The Office of Government Ethics (OGE) sent a Letter to a Top Senate Republican on Aug. 11th, Alerting Him that Treasury Secretary Scott Bessent (R) had Failed to Comply with a Law, requiring Him to Divest from His Financial Assets, and put them in a Blind Trust.
A Blind Trust is a Legal Arrangement where the Trustor Relinquishes Control over their Assets to a Trustee, who Manages them without the Trustor's Knowledge, often to avoid Conflicts of Interest. In Trump's (R) 1st Term, His Blind Trust was run by His Company's CFO. In His current Term, His Blind Trust is run by His Oldest Son, Donald John Trump Jr.
The Letter indicated that Bessent's Delinquency poses a Personal Conflict-of-Interest, according to the Report. The Letter was sent at a time when Bessent had become a Central Figure in the Trump Administration's Trade Talks with China.
One of the Largest Conflicts the Letter Highlights is a Farmland Investment that Bessent owns. The Times reported, citing His Financial Disclosure Forms, that Bessent, who has previously described himself as a Farmer, Owns about $25 million of Farmland in North Dakota, an Investment that Pays Him up to $1 million per year.
Farm Brokers were Not aware of any Land Bessent Owns being Up-for-Sale. However, the Times said that Bessent may seek to Sell the Land Privately, as many Wealthy Individuals do.
There were other Assets that Bessent said He would Not Divest from. Those include: a Private Equity Fund, His Holdings in a Flavored Water Company, and a Clinical-Stage Drug Development Company.
“As agreed upon with OGE, I am working towards selling the rest of my required divestitures before the end of this year," Bessent said in a Statement.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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