Treasury Secretary’s Farming Claims Fact-Checked on CBS

During a recent appearance on CBS, Treasury Secretary Scott Bessent faced scrutiny for his claims regarding his involvement in agriculture. While discussing economic relief for farmers, Bessent asserted that he “runs a soybean farm.” However, he quickly backtracked, admitting that he had to divest his farming holdings due to an ethics conflict.

CBS host Margaret Brennan highlighted the discrepancy during the interview, clarifying that Bessent does not operate a farm but rather “owns” and “invests” in one. This clarification came after Bessent attempted to connect his personal experience in agriculture to ongoing trade negotiations with China.

Bessent’s claims arose in the context of President Biden’s upcoming announcement regarding a bridge payment for farmers, aimed at providing short-term relief as trade packages are finalized. Brennan questioned Bessent about his discussions with China’s vice premier, particularly regarding the acceleration of soybean purchases. Bessent responded that the purchasing rhythm was consistent with prior agreements, stating that “soybean prices are up about 12 or 15 percent since the agreement with the Chinese.”

Despite his earlier claims, Bessent acknowledged that he recently divested his $25 million farming holdings, which included thousands of acres of soybean and corn farmland in North Dakota. This divestment was prompted by a warning from the Senate Finance Committee in August 2023, indicating that his investments posed a conflict of interest in his role as a federal official.

“I actually just divested it this week as part of my ethics agreement, so I’m out of that business,” Bessent stated, attempting to downplay the significance of his previous claims. He further asserted that his knowledge of agriculture exceeds that of any treasury secretary since the 1800s, although this statement raised eyebrows given his recent divestment.

Bessent’s agricultural investments reportedly generated approximately $1 million per year in rental income. His remarks have drawn attention not only for their content but also for the rapid shift from claiming active management of a farm to admitting to a lack of direct involvement following the divestment.

As the conversation unfolded, Brennan maintained her focus on the facts, ensuring clarity for viewers regarding Bessent’s financial connections and the implications for his role in government. This exchange underscores the importance of transparency and accuracy in public statements made by officials, particularly in the context of economic policies affecting farmers.

The segment serves as a reminder of the complexities at the intersection of agriculture and government, illustrating how personal investments can have broader implications in public service.