Treasury Secretary gets warning from government ethics watchdog - report

The U.S. government's ethics office issued a warning about Treasury Secretary Scott Bessent's failure to comply with an agreement that required him to divest certain financial assets could create conflicts of interest as he steers major portions of President Trump's economic policy, according to a media report on Wednesday.

The U.S. Office of Government Ethics sent a letter dated Aug. 11, alerting Sen. Michael D. Crapo, the Republican Chairman of the Senate Finance Committee, to Bessent's delay in fulfilling or amending the agreement, the _New York Times_ reported. He continues to hold a number of assets, which he had pledged to shed, as he leads the Trump administration's agendas on trade, taxes, and financial deregulation.

Before his confirmation hearing in January, Bessent, a millionaire and former hedge fund manager, had promised to divest dozens of funds, trusts, and farmland investments. At the time, he said in a letter to the Treasury's ethics office, that he would divest the assets to "avoid any actual apparent conflict of interest."

Most members of the Trump cabinet have completed their compliance agreements. Bessent was required to divest certain investments or assets by April 28. He made changes to his ethics agreement on May 2 and June 5, but he still hasn't provided a timeline for when he'll comply, the _Times_ said.

In a statement, Bessent said he divested 90% of assets that he was required to before he took office and just 4% of the required divestments remain. Much of the remaining assets is farmland, "an inherently highly illiquid asset," he said, [https://www.nytimes.com/2025/08/13/us/politics/scott-bessent-conflicts-of-interest.html] according to the _New York Times._

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