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Treasury Secretary Scott Bessent made headlines this week after a heated confrontation with Federal Housing Finance Agency Director Bill Pulte at an exclusive private dinner in Washington D.C. The incident occurred during the inaugural dinner at Executive Branch, a new members-only club in Georgetown co-founded by Donald Trump Jr.

The confrontation happened last Wednesday evening at the club, which charges up to $500,000 for membership and caters to Trump administration officials and wealthy donors. About 30 high-ranking officials attended the event, including Transportation Secretary Sean Duffy, Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum, Agriculture Secretary Brooke Rollins, Director of National Intelligence Tulsi Gabbard, and other cabinet members.

According to multiple witnesses, Bessent confronted Pulte after hearing from several people that the housing chief had been speaking negatively about him to President Trump. “Why the f*** are you talking to the president about me? F*** you,” Bessent reportedly told a stunned Pulte, as per The Hill. “I’m gonna punch you in your f***ing face.” The exchange escalated quickly as club co-owner Omeed Malik attempted to intervene.

Tensions between top economic officials have been building for months

The confrontation revealed deeper tensions between two of Trump’s key economic officials who were supposed to work together on important financial matters. In May, Trump tasked Bessent, Lutnick, and Pulte to collaborate on developing a plan to privatize mortgage giants Fannie Mae and Freddie Mac, which are regulated by the FHFA.

Sources familiar with the situation say Bessent and Pulte have been engaged in a power struggle behind the scenes. Bessent has complained that Pulte was overstepping into his jurisdiction, while Pulte felt marginalized in economic policy discussions. Their disagreements extend beyond the mortgage giants to other economic issues, with Pulte publicly calling for Federal Reserve Chair Jerome Powell to lower interest rates.

The confrontation continued as Bessent told Malik, “It’s either me or him. You tell me who’s getting the f*** out of here.” When Bessent suggested they “could go outside,” Pulte asked if he meant to talk. “No,” Bessent replied, according to witnesses. “I’m going to f*ing beat your a.” Malik eventually separated the two men, and they were seated at opposite ends of the table during the sit-down dinner. The event proceeded without further incident, though sources described the exchange as “bonkers” and “unhinged.”

This is not the first time Bessent has been involved in workplace confrontations. Earlier this year, he had a physical altercation with Elon Musk in the White House that reportedly contributed to Musk’s departure from the administration. Steve Bannon described how Musk thrust his shoulder into Bessent “like a rugby player” after a heated argument over IRS appointments, with multiple people having to break up the fight.

Despite Bessent’s reputation as a soft-spoken market strategist, the Trump administration has faced numerous internal conflicts among top officials. The Treasury Department, FHFA, and White House did not immediately respond to requests for comment about the incident. Pulte’s public profile has risen recently after he accused Federal Reserve Governor Lisa Cook of mortgage fraud, which Trump then cited as cause to fire her.

The incident highlights the ongoing challenges within the Trump administration as officials navigate personal rivalries while working on critical economic policies. With both men holding key positions in the administration’s financial leadership, their relationship will be closely watched as they continue their work on major economic initiatives.