In a significant development, United States Treasury Secretary Scott Bessent has confirmed the sale of his personal soybean farm. This action was a mandatory requirement under the ethics agreement he signed upon assuming his high-profile office. Bessent made this revelation during a televised interview on Sunday.
Divestment Driven by Ethics Rules
While appearing on CBS's 'Face the Nation' programme, Secretary Bessent discussed the agricultural sector, drawing from his own hands-on experience. "I'm involved in the agriculture industry… I run a soybean farm," Bessent stated. When pressed on his level of involvement, he clarified that family members were actively working on the farm. He then disclosed the recent sale, saying, "I actually divested it this week as part of my ethics agreement, so I'm out of that business but I probably know more about it than any Treasury Secretary."
A History of Valuable Farm Assets and Missed Deadlines
Earlier this year, a report by The New York Times in August shed light on the scale of Bessent's agricultural holdings. With an estimated net worth exceeding $500 million, the Treasury Secretary owned corn and soybean farmland in North Dakota valued at up to $25 million. These properties were reportedly generating substantial annual rental income of up to $1 million.
The ethics agreement for his cabinet position explicitly required him to divest these assets. However, official records indicate that Bessent missed several deadlines set by the US Office of Government Ethics (OGE). His announcement on Sunday came just days before his latest extended deadline, which was reported to be December 15.
Context of Renewed US-China Soybean Trade
Bessent's comments arrive at a pivotal moment for global agricultural trade. There has been a recent breakthrough in trade relations between the US and China. After months of halted purchases, China has agreed to restart buying soybeans from American farmers.
This positive development followed a meeting between US President Donald Trump and Chinese President Xi Jinping in October. As part of the deal, China has committed to purchasing at least 12 million metric tonnes of US soybeans for the current season. This resumption is a crucial boost for the American agricultural sector, which Bessent, until very recently, was a part of.
The sale of his farm formally severs Bessent's direct financial ties to an industry deeply affected by the international trade policies he now helps oversee from the Treasury Department.
