DDF and CLC Demand Investigations into Treasury Secretary Scott Bessent as Conflicts of Interest and Ethics Concerns Grow
Washington, D.C. — Democracy Defenders Fund (DDF) and Campaign Legal Center (CLC) are demanding the U.S. Department of the Treasury’s Office of Inspector General (OIG) launch investigations into Treasury Secretary Scott Bessent’s continued failure to divest from numerous financial holdings, including his financial stake in High Plains LLP, which reportedly holds up to $25 million in North Dakota farmland. Because Secretary Bessent is making policy decisions that could affect these holdings, this is a clear and unacceptable conflict of interest.
Over the past several weeks, it has become clear that Secretary Bessent has been deeply involved with bilateral trade negotiations and tariff decisions involving China that affect the value of soybeans, one of the primary crops produced by High Plains LLP, meaning that Secretary Bessent could be financially benefiting from his insider knowledge and direction.
“Secretary Bessent has himself admitted, on national television no less, that he has a significant financial interest in decisions affecting soybean prices through his ownership of High Plains LLP,” said Virginia Canter, chief counsel for ethics and anti-corruption at Democracy Defenders Fund. “But the law is clear. Federal officials can’t participate in decisions in which they have a financial interest. Treasury OIG must take action immediately to address the blatant corruption.”
Before his confirmation, Bessent pledged to Treasury ethics officials that he would divest at least two dozen assets within 90 days of assuming office to avoid violating ethics rules, but he has yet to provide documentation showing he has done so, the DDF and CLC complaint noted. When he failed to meet that deadline, DDF and CLC called the U.S. Office of Government Ethics (OGE) and OIG to investigate Secretary Bessent’s apparent failure to comply with his ethics agreement and subsequently filed a formal complaint.
“Secretary Bessent initially agreed to end his ownership stake in High Plains LLP because of the conflicts of interest — yet he continues to hold that stake while apparently participating in decision-making that could impact its value,” said Kedric Payne, vice president, general counsel, and senior director for ethics at Campaign Legal Center. “Executive branch officials are required by law to take immediate action to either recuse themselves from the matter at hand or divest from their personal holdings if a conflict of interest arises. An investigation is needed to determine whether Secretary Bessent’s public work in trade negotiations that could directly impact his assets is an attempt to enrich himself."
Executive branch officials hold some of the most powerful positions in government, and it is their responsibility to prioritize the best interests of the American people, not their own personal interests. DDF and CLC call on OIG to promptly initiate a thorough investigation into whether or not Bessent violated the law and release a report on their findings.
Read the full letter here.
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