It’s not every day that the U.S. Treasury secretary is compared to Alexander Hamilton for reasons other than fiscal policy. Yet on September 16, 2025, Scott Bessent found himself doing just that—joking about the fatal duel between Hamilton and Aaron Burr—after reports surfaced of his own heated clashes with prominent figures inside President Donald Trump’s administration. The drama, as reported by multiple outlets including Politico, CNBC, and The Washington Post, unfolded in scenes fit for a political thriller, complete with threats, near-brawls, and a nod to the Founding Fathers.
On Tuesday, during a live appearance on CNBC’s “Squawk Box,” Bessent was asked to address the swirling accounts that he had threatened to punch Federal Housing Finance Agency (FHFA) Director Bill Pulte. With a wry smile, Bessent quipped, “Treasury secretaries dating back to Alexander Hamilton have a history of dueling. I think with the president’s team—I turned out a little better for the Treasury’s side this time.” The comment was a clear reference to Hamilton, the nation’s first Treasury secretary, who famously lost his life in an 1804 duel with Vice President Aaron Burr. Bessent’s joke, however, barely scratched the surface of the real-life tension simmering within the Trump administration.
The origins of the latest feud trace back to a swanky, members-only social club in Washington, D.C.’s Georgetown neighborhood, co-founded by banker Omeed Malik and Donald Trump Jr. The club, known for its exclusivity, reportedly collected $500,000 from each founding member earlier in the year. It was here, earlier in September, that Bessent, 63, confronted the much younger Pulte, 37, in front of a crowd of administration officials and close Trump advisers. According to Politico and The New York Post, Bessent was furious that Pulte had been badmouthing him to President Trump. The Treasury secretary reportedly erupted, “Why the f— are you talking to the president about me? F— you. I’m gonna punch you in your f—king face.” Witnesses described Pulte as visibly stunned, and the confrontation quickly became the talk of Washington’s political circles.
The altercation wasn’t just about personal animosity. Both Bessent and Pulte are deeply involved in the Trump administration’s plans to privatize the mortgage giants Fannie Mae and Freddie Mac. Yet, they’ve butted heads over the direction of Federal Reserve policy. Bessent has reportedly urged President Trump not to fire Federal Reserve Chairman Jerome Powell, whose term runs until May 2026—an approach that signals a preference for continuity and market stability. Pulte, on the other hand, has been vocal about the need to “purge” central bankers, even going so far as to accuse Federal Reserve governor Lisa Cook of mortgage fraud. The policy rift has only deepened the personal animosity between the two men.
Bessent’s reputation for heated exchanges doesn’t stop with Pulte. In April 2025, the Treasury secretary found himself in another headline-grabbing confrontation—this time with billionaire Elon Musk, who then headed the Department of Government Efficiency. According to The Washington Post and The Daily Beast, the two clashed in the White House corridors, within earshot of President Trump’s office, over government spending and the Internal Revenue Service. Steve Bannon, a longtime Trump ally, recounted that Bessent called Musk “a total fraud,” prompting Musk to ram his shoulder into Bessent’s rib cage “like a rugby player.” The ensuing scuffle was so intense that several people had to break it up, and Musk was swiftly escorted out of the West Wing. “President Trump heard about it and said, ‘This is too much,’” Bannon told reporters.
Adding to the spectacle, Musk appeared at a press conference in the Oval Office weeks later sporting a black eye, sparking rampant speculation about whether the injury was the result of a second round with Bessent. Bessent, for his part, denied any involvement, telling Bloomberg in August, “I can 100 percent say I did not give him the black eye.” Musk himself chalked up the injury to “horsing around” with his five-year-old son, X Æ A-12, quipping, “I said, ‘Go ahead, punch me in the face.’ And he did. Turns out, even a five-year-old punching you in the face actually [leaves a mark].”
Despite the drama, Bessent has been keen to downplay the significance of these altercations, painting them as the rough-and-tumble norm of high-stakes policymaking. “With President Trump’s team, just like any great sports team, you can argue in the locker room, but when we get out on the field we do the best for the president and the American people every day,” Bessent told CNBC. This locker-room analogy, while lighthearted, underscores the real divisions within Trump’s inner circle as the administration navigates complex economic challenges and looming policy deadlines.
Indeed, Bessent’s tenure as Treasury secretary—he took office in January 2025—has been marked by both aggressive policymaking and personal drama. He has led high-profile trade negotiations, recently telling CNBC that a trade deal with China was likely before the November 2025 deadline. Yet, his style has clearly ruffled feathers. At the Executive Branch club, a Trump insider reportedly told The New York Post, “The general consensus in the White House is that Scott would have, in fact, beat that little midget’s ass and that everyone would have paid big money to watch it happen.” While the comment is crude, it reflects the gladiatorial atmosphere that seems to pervade the current administration.
Bessent has also had to contend with public skepticism about his own conduct. When asked by Congress about reports that he called Musk a fraud, Bessent dismissed them as “fake news,” though he stopped short of denying the physical altercation. CNBC’s Joe Kernen, interviewing Bessent, even joked about the secretary’s formidable height, saying, “If I was going to mess with someone, it wouldn’t be you.” Bessent, quick on his feet, replied with another quip, “My money in a three-way fight is on Becky, always,” referencing CNBC host Becky Quick. The banter, while amusing, can’t obscure the underlying reality: the Treasury secretary’s job has never been for the faint of heart, and Bessent has proven he’s willing to fight—sometimes literally—for his vision of economic policy.
For all the fireworks, both Bessent and his rivals remain at the center of critical policy debates that will shape the nation’s financial future. Whether these internal battles ultimately strengthen or undermine the Trump administration’s agenda remains to be seen. What’s clear is that, as Bessent himself might say, the spirit of Hamilton—and perhaps a bit of Burr—still haunts the halls of American power.
