Ethics Watchdogs Demand Investigations into Treasury Secretary Bessent’s Potential Conflicts of Interest and Ethics Violations

WASHINGTON, D.C. — Campaign Legal Center (CLC) and  Democracy Defenders Fund (DDF) today formally requested that the U.S. Office of Government Ethics (OGE) and the U.S. Department of the Treasury’s Office of Inspector General launch investigations into Treasury Secretary Scott Bessent’s apparent failure to divest from numerous financial holdings in violation of his government ethics obligations. 

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. 

This agreement, made with OGE and the Treasury Department, was sent to the Senate as part of his confirmation hearings. The assets in question include private equity funds, private companies, farmland, and cryptocurrency-related products. The 90-day divestiture deadline passed on April 28, more than 100 days ago.

“The fact that Secretary Bessent — one of the wealthiest cabinet members in history — has not divested from his assets is not just a failure to uphold his pledge, but an outright violation of ethics rules. When there is no procedure in place to enforce these rules, and no consequence for those who break them, it creates a breeding ground for corruption,” said Kedric Payne, vice president, general counsel and senior director for ethics at Campaign Legal Center. “Regardless of political allegiance, they are public servants and should be held to the highest ethical standards that ensure they are prioritizing public interest over their own personal finances. Secretary Bessent should divest from his holdings and hold true to his pledge.” 

“Secretary Bessent’s ongoing disregard for his ethics commitments is astonishing,” said Virginia Canter, chief counsel for ethics and anti-corruption at Democracy Defenders Fund. “In any other administration, failure to comply with a binding ethics agreement would be cause for removal. But under the Trump Administration, this is yet another example of a dangerous belief that the rules simply don’t apply to them.” 

Bessent has failed to report selling even one asset, the complaint notes. In fact, after the date on which his divestitures should have been completed, Bessent asked to amend his agreement to continue to hold three investments. Moreover, as outlined in the letter he has participated in a series of activities—from bilateral trade negotiations to serving on the president’s digital asset workforce—that very well could have affected the value of these assets. 

As outlined in the letter, DDF and CLC are asking for OGE to take steps to hold the Secretary to account for his ethics commitments. In addition, DDF and CLC are asking the Treasury OIG to investigate whether any actions Bessent has taken over the past six months may have violated the conflict of interest laws. 

“Ethics agreements are legally binding safeguards to prevent corruption at the highest levels of government,” Canter said. “Secretary Bessent’s decision to flout these commitments while participating in matters that may affect his personal investments raises red flags and flouts public trust. Personal gain should not take precedence over public duty.”

See the complaint here.

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