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Scott Bessent’s farmland divestiture: ethics clash inside Trump’s Treasury

Scott Bessent’s farmland divestiture: ethics clash inside Trump’s Treasury

Money Moves
By Newzino Staff | |

How the Treasury Secretary’s $25 million North Dakota soybean holdings collided with trade policy and federal conflict-of-interest rules

December 7th, 2025: Bessent announces sale of soybean farm on national TV

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. After months of delays and an August 2025 warning from the Office of Government Ethics that he had failed to timely comply, Bessent announced on December 7, 2025, that he had finally divested the soybean farm "this week," completing the most glaring conflict-of-interest obligation.

The December divestiture resolved the immediate ethics crisis but left unresolved questions about whether Bessent's policy decisions while still owning the farmland—particularly his role in Trump's tariff strategy and farm rescue measures—created improper conflicts. Ethics watchdog groups including Campaign Legal Center and Democracy Defenders Fund filed complaints in August 2025 seeking investigations by the Treasury inspector general into whether Bessent violated criminal conflict-of-interest statutes. As of early February 2026, no formal findings or investigations have been publicly announced, and Bessent has remained in his Treasury post while continuing to shape U.S. economic policy.

Key Indicators

$25M
Estimated value of Bessent’s North Dakota soybean and corn farmland
Public financial disclosures and media reports put the High Plains Acres LLP holdings between $5 million and $25 million, with about 5,662 acres of cropland.
up to $1M/yr
Annual rental income from the farm
Disclosure forms show the land produced between $100,001 and $1 million annually in rental income tied to crop prices, creating a direct stake in soybean and corn markets.
96%
Portion of assets divested before August 2025
By mid‑2025 Bessent had sold roughly 96% of assets covered by his ethics agreement, leaving a disputed 4%—largely farmland and other illiquid holdings—outstanding.
≈70%
Share of North Dakota soybeans exported to China
Roughly 70% of North Dakota soybeans go to China, meaning Bessent’s farm income was tightly linked to trade talks he helped lead with Beijing.

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People Involved

Scott Bessent
Scott Bessent
U.S. Secretary of the Treasury (Under sustained ethics scrutiny; has now divested North Dakota farmland but faces questions about earlier decisions)
Donald Trump
Donald Trump
President of the United States (Relies on Bessent to execute tariffs, farm aid and consumer initiatives; administration faces renewed ethics questions in second term)
Dale Christopher
Dale Christopher
Deputy Director for Compliance, U.S. Office of Government Ethics (Monitoring Bessent’s adherence to his ethics agreement; warned Senate that he was not in timely compliance)
Mike Crapo
Mike Crapo
Chair, U.S. Senate Finance Committee (R–Idaho) (Receives OGE letters about Bessent’s noncompliance; potential gatekeeper for any Senate ethics or oversight hearings)
Ron Wyden
Ron Wyden
Ranking Member, U.S. Senate Finance Committee (D–Oregon) (Leading Democratic critic of Bessent’s delayed divestiture and Trump’s ethics record)

Organizations Involved

U.S. Department of the Treasury
U.S. Department of the Treasury
Government Body
Status: Home agency for Bessent; manages internal ethics screening while defending his role in trade and farm policy

The Treasury Department manages federal finances, debt issuance, tax administration and key elements of U.S. economic and sanctions policy.

U.S. Office of Government Ethics (OGE)
U.S. Office of Government Ethics (OGE)
Government Body
Status: Oversight agency monitoring Bessent’s compliance with his ethics agreement

OGE provides overall leadership and oversight of the executive branch ethics program, reviewing financial disclosures and negotiating ethics agreements with senior officials.

U.S. Senate Committee on Finance
U.S. Senate Committee on Finance
Government Body
Status: Primary congressional recipient of OGE warnings; venue for potential hearings

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 Administration (Second Term)
Trump Administration (Second Term)
Government Body
Status: Sets policy context—trade war, farm aid and consumer programs—within which Bessent’s conflicts emerged

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
High Plains Acres LLP
Corporation
Status: Bessent family landholding company used to own contested North Dakota farmland

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
Campaign Legal Center
Nonprofit
Status: Filed complaint seeking investigation of Bessent’s potential conflict-of-interest violations

Campaign Legal Center (CLC) is a nonpartisan nonprofit focused on campaign finance, ethics and democratic reform.

Democracy Defenders Fund
Democracy Defenders Fund
Political Advocacy Group
Status: Co‑complainant in ethics filings targeting Bessent

A pro‑democracy advocacy organization focused on ethics, transparency and defending democratic norms.

Timeline

  1. Bessent announces sale of soybean farm on national TV

    Public Statement

    On 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.

  2. Trump administration prepares new bailout for trade‑hit farmers

    Policy Decision

    Reuters 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.

  3. Banking Dive exposes scope of Bessent’s remaining assets

    Media Analysis

    A 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.

  4. Ethics groups file formal complaint over Bessent’s holdings

    Advocacy Action

    Campaign 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.

  5. OGE warns Senate that Bessent missed ethics deadlines

    Watchdog Letter

    In 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.

  6. Bessent cites illiquid holdings in letter to Treasury ethics officials

    Ethics Review

    Bessent 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.

  7. Agweek reveals family still controls multimillion‑dollar North Dakota farmland

    Investigative Report

    An 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.

  8. Initial divestiture deadline passes without full compliance

    Missed Deadline

    The 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.

  9. Senate confirms Bessent as Treasury Secretary

    Confirmation

    Bessent is confirmed by the Senate, starting the 90‑day clock for required divestitures under his ethics agreement.

  10. Bessent signs ethics agreement requiring broad divestitures

    Ethics Agreement

    Ahead 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.

  11. Trump selects Scott Bessent as Treasury Secretary

    Nomination

    President‑elect Trump announces hedge fund manager Scott Bessent as his pick for Treasury Secretary, triggering ethics scrutiny of his sprawling financial holdings.

Scenarios

1

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.

2

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.

3

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.

4

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 – 2017-02

What 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 Today

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

2017–2018

What 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 Today

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

2020–2022

What 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 Today

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.

15 Sources:
+9
Reuters CBS News Reuters (StreetInsider syndication) Axios Newsmax Agweek Banking Dive Reuters (Investing.com syndication) CNBC The Washington Post ExxonMobil PolitiFact Center for Public Integrity Reuters Reuters