Days before Democracy Defenders Fund (DDF) filed a formal ethics complaint regarding Treasury Secretary Scott Bessent’s conflicts of interest, the U.S. Office of Government Ethics (OGE) privately notified the Senate that Bessent had failed to meet the terms of his ethics agreement to divest nearly two dozen financial assets within 90 days of taking office. [Read DDF’s original complaint.]

DDF, in partnership with Campaign Legal Center (CLC), on Aug. 13 called on OGE and the Treasury Department’s Office of Inspector General (OIG) to investigate Secretary Bessent’s apparent failure to comply with his ethics agreement. Today, the groups filed a supplemental complaint.

In response to growing scrutiny, Secretary Bessent publicly claimed he had divested 96 percent of the required financial assets and pledged to complete the process by December 15, 2025.

However, as outlined in the amended complaint by DDF and CLC, serious concerns remain, including:

• Failure to Meet Original Commitments: Secretary Bessent did not request or receive approval from OGE before missing the divestiture deadline, an explicit requirement of his ethics agreement.

• Lack of Transparency: The amended ethics agreement extending the divestiture deadline has not been made public, nor has Secretary Bessent signed an updated Certificate of Ethics Agreement Compliance.

• Ongoing Conflict Concerns: While Secretary Bessent has reportedly sold assets including stakes in iShares Germany, SPDR Gold, and Verizon, it remains unclear whether he has divested from risky holdings such as iShares Bitcoin ETF, Greengage Global Holding, and Carbon SPV. Of particular concern, he continues to hold investments in entities like Half Acres WSW, LLC and High Plains Acre, LLP—despite his involvement in international negotiations that could directly affect those holdings.

“The Treasury Secretary had a simple responsibility. Divest of conflicting assets. But to date we have an incomplete record of what he has divested, and he may continue to have assets that conflict with his official duties.,” said Virginia Canter, chief counsel for ethics and anti-corruption at Democracy Defenders Fund. “The American people deserve to be able to take the Secretary at his word. There should be full transparency not belated promises of future compliance.”

DDF and CLC continue to urge OGE to enforce Secretary Bessent’s original ethics commitments and call on the Treasury Department’s OIG to conduct a full investigation into any potential conflicts of interest during his time in office.

Read DDF and CLC’s supplemental complaint HERE

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Democracy Defenders Fund brings together a nonpartisan team to work with national, state and local allies across the country to defend in real-time the foundations of our democracy.