US Treasury Secretary Scott Bessent said on Sunday that he sold his soybean farm last week, as required by an ethics agreement when he took office.
During an appearance on CBS’ “Face the Nation” on Sunday, Bessent talked about the agriculture sector, including his own experience running a soybean farm.
“I’m in the agricultural industry … I run a soybean farm,” the US Treasury secretary said in response to a question: “Do you own it or do you invest in it?”
“People in my family go and work on it,” was Bessent’s reply.
“I actually got rid of it this week as part of my ethics agreement, so I’m out of the business, but I probably know more about it than any finance minister,” he explained, clarifying his role in the farm’s operations.
Bessent’s involvement in agriculture
The New York Times reported in August of this year that Bessent, whose net worth is estimated at more than $500 million, owned up to $25 million in corn and soybean farmland in North Dakota. The US Treasury Secretary also earned up to $1 million in annual farm rental income, the NYT reported.
As part of his ethics agreement upon taking office, Bessent had to divest his assets, including farmland.
However, the Treasury Secretary has missed several deadlines to comply with the US Office of Government Ethics (OGE), and his announcement on Sunday came days before his last extended deadline, which was said to have been on December 15.
The US-China Soybean Agreement
Bessent’s comments also come as China agreed to resume purchases of U.S. soybeans after months of halting them.
The breakthrough came in October after US President Donald Trump’s meeting with Chinese President Xi Jinping, when China bought at least 12 million metric tons worth of soybeans for the season.
