Bessent’s Soybean Claim Under Scrutiny

Key Takeaways:

• Scott Bessent, the Treasury Secretary, claimed to "run a soybean farm" during a discussion on Face the Nation, but later admitted to only owning and investing in one.
• Bessent’s claim was fact-checked by CBS host Margaret Brennan, who pointed out that he had recently divested his $25 million farming holdings due to an ethics conflict.
• The Treasury Secretary’s comments were seen as an attempt to make a personal appeal and show his connection to the agriculture industry, but ultimately came across as insincere.
• Bessent’s holdings in soybean and corn farmland in North Dakota were worth up to $25 million and may have generated around $1 million per year in rent.

Introduction to the Controversy
The CBS host Margaret Brennan was quick to remind Scott Bessent that he isn’t exactly salt of the earth after he once again claimed to run a soybean farm. The awkward moment came during a discussion of farmers’ woes on Face the Nation Sunday, during which Bessent claimed to “run a soybean farm”—backtracking seconds later to admit he had to divest his holdings due to an ethics conflict. This exchange highlights the ongoing controversy surrounding Bessent’s claims of being a farmer and his actual involvement in the agriculture industry.

The Discussion on Face the Nation
The discussion on Face the Nation began with Margaret Brennan noting that the agricultural secretary had announced a bridge payment for farmers to provide short-term relief while working on finalizing trade packages. She then asked Bessent about his conversation with China’s vice premier on Friday, inquiring whether China would speed up its purchasing of U.S. soybeans. Bessent responded by stating that China would not be increasing its purchasing, but rather sticking to the agreed-upon cadence. He also noted that soybean prices had increased by 12-15% since the agreement with China, and that China would be buying 12.5 million metric tonnes of soybeans.

Bessent’s Claim to Run a Soybean Farm
Bessent then attempted to make a more personal appeal, claiming that he was involved in the agriculture industry and that he "ran a soybean farm." However, Margaret Brennan quickly fact-checked him, pointing out that he actually owned and invested in a soybean farm, rather than running one. Bessent tried to clarify his statement, saying that people in his family worked on the farm, but ultimately admitted that he had recently divested his $25 million farming holdings due to an ethics conflict. This admission raises questions about Bessent’s credibility and his claims of being a farmer.

The Ethics Conflict
The ethics conflict surrounding Bessent’s holdings in soybean and corn farmland in North Dakota was first reported by the New York Times. According to the publication, Bessent’s holdings were worth up to $25 million and comprised thousands of acres of farmland. The Senate Finance Committee had warned in August that Bessent’s assets were not in line with his work as a federal official and could pose a conflict of interest. As a result, Bessent was forced to divest his holdings, which may have generated around $1 million per year in rent. This conflict of interest highlights the need for greater transparency and accountability in government officials’ financial dealings.

Conclusion
In conclusion, the exchange between Margaret Brennan and Scott Bessent on Face the Nation highlights the controversy surrounding Bessent’s claims of being a farmer and his actual involvement in the agriculture industry. Bessent’s attempt to make a personal appeal and show his connection to the agriculture industry ultimately came across as insincere, and his admission of divesting his farming holdings due to an ethics conflict raises questions about his credibility. The incident serves as a reminder of the importance of transparency and accountability in government officials’ financial dealings, and the need for fact-checking and scrutiny of public figures’ claims.