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Investing.com -- Treasury Secretary Scott Bessent has failed to comply with an ethics agreement requiring him to divest certain financial assets, the New York Times reported, citing a warning from the U.S. Office of Government Ethics (OGE).
In a letter dated Monday to Senate Finance Committee Chairman Michael D. Crapo, OGE Deputy Director of Compliance Dale Christopher stated that Bessent missed the April 28 deadline to divest assets that could create conflicts of interest as he leads the Trump administration’s economic policy agenda.
Bessent, a former hedge fund manager who previously worked as the top investor for George Soros, had pledged before his January confirmation hearing to divest from dozens of funds, trusts, and farmland investments to "avoid any actual or apparent conflict of interest."
Cabinet officials are typically required to shed certain holdings within 90 days of confirmation. While Bessent made changes to his ethics agreement on May 2 and June 5, he has yet to fully honor his pledge.
In a follow-up letter sent Wednesday, the ethics office informed the Senate Finance Committee that Bessent has now committed to complying with the divestiture agreement by December 15. Treasury officials explained that many of the assets are illiquid and not readily marketable, with significant restrictions on potential buyers.
In his defense, Bessent stated he has already divested 90% of the required assets before taking office, with just 4% of required divestitures remaining. He noted that much of what remains is farmland, which he described as "an inherently highly illiquid asset."
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