Treasury Secretary Scott Bessent Fact-Checked on Farming Claims

During a recent appearance on CBS, Treasury Secretary Scott Bessent faced scrutiny regarding his claims about his involvement in the agricultural sector. Host Margaret Brennan fact-checked Bessent’s assertion that he “runs a soybean farm” after he was compelled to acknowledge that he had divested his holdings due to ethics concerns. This exchange highlights ongoing discussions about the intersection of private interests and public service.

Bessent’s comments came during an interview where he discussed the government’s plans to alleviate financial pressures on farmers. He noted that the administration would soon announce a bridge payment aimed at providing short-term relief while negotiations on trade agreements continue. When Brennan inquired about Bessent’s conversations with China’s vice premier regarding soybean purchases, he stated that “they are in the cadence that we agreed to,” referring to a previous agreement that included purchasing commitments.

As the conversation shifted to Bessent’s farming background, he claimed, “I run a soybean farm.” Brennan promptly corrected him, stating, “You own, or invest in a soybean farm.” Bessent’s initial assertion was quickly followed by a clarification that he had recently divested his holdings valued at $25 million due to conflicts of interest identified by the Senate Finance Committee.

Bessent explained, “I actually just divested it this week as part of my ethics agreement, so I’m out of that business.” He attempted to assert his knowledge of agriculture, stating that he likely knows more than any treasury secretary since the 1800s. However, this claim was met with skepticism, given his recent divestiture.

Bessent’s former agricultural investments included thousands of acres of soybean and corn farmland in North Dakota. Reports suggest he may have earned approximately $1 million annually in rent from these investments. The timing of his divestment aligns with increasing scrutiny of officials’ financial interests amid discussions about trade and agriculture, demonstrating the complex relationship between personal wealth and public duty.

Brennan’s sharp questioning serves as a reminder of the importance of transparency and accountability for public officials. As the Biden administration navigates critical agricultural issues, the implications of Bessent’s statements raise questions about the influence of private investments on government policy and actions.

The dialogue illustrates the broader context of agricultural policy in the United States, particularly as farmers face ongoing challenges. As negotiations with China continue, the administration’s ability to balance the interests of farmers with ethical governance remains a significant concern.