Treasury Secretary Scott Bessent Granted Extension for Asset Divestiture Compliance

Treasury Secretary Scott Bessent Granted Extension to Complete Asset Divestiture

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In a significant development, Treasury Secretary Scott Bessent has been granted an extension to divest his remaining assets, following a failure to meet the initial deadline set by the Office of Government Ethics (OGE). According to documents reviewed by Bloomberg, Bessent now has until December 15 to complete the divestiture process, a requirement tied to his confirmation by the Senate earlier this year.

The extension was mutually agreed upon by Bessent, the Treasury’s ethics office, and the OGE, as confirmed by a Treasury spokesperson. Bessent stated that the remaining assets, which account for only 4% of his required divestitures, primarily consist of farmland—an asset class known for its illiquidity.

“I am committed to full transparency and disclosure in my personal finances,” Bessent emphasized in a recent statement. He noted that he had already divested more than 90% of his assets before assuming office, underscoring his dedication to ethical governance.

Bessent, a former hedge fund manager nominated by President Trump in November 2024, disclosed assets valued at a minimum of $521 million in his financial disclosure. However, the true worth of his portfolio could be significantly higher, as nominees often report asset values within broad ranges that can exceed $50 million.

The OGE’s recent correspondence to Senate Finance Committee Chairman Mike Crapo highlighted Bessent’s failure to fully divest by an earlier deadline in April. In a follow-up letter, OGE Deputy Director for Compliance Dale Christopher outlined the new timeline and reiterated that Bessent will continue to recuse himself from any matters involving the undivested assets.

Despite the challenges, a Treasury spokesperson confirmed that Bessent has successfully divested 96% of the assets slated for sale by year-end, with over 90% of the total $1 billion in divestitures completed before January 20.

The letters from the OGE also noted that Bessent’s remaining assets are not only illiquid but also come with significant restrictions on potential buyers. In addition to his farmland in North Dakota, Bessent has disclosed stakes in a private equity fund, a sparkling water company, and a clinical-stage drug development firm.

As Bessent works to finalize his divestiture, he continues to express his commitment to serving the American people and maintaining ethical standards in his role as Treasury Secretary.

For ongoing updates on this story and more, visit Bloomberg.com.