Cook the beef in a Dutch oven over medium-high heat for 8 minutes, breaking it into fine crumbles, until it reaches 160°F.
Drain all but 1 tablespoon of fat, add the onion and bell pepper, and cook for 5 minutes until softened.
Stir in the chili powder and cumin for 30 seconds until fragrant.
Add the tomatoes, kidney beans, pinto beans, broth and salt and bring the pot to a gentle simmer.
Cook uncovered for 35 minutes, stirring several times, until the beans are tender and the chili mounds briefly on a spoon.