With the electric pressure cooker on the saute mode, heat until “hot.” Adding olive oil, the ground beef, onion,and green pepper. Cook until the beef is completely browned. Transfer the meat mixture to a colander to drain well.
While the meat drains, pour the beef broth into the electric pressure cooker and scrape the bottom with a wooden spoon to deglaze the pot.
Return the meat mixture to the electric pressure cooker.
Add the kidney beans, black beans, chili powder, cumin, salt, black pepper and cayenne pepper to the meat mixture. Stir to evenly distribute the ingredients.
Over the top, pour the tomatoes and dot with tomato paste. Do not stir.
Place the lid on the pressure cooker and set the valve to sealing. Program the pressure cooker on “manual” or “pressure cook” for 25 minutes.
When the cooking cycle has completed, perform a quick release. Remove the lid and stir the chili.
Serve with desired toppings: diced onion, shredded cheese, and/or sour cream.