Long term: He later clashed with Trump on policy grounds and was fired in 2018, but his Exxon divestiture remained a benchmark for how fully Cabinet officials can separate from former employers.
Why It's Relevant
Tillerson’s case underscores that very wealthy nominees can make substantial financial sacrifices to avoid conflicts and win OGE’s approval. Bessent, by contrast, negotiated extensions and divested farmland only months after his deadline, inviting comparison to a Cabinet colleague who made a quicker and more complete break from his core business interests.
Wilbur Ross’s incomplete divestitures and shipping conflicts as Commerce Secretary
2017–2018What Happened
Wilbur Ross, Trump’s first‑term Commerce Secretary, pledged to divest a complex web of holdings but later was found to have retained stakes in companies co‑owned by the Chinese government, a shipping firm tied to Vladimir Putin’s circle and a Cypriot bank implicated in Mueller‑era investigations. Reporters and watchdogs argued he had not fully divested as promised, and OGE at one point declared him “not in compliance” with his ethics agreement.
Outcome
Short term: Ross weathered the storm and remained in office, but carried a reputation as an ethics risk; his case fed criticism that Trump Cabinet members faced limited consequences for conflicts.
Long term: The episode contributed to a broader push for stronger transparency and conflict rules, and is now used as a cautionary example of how delayed or partial divestitures can undercut public trust without necessarily forcing resignations.
Why It's Relevant
Ross’s trajectory offers a sobering precedent for the Bessent saga: a Cabinet official can remain in place despite being found out of compliance, with the main costs being reputational rather than legal. It suggests Bessent might survive politically even if watchdogs conclude his farmland divestiture came late.
Federal Reserve trading scandals and tightened ethics rules
2020–2022What Happened
A series of revelations showed several Federal Reserve officials, including regional bank presidents and senior leaders, had traded individual stocks and other securities around the time of major Fed decisions. After investigations and public backlash, the Fed adopted new rules barring senior officials from owning individual stocks, certain bonds or derivatives and restricting trading windows, significantly tightening ethics expectations in monetary policy circles.
Outcome
Short term: Several officials resigned or faced internal discipline, and the Fed moved swiftly to implement more stringent ethics rules to restore credibility.
Long term: The Fed’s actions are now cited as evidence that powerful economic institutions can and should impose strict limits on personal financial activity to avoid conflicts and perceptions of self‑dealing.
Why It's Relevant
The Fed scandals show that ethics controversies in economic policymaking can drive structural reform, not just individual embarrassment. Bessent’s farmland case could similarly catalyze tougher rules for Cabinet‑level officials who sit at the intersection of markets and policy, particularly across trade, agriculture and finance.