Treasury Secretary Scott Bessent requested that the International Monetary Fund (IMF) sell a luxury country club he owns in Maryland after a report highlighted that club employees received discounted memberships at the golf course.
According to the initial report by the Post, Dan Katz, previously the chief of staff at Bessent Corp., was appointed as the deputy head of the IMF last month amid plans by the Trump administration to reform the organization, which has faced criticism for its expansive bureaucracy.
In an exclusive comment to the Post, Bessent mentioned that Katz might propose closing the Bretton Woods Recreation Center as a measure to cut costs.
Bessent mentioned that selling the golf course could be the first step. Membership fees at the resort range from $12,000 to $20,000, though employees from both institutions enjoy exemptions. “I doubt President Trump is aware of that. He probably wouldn’t be pleased,” he remarked.
He emphasized that the current president aims for IMF staff to refocus on “providing liquidity, acting as a backstop, and intervening when countries are in trouble.”
Since the Trump administration took over, Bessent has been vocal about his concerns regarding the IMF, claiming it has diverted from its main economic stabilization role in favor of more socially motivated policies.
He specifically criticized the IMF’s inaction on climate issues and social initiatives.
The Post has reached out for comments from an IMF representative.
There are signs that changes are already underway at the IMF, often seen as a lender of last resort in global financial crises.
Previously, it was reported that employees of the IMF and World Bank enjoyed complimentary memberships at a high-end country club in Germantown, Maryland, where fees were automatically waived.
Katz, a Yale graduate and former Goldman Sachs employee, played a significant role in the Trump administration and is close to Bessent. His wedding was officiated by former Bank of England governor Sir Mervyn King.
A senior fellow at the Manhattan Institute before joining the Treasury in January, Katz is now the highest-ranking American official at the IMF.
Recently, it was reported that the IMF’s climate and gender divisions will be merged into one broader macroeconomic division, which could suggest a shift in focus.
“The secretary has made clear that changes are coming, but it’s not the end of the conversation,” a Washington D.C. official noted in reference to Katz’s new position within the organization.
The IMF was crucial during the 2008 European debt crisis, which severely impacted the eurozone following Lehman Brothers’ collapse.
Established after the Bretton Woods Conference in 1944, the organization was created to shape post-World War II global economic frameworks.
The U.S. has traditionally appointed its nationals to head the World Bank, while European candidates lead the IMF, under what is known as a “gentleman’s agreement.” Reports have surfaced about World Bank officials enjoying a lavish lifestyle while advising poorer countries on economic management.
IMF officials receive benefits that far exceed those in the private sector. Membership fees at the club, ranging from $12,000 to $20,000, are waived for most employees, who make up approximately 80% of the membership.
Among the club’s perks, different dues apply for IMF employees based on earnings, while general members face higher costs.
The Bretton Woods Resort, estimated at around $20 million, offers an 18-hole golf course, swimming pools, and dining facilities.
Founded in 1968, in a context of significant racial issues in the U.S., officials have not clarified why the organization still operates the resort.
While IMF maintains it operates independently, recent tax returns indicate that two high-ranking executives serve on the club’s board.
The latest salary data reveals that senior IMF directors can earn up to $466,650 annually, surpassing the $400,000 salary of the President, while junior staff make considerably less. They also receive extensive retirement packages and healthcare benefits.
