Treasury Secretary Scott Bessent failed to disclose at least $100,000 worth of JPMorgan Chase stock owned by his husband, John Freeman, an oversight that a federal ethics review later determined was not a knowing violation of the law. The stock, valued at between $100,000 and $250,000, had been mistakenly reported on Bessent's initial financial disclosure as cash sitting in a bank account rather than as shares in the bank itself.
The mix-up surfaced in July 2025, and Freeman sold the JPMorgan holding on July 14, according to Politico. Because the sale was not reported within the required window, Bessent paid a $200 late filing fee. Outside counsel had overseen $800 million worth of the secretary's divestments and, per that outlet's reporting, inadvertently misclassified the JPMorgan holding as a bank deposit rather than an equity position.
Bessent filed his original financial disclosure form ahead of his Senate confirmation as Treasury secretary, and it was the Treasury Department's Office of Inspector General that reviewed his family's finances after the discrepancy came to light. That office determined there had been no knowing violation of the Ethics in Government Act, and Mark Vetter agreed with the finding, according to The New York Times. Freeman, a former assistant district attorney in New York, is now general counsel of Bessent Capital and was appointed a member of the American Battle Monuments Commission in July 2025.
A Second Divestment Stumble in Washington
The newspaper reports this is the second time the Treasury secretary has failed to comply with divestment requirements for cabinet officials. The first involved thousands of acres of North Dakota soybean farmland that Bessent owned, which the Times says represented a potential conflict of interest given his role in trade talks with China.
Bessent was alerted by the ethics office in August 2025 that he was delinquent in selling the North Dakota farmland, according to the same account. He requested an extension and ultimately divested the farmland holdings last December, signing a certification that month stating he had completed all required divestitures, the Times and Politico both report. Bessent had also held meetings with Chinese officials at JPMorgan Chase's headquarters in New York, per the Times.
Conflicting Figures on Bessent's Wealth
Accounts of Bessent's overall wealth vary widely across the available disclosures. The Times reports he disclosed assets worth more than $700 million before taking office, while Politico's review of his 2025 filings put the minimum total value at about $228 million.
The JPMorgan disclosure lapse drew attention to Bessent's financial disclosures. The Treasury Department did not respond to a request for comment from the Times.
Comparisons to Past Disclosure Cases
Financial disclosure lapses by federal officials are not unheard of. In a separate case, the House Office of Congressional Ethics examined unfiled periodic transaction reports involving former Rep. Tom Malinowski. The office said the alleged conduct may have violated rules and law and recommended further review, while noting that its findings did not determine whether a violation occurred, according to a report from the Office of Congressional Ethics. That case involved a member of Congress rather than a cabinet official.
For now, the inspector general's review has closed the JPMorgan chapter of Bessent's disclosure history without finding intent to violate ethics law. Whether the underlying questions about his broader asset totals get resolved may depend on future filings, but the dossier's current record leaves those figures attributed separately to each outlet rather than settled.
