There’s no evidence Bessent did anything wrong—and that’s precisely the point. His case highlights what critics have been saying for months: Trump’s campaign against Cook isn’t about enforcing mortgage rules, it’s about punishing a Biden administration appointee.

Allegations of mortgage fraud have become a favorite weapon for the Trump administration. Beyond Cook, Trump has publicly called out California Sen. Adam Schiff and New York Attorney General Letitia James to be prosecuted for similar allegations, even pressuring federal prosecutors to bring charges against James. But there’s an unmistakable hypocrisy here. As Trump targets his political opponents, ProPublica reports that at least three of his Cabinet members—excluding Bessent—also have multiple primary-residence mortgages, with seemingly zero consequences.

Cook has made clear she has no plans to step aside. In August, she said Trump “purported to fire me ‘for cause’ when no cause exists under the law.” (A federal judge ruled in her favor, arguing that “for cause” applies only to misconduct carried out while in office. The mortgage agreements at the heart of Trump’s case were signed in 2021—before she joined the Fed in 2022.)

“I will not resign,” Cook said.

Her continued presence on the Federal Reserve Board of Governors comes as the central bank approved a modest 0.25-percentage-point cut to interest rates during its meeting this week.

Bessent’s own situation is also drawing attention because of his public feud with Pulte. At a private dinner earlier this month at the conservative Executive Branch club in Washington, the two reportedly clashed over remarks the housing finance director made to the president.

“Why the fuck are you talking to the president about me? Fuck you,” Bessent said, according to Politico. “I’m gonna punch you in your fucking face.”

Pressed about the confrontation this week, though, Bessent brushed it off.

“Treasury secretaries dating back to Alexander Hamilton have a history of dueling,” he said on CNBC’s Squawk Box.

The White House and Pulte’s office have declined to comment on Bessent’s mortgage filings. An attorney for Bessent told Bloomberg he couldn’t compare Bessent’s case with Cook’s because he hadn’t reviewed her file. Bessent himself has been less diplomatic, saying Cook “hasn’t said she didn’t do it” and is “just saying the president can’t fire her.”

That line may come back to haunt him. The revelation that Bessent made similar filings undercuts Trump’s narrative and makes the administration’s pursuit of Cook look nakedly political.

For now, Cook is still on the job, while Bessent is under the microscope. And Trump, once again, is trying to turn a paperwork technicality into a loyalty test. After all, in his Washington, it’s not the law that matters—it’s whose side you’re on.