Treasury Secretary Scott Bessent's Farmland Holdings and Trade War Defense Draw Scrutiny
Treasury Secretary Scott Bessent, a wealthy former hedge fund manager, faces scrutiny over his extensive farmland holdings and his defense of President Trump's trade war, despite claiming to be a soybean farmer.
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Overview
- Former hedge fund manager Scott Bessent owns up to $25 million in Midwest and North Dakota farmland, generating significant rental income from farmers.
- Bessent, with an estimated net worth of $600 million, claimed to be a soybean farmer while publicly defending President Trump's trade war.
- China's halt in soybean purchases, a direct consequence of President Trump's trade war, has dealt a significant financial blow to American farmers.
- Concerns have been raised regarding Bessent's assertion of being a soybean farmer, given his primary income from farmland appears to be rental, not direct farming.
- Officials within the Treasury Department have raised ethical concerns about Treasury Secretary Scott Bessent's substantial financial holdings and his public statements.
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FAQ
Scott Bessent has divested 96% of the agreed assets, with the remaining mostly being farmland in North Dakota, which he describes as 'illiquid and not readily marketable'. He plans to comply fully by December 15.
Bessent's farmland holdings in North Dakota are valued at up to $25 million and generate up to $1 million annually in rental income.
Ethics watchdogs are concerned because Bessent has not fully divested from numerous financial holdings, including private equity funds and farmland, which poses potential conflicts of interest and violates ethics rules.
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