Treasury Secretary Scott Bessent’s husband held between $100,000 and $250,000 of JPMorgan Chase & Co. (NYSE:JPM) stock that was mistakenly listed as cash in Bessent’s initial financial disclosure, according to his newly certified 2026 ethics filing.
Disclosure Error Sparks Inspector General Review
According to ethics documents first obtained by Politico and reported on Tuesday, a Sept. 3 annotation from Treasury ethics official Mark Vetter says Bessent’s nominee disclosure "inadvertently" reported the JPMorgan equity position as "US bank #5 (cash)" worth $1 million to $5 million. The filing says it should instead have appeared as JPMorgan stock valued at $100,000-$250,000.
Officials discovered the error in July 2025. After Bessent learned of it, his spouse sold the shares on July 14 for between $100,001 and $250,000. Bessent also paid a $200 late filing fee because he did not report the sale on a periodic transaction report within the required window.
Vetter wrote that the Office of Inspector General "reviewed the situation and determined that there was no knowing violation" of the Ethics in Government Act or federal conflict-of-interest law. The Office of Government Ethics certified Bessent’s annual disclosure on Sept. 22.
Benzinga reached out to the U.S. Office of Government Ethics and the Treasury Office of Inspector General for comment but did not receive an immediate response.
Bessent Faced Broader Divestiture Compliance Issues
The episode follows a broader divestiture process after Bessent entered government. Before confirmation, the former Key Square Group investor pledged to sell holdings and leave positions that could create actual or apparent conflicts, Reuters reported. His nominee disclosure showed assets worth at least $521 million, including a Bitcoin ETF stake and large equity and currency positions.
OGE separately told the Senate Finance Committee in August 2025 that Bessent had missed deadlines for parts of his ethics agreement and reminded Treasury officials that avoiding real or apparent conflicts remained his "personal responsibility." Bessent later completed the required sales; his Dec. 5 certification states, "All required divestitures are now completed."
Filing Shows Substantial Remaining Financial Holdings
The 2026 filing still shows substantial holdings. Three U.S. cash accounts are each listed at more than $50 million, alongside real estate, funds and securities.
The JPMorgan issue involved Bessent’s spouse, John Freeman, whom Bessent identified during his 2025 Senate confirmation hearing. OGE guidance says annual public financial disclosures cover qualifying financial interests belonging to filers, spouses and dependent children.
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