Treasury Secretary Scott Bessent and Bill Pulte, head of the Federal Housing Finance Agency, got into a heated exchange last week at an exclusive club event with some of President Donald Trump's closest financial advisors, which escalated to the point of threats and even physical violence.
The clash happened at the newly opened, members-only Georgetown club called the "Executive Branch." The dinner was meant to be a double celebration—marking the club's grand opening and also the birthday of Chamath Palihapitiya, co-host of the All-In podcast. Two sources said the tension boiled over when Bessent, 63, threatened to physically attack Pulte, 37, accusing him of badmouthing him to President Trump.
Just Shy of Blows
At one point during the confrontation, Bessent turned on Bill Pulte and snapped: "Why the f— are you talking to the president about me? F— you." He then roared, adding: "I'm gonna punch you in your f—ing face."
The heated exchange, first reported by Politico, highlights ongoing tension inside the Trump administration. Pulte's reaction in the moment isn't clear, but the dispute has been described as explosive.
Bessent and Pulte already share some overlapping responsibilities, including work on plans to privatize Fannie Mae and Freddie Mac, though the two have clashed over what to do with the Federal Reserve.
While Bessent has advised Trump against firing Fed Chair Jerome Powell, Pulte has been more aggressive—pushing to clean house at the central bank and even referring Fed Governor Lisa Cook to the Justice Department over alleged mortgage fraud.
The argument erupted at the Executive Branch, an exclusive new social club in Georgetown co-founded by banker Omeed Malik and Donald Trump Jr.
The high-end members-only lodge, which opened earlier this year, required $500,000 from each founding member and is now charging a $150,000 initiation fee along with $15,000 in annual dues. The fight unfolded during a dinner that doubled as the club's launch event and a birthday celebration for All-In podcast co-host Chamath Palihapitiya.
Dirty Politics
This isn't the first time Bessent has reportedly threatened to get physical with another Trump ally. Back in April, he and Elon Musk allegedly came to blows after Musk—then heading the Department of Government Efficiency (DOGE)—body-checked him outside the Oval Office during a dispute over candidates for acting IRS chief.
Musk had supported whistleblower Gary Shapley, who briefly secured the post, while Bessent backed his deputy, Michael Faulkender.
Steve Bannon later claimed Bessent confronted Musk by calling him a "fraud," sparking the tussle. Musk supposedly responded with a rugby-style shoulder charge. Bessent later denied calling Musk a fraud, dismissing the reports as "fake news," though he didn't directly address whether physical contact had occurred.
Faulkender eventually replaced Shapley but only lasted five months before being removed.
Meanwhile, just last week, the Justice Department launched a criminal investigation into Lisa Cook, following allegations raised by Pulte that she improperly claimed two different properties as her primary residence. Pulte had posted the loan documents online.
As the feud continues, both men remain close to Trump. Pulte has reportedly pressed the president to oust Powell, while Bessent has urged the Fed to "change course" and is already vetting potential successors when Powell's term expires in May.
