Place beans in a 6-quart Dutch oven; add water 2 inches above beans, and soak 8 hours.
Drain.
Saut ham, onion, and garlic in hot oil in a Dutch oven over medium-high heat 5 minutes or until onion is tender.
Add beans, ham bone, chicken broth, and red pepper. Bring to a boil; cover, reduce heat, and simmer, stirring occasionally, 1 1/2 hours or until beans are tender and soup has thickened.