Treasury Secretary Scott Bessent’s spouse 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. The error was corrected in the newly certified 2026 ethics filing.

Disclosure error and inspector general review

A September 3 annotation from Treasury ethics official Mark Vetter stated that Bessent’s nominee disclosure "inadvertently" reported the equity position as "US bank #5 (cash)" worth $1 million to $5 million. The filing clarified that the holding should have appeared as JPMorgan stock valued at $100,000-$250,000. Officials discovered the error in July 2025. After learning of it, Bessent’s spouse sold the shares on July 14 for between $100,001 and $250,000. Bessent also paid a $200 late filing fee for failing to report the sale on a periodic transaction report within the required window.

Vetter noted that the Office of Inspector General reviewed the situation and determined 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 September 22.

Broader divestiture compliance issues

This episode follows a broader divestiture process after Bessent entered government. Before confirmation, the former Key Square Group investor pledged to sell holdings to avoid actual or apparent conflicts. His nominee disclosure showed assets worth at least $521 million, including a Bitcoin ETF stake and large equity and currency positions.

The Office of Government Ethics separately told the Senate Finance Committee in August 2025 that Bessent had missed deadlines for parts of his ethics agreement. Treasury officials were reminded that avoiding real or apparent conflicts remained his "personal responsibility." Bessent later completed the required sales; his December 5 certification states, "All required divestitures are now completed."

Remaining financial holdings

The 2026 filing continues to show 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. Guidance from the Office of Government Ethics states that annual public financial disclosures cover qualifying financial interests belonging to filers, spouses and dependent children.

What the numbers show

The discrepancy highlights a significant valuation gap in the initial disclosure: the asset was initially categorized as cash with a value range up to five times higher than its actual equity value. While the initial listing suggested a liquid cash position of up to $5 million, the corrected filing reveals a much smaller equity stake capped at $250,000. This reclassification from a high-value cash equivalent to a lower-value equity holding underscores the material impact of proper asset categorization in financial transparency, even though the final monetary exposure was significantly lower than initially reported.

US Treasury Secretary Bessent stated that the administration is examining a diesel export ban and evaluating whether it is feasible.

Policy review under way

Bessent confirmed that the administration is actively reviewing the possibility of restricting diesel exports, with feasibility as the central consideration. No decision or timeline was indicated in the statement.