Treasury Secretary Bessent Clarifies Farming Claims During Interview

During a recent interview, Treasury Secretary Scott Bessent faced scrutiny over his claims regarding his involvement in agriculture. CBS host Margaret Brennan challenged Bessent on his assertion that he “runs a soybean farm,” prompting a backtrack as he admitted to divesting his holdings due to ethical concerns.

Bessent made his original claim during a segment aired on Sunday, stating he was involved in the soybean farming business. Brennan quickly corrected him, clarifying that he had owned and invested in the farm, rather than actively managing its operations. “You own, or invest in a soybean farm,” she emphasized, highlighting the distinction.

The discussion took place as Brennan referenced an upcoming announcement from the president regarding a bridge payment aimed at providing short-term relief to farmers while trade agreements are finalized. She pressed Bessent on the potential for increased soybean purchases from China, following his discussions with the country’s vice premier.

Bessent explained that soybean prices had risen approximately 12 to 15 percent since an agreement with China, which included a commitment to purchase 12.5 million metric tonnes of the crop.

As the conversation continued, Bessent attempted to establish his credibility by stating, “I’m involved in the agriculture industry. I run a soybean farm.” Brennan interjected, reminding him, “You own one. You invest in it.” This prompted Bessent to acknowledge that he had recently divested his $25 million farming holdings due to an ethics conflict.

He explained that his divestment was part of an agreement following a warning from the Senate Finance Committee in August regarding potential conflicts of interest. “I actually just divested it this week as part of my ethics agreement, so I’m out of that business,” he remarked, while trying to assert his knowledge of agriculture.

Bessent’s holdings included significant farmland in North Dakota, valued at up to $25 million, which consisted of thousands of acres dedicated to soybean and corn production. Reports suggest he may have earned around $1 million annually in rental income from these investments.

The exchange highlights the complexities of political involvement in the agricultural sector, especially as trade dynamics evolve. Bessent’s recent admissions raise questions about transparency and ethical standards for federal officials.

Overall, the conversation underscored the intersection of politics, agriculture, and ethics, with Bessent’s claims and subsequent clarifications drawing attention to the responsibilities of those in high office.