Hegseth’s annual disclosure lists a “U.S. bank #2” account at over $1 million, up from $15,001–$50,000 in his 2024 nominee filing. The filings give no explanation and include broad ranges that prevent establishing an exact net worth. The Hegseth household reports at least $3.1 million combined in cash, retirement funds and bitcoin, and the disclosure follows reports — which Hegseth denied — that he discussed a possible 2028 run. The filing arrives amid other controversies and congressional scrutiny surrounding the defense secretary.
Pete Hegseth’s Financial Disclosure Shows ‘U.S. Bank #2’ Jumped From Under $50K To Over $1M
pete hegseth
Defense Secretary Pete Hegseth’s newly released annual financial disclosure lists an account labeled “U.S. bank #2” with a balance above $1 million, a major increase from the $15,001–$50,000 range reported in his 2024 nominee filing. The filings offer no explanation for the change and provide no upper limit for the new entry, leaving Hegseth’s exact net worth unclear.
Key Details
Account discrepancy: The same account label appears in both filings, but the nominee disclosure placed it between $15,001 and $50,000, while the annual disclosure lists it at more than $1,000,000. The paperwork does not describe why the figure shifted so dramatically.
Household assets: According to a CNBC review of the filings, Hegseth and his wife, Jennifer, report at least $3.1 million combined in cash, retirement accounts and bitcoin. Their retirement investments are recorded collectively between $2.05 million and $4.35 million: Pete Hegseth’s retirement holdings are listed at approximately $500,000–$1.25 million, and Jennifer Hegseth’s at about $1.55 million–$3.1 million.
Cryptocurrency: The disclosure shows two bitcoin holdings in a Coinbase account attributed to the household, together valued between $16,002 and $65,000.
Income and consulting: Under Jennifer Hegseth’s employment and income section, the form lists consulting payments tied to the conservative America First Policy Institute, Watchtower, and the New York law firm Morrison Cohen.
Context And Limitations
Annual financial disclosures present asset ranges rather than exact balances. Because the updated listing for “U.S. bank #2” has no stated upper limit, the filings cannot precisely determine whether the Hegseths’ net worth rose after he joined the administration or by how much.
Related Political Context
The disclosure was released weeks after an NBC News report that Hegseth had discussed a possible 2028 presidential run with associates; Hegseth called the report “100 percent false.”
Hegseth is already a figure of controversy: a Quinnipiac University poll this month found 32% of voters approved of his performance and 57% disapproved amid the war with Iran. He has received criticism for rhetoric about transgender people and for pressuring Scouting America to curtail LGBTQ+ programming. After sharing a video that included a pastor who opposed women voting independently, a Pentagon spokesperson reiterated that Hegseth supports women’s right to vote, according to reporting by The Advocate.
Congressional scrutiny has also touched Hegseth for reports that transgender troops faced delays obtaining promised separation pay after leaving the military under the prior administration’s policy. Republican Rep. Thomas Massie has pursued impeachment inquiries related to the Iran war, and former Army Secretary Dan Driscoll recently resigned after reported friction with Hegseth.
Reporting sources include CNBC, NBC News, Quinnipiac University, and The Advocate.
Bottom line: The filings show a marked and unexplained increase in a bank account labeled “U.S. bank #2” and provide broader household asset ranges, but they do not offer enough specificity to determine Hegseth’s exact net worth or the cause of the discrepancy.
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