Politics
Treasury chief’s disclosure omitted spouse’s JPMorgan stake, ethics review finds
Treasury Secretary Scott Bessent failed to list between $100,000 and $250,000 in JPMorgan Chase stock held by his husband, according to financial disclosure documents. Treasury’s inspector general found no knowing violation after the shares were sold and a late-filing fee was paid.
WASHINGTON — Treasury Secretary Scott Bessent failed to disclose a JPMorgan Chase stock holding owned by his husband, an omission that federal ethics officials said was inadvertent but nonetheless required a correction and a late-filing payment.
The shares were valued between $100,000 and $250,000, according to Bessent’s annual financial disclosure paperwork. The holding was mistakenly listed during his Senate confirmation process as cash in a deposit account at an unidentified U.S. bank, rather than as JPMorgan stock.
The error was discovered in July 2025. Bessent’s husband, John Freeman, sold the shares on July 14, according to a statement by Treasury ethics official Mark Vetter included with the disclosure. Bessent also paid a $200 fee for failing to file the required transaction report on time.
Treasury’s inspector general reviewed the matter and found “no knowing violation” of federal ethics law, Vetter wrote in the statement. The Office of Government Ethics certified Bessent’s updated disclosure on Sept. 23.
A Treasury spokesperson said outside counsel had overseen roughly $800 million in asset divestitures for Bessent and mistakenly classified the JPMorgan holding as a bank account. “Upon learning of this holding, the Secretary immediately directed the stock be sold,” the spokesperson said.
The spokesperson also said Bessent was unaware of the stock ownership and that the inspector general found no evidence he had participated in a government matter affecting the stock’s financial interests.
The disclosure issue comes under heightened scrutiny because Bessent, a former hedge-fund manager, oversees the Treasury Department’s role in financial regulation and economic policy. JPMorgan is the nation’s largest bank and among the institutions whose financial interests can intersect with Treasury decisions.
The value of the JPMorgan holding was small compared with Bessent’s reported wealth. His 2025 disclosure listed assets with a minimum combined value of about $228 million, including bank accounts reported as holding more than $50 million. Because federal disclosure forms use value ranges, the filing does not establish his precise net worth.
As part of his confirmation process in early 2025, Bessent agreed to wind down his hedge fund and sell dozens of assets to address potential conflicts of interest. He later faced delays selling North Dakota farmland that ethics officials had required him to divest, with Treasury attributing the missed deadlines to the properties’ lack of liquidity. He certified in December 2025 that the required divestitures had been completed.