In a move underscoring the new administration’s commitment to fiscal probity and institutional accountability, Treasury Secretary Scott Bessent has called for the International Monetary Fund to divest itself of a luxury country club property in Maryland. The directive follows an investigative report that revealed deeply subsidized memberships at the exclusive Bretton Woods Recreation Center for IMF and World Bank personnel.
Secretary Bessent, a key architect of the Trump administration’s economic vision, is spearheading a comprehensive review of expenditures at the global lender. This scrutiny aims to align the institution’s operational conduct with its mandate, particularly when it extends financial lifelines to sovereign nations grappling with indebtedness. The Secretary’s position is reinforced by the recent confirmation of his protégé, Dan Katz, to the role of Deputy Managing Director, solidifying American influence within the Fund’s executive echelon.
In an exclusive dialogue with the New York Post, the publication that initially uncovered the preferential arrangements, Secretary Bessent was unequivocal. “A prudent initial measure would be the immediate sale of the golf course,” he stated. “I am inclined to believe that President Trump is presently unaware of this egregious perk. I am certain, however, that he would find it profoundly unacceptable.”
According to the exposé, the Bretton Woods club, a 285-acre estate boasting an 18-hole championship golf course, multiple swimming pools, and opulent dining facilities, commands initiation fees ranging from $12,000 to $20,000 for the public. These fees are entirely waived for staff of both the IMF and the World Bank.
Internal documents detail a tiered monthly dues structure: IMF employees earning a base salary of $162,699 or less per annum pay a nominal monthly fee between $142 and $312, while senior officials contribute $355. The club is formally registered as a non-profit entity, and its 2023 filings indicate that two senior IMF executives sit on its board, though staff maintain the club operates independently.
This revelation stands in stark contrast to the IMF’s public role and has ignited a debate over privilege and perception. With the property’s value estimated at approximately $20 million, Secretary Bessent’s proposition to liquidate the asset is framed not merely as a cost-cutting exercise, but as a necessary step to restore credibility and ensure that the institution’s resources are dedicated solely to its foundational mission of global economic stability.
CWEB News will continue to monitor this developing story.
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