Skip NavigationMarketsBusinessInvestingTechPoliticsVideoWatchlistInvesting Club
PRO
LivestreamMenu
- Small Business Administration chief Kelly Loeffler’s financial disclosure shows her husband, Intercontinental Exchange CEO Jeffrey Sprecher, holds a previously unreported $250,001 to $500,000 interest in Executive Branch LLC.
- Executive Branch is an invitation-only Georgetown members club co-founded by Donald Trump Jr. that brings business leaders and Trump allies into the same private network.
- There is no evidence the apparent membership influenced Loeffler’s work, federal policy or treatment of Sprecher or the company he runs.
- The SBA noted the club interest belongs to Sprecher. He did not respond to a request for comment.
Jeffrey SprecherLucas Jackson | Reuters
Small Business Administration chief Kelly Loeffler’s annual financial disclosure shows her husband — billionaire Intercontinental Exchange CEO Jeffrey Sprecher, whose company owns the New York Stock Exchange — holds an interest in Executive Branch, an exclusive private members club co-founded by Donald Trump Jr.
Loeffler’s annual financial disclosure values Sprecher’s previously unreported interest in Executive Branch LLC, the entity behind the club in Washington’s Georgetown neighborhood, between $250,001 and $500,000. The top of the disclosed range matches the $500,000 initial membership fees previously reported by CNBC.
CNBC obtained the 45-page disclosure report from after requesting it from the U.S. Office of Government Ethics.
The asset generated no more than $201 in income, according to Loeffler’s filing, where the value of holdings and income they produced are required to be reported only in ranges. The limited income is consistent with a club membership structured as an equity interest rather than a conventional income-producing investment. The club was referenced in the disclosure in the section for spousal employment, income, assets and retirement accounts.
“As noted in the disclosure, the item reflects an interest held by Administrator Loeffler’s spouse,” SBA spokeswoman Caitlin O’Dea told CNBC in a statement. O’Dea did not dispute CNBC’s interpretation or provide another explanation for the interest in Executive Branch. She did not respond when asked directly whether Sprecher is a member.
Sprecher did not respond to a request for comment.
White House AI and crypto czar David Sacks, who CNBC previously reported was a founding member, told The New Yorker the club’s organizers wanted to create something “new, hipper and Trump-aligned.” Membership is strictly invitation-only; prospective members must be referred, vetted and approved by the club’s owners before paying the $500,000 initial fee plus annual dues. The dues are spelled out in an archived copy of the club’s bylaws and rules.
Loeffler’s disclosure reveals a connection between a senior Trump administration official’s household and one of Washington’s most exclusive private networks.
Loeffler also reported a second investment valued at between $1 million and $5 million in SpaceX and xAI. Reuters reported that PitchBook estimated that investment was worth between $2.2 million and $25.4 million when SpaceX went public in June.
The former Georgia senator and successful businesswoman, has led the SBA since 2025, overseeing federal loan guarantees and assistance programs for millions of small businesses. For Sprecher, his company, ICE, operates major exchanges, clearinghouses and financial-data businesses that are directly affected by federal economic and regulatory decisions.
There is no evidence that the apparent membership has influenced Loeffler’s work at the SBA, affected federal policy, or resulted in favorable treatment for Sprecher or the company he runs.
A representative for Executive Branch previously told The Washington Post the club’s purpose is to provide a private space for colleagues to meet without media interference, explicitly denying it is intended to provide pay-to-play access to the administration. Its memberships are aimed at business executives, investors and Trump allies. Its rules prohibit journalists and lobbyists from the premises except in limited circumstances where a nondisclosure agreement is signed.
Executive Branch did not respond to a request for comment.
The Georgetown clubhouse — which features a restaurant, bar, lounge and boardroom — was launched by Donald Trump Jr.; 1789 Capital co-founders Omeed Malik and Chris Buskirk; and Alex and Zach Witkoff, sons of Trump’s Middle East envoy Steve Witkoff.
Other reported founding members include venture capitalist Chamath Palihapitiya; crypto investors Tyler and Cameron Winklevoss; and Jeff Miller, a lobbyist and prominent fundraiser for President Donald Trump.
“During the 2024 campaign, many of us developed deep friendships and wanted to be able to catch up when our paths crossed in D.C.,” Malik told The Washington Post in 2025 shortly before the club opened.
Its launch party last year drew top administration officials including Secretary of State Marco Rubio, then-Attorney General Pam Bondi, then–Director of National Intelligence Tulsi Gabbard and White House press secretary Karoline Leavitt, alongside the heads of the Securities and Exchange Commission, Federal Trade Commission and Federal Communications Commission, according to Axios.
“There aren’t a plethora of options that are friendly to Republicans …,” Malik told The Washington Post. “… and we needed a space where friends can converse without worrying about their conversations showing up in the press the next day.”
About The Author
