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.
Speaking to Bessent, 63, whose estimated net worth sits at around $600 million according to Forbes, about the “pinch” American farmers are feeling due to lower profit margins and a lack of market, Brennan, 45, seemed shocked to be told that such issues weren’t a problem “anymore.”
“Well, the agricultural secretary just said that the president is going to announce a bridge payment for farmers this week to give them short-term relief while you’re working on finalizing these trade packages,” she noted.
Referencing China’s step back from importing U.S. soybeans, Brennan asked: “I know you spoke with China’s vice premier on Friday, are they going to speed purchasing up?”
“Well, they’re not going to speed purchasing up. They’re in the cadence that we agreed to,” Bessent said, referring to the deal made last month.
“Soybean prices are up about 12 or 15 percent since the agreement with the Chinese. They are going to buy 12.5 million metric tonnes.”
Putting politics to one side, the treasury secretary then tried to make a more personal appeal. Bessent began: “Margaret, I’m involved in the agriculture industry. I run a soybean farm. And I can tell you—”
“You own one. You invest in it,” Brennan interrupted. “Sorry?” Bessent asked, with Brennan again clarifying: “You own, or invest in a soybean farm.”
Former hedge fund manager Bessent argued: “People in my family go out and work on it.”
He then bafflingly added that his claim was completely null in any case, having been forced to let go of his investments after the Senate Finance Committee was warned in August that his assets were not in line with his work as a federal official and could pose a conflict of interest.
“I actually just divested it this week as part of my ethics agreement, so I’m out of that business,” he glibly stated. “But I probably know more about any treasury secretary than agri—“ he said before trying to correct himself, ”about agriculture since the 1800s.”
According to the New York Times, Bessent’s holdings were worth up to $25 million of soybean and corn farmland in North Dakota, comprising thousands of acres. The publication adds that Bessent may have pocketed around $1 million per year in rent from the investment.
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