Democrats Press Trump Over ‘Unprecedented’ Stock Trading Activity

Top Democrats are seeking answers from President Donald Trump about the unusually high volume of stock trading conducted during his second term, as they prepare for potential investigations into how his wealth has grown while he has been in office. The effort could expand significantly if Democrats regain control of Congress in the November elections.

Sen. Elizabeth Warren, D-Mass., and Rep. Robert Garcia, D-Calif., sent Trump a letter on Wednesday requesting information about the third-party institutions and money managers responsible for directing his investments. The lawmakers described the scale of Trump’s stock activity as “unprecedented” for a sitting president.

Warren and Garcia also asked Trump to disclose what he knew about trades involving companies affected by decisions made by his administration. They pointed to financial disclosures showing that Trump has, on several occasions, bought shares shortly before his administration announced significant deals involving those companies or introduced policies that benefited them.

The lawmakers also highlighted instances in which Trump sold investments before government actions that could have negatively affected certain companies, bought shares before making favorable public comments about businesses and traded in industries while the federal government was actively regulating or intervening in those sectors.

The request comes as Warren and Garcia work on legislation that would prohibit sitting presidents from trading individual stocks. It also signals the type of scrutiny Democrats could pursue if they regain control of either chamber of Congress and launch investigations into Trump’s financial activities and potential conflicts of interest.

Democrats are expected to focus their investigations on financial institutions and companies connected to Trump rather than targeting the White House directly, according to Reuters, which cited people familiar with the plans. Garcia confirmed the broader approach, saying Democrats would examine issues including Pentagon contracts involving Trump’s sons, the president’s cryptocurrency wealth and alleged deals involving Trump donors.

Democrats have already sought information from multiple organizations concerning possible connections between the Trump administration and their business activities. On Wednesday, Rep. Jamie Raskin, D-Md., accused Paramount CEO David Ellison, the son of Trump ally Larry Ellison, of “colluding” with Trump over Paramount’s proposed acquisition of Warner Bros. Raskin invited Ellison to appear before Congress to address the House Judiciary Committee’s questions about what he characterized as a Trump-enabled effort to consolidate news organizations, movie studios, cable networks and streaming businesses.

Trump’s financial disclosures show that he carried out at least $220 million in securities transactions involving stocks and bonds of major U.S. companies during the first three months of 2026. The disclosures, released in May by the U.S. Office of Government Ethics, listed more than 3,700 trades made either by Trump or by his investment advisers. Several financial experts described that level of activity as exceptionally high for an individual investor.

Among the transactions cited by Warren and Garcia were purchases of $100,000 worth of AMD shares and as much as $1 million in Nvidia stock about a week before the administration announced that it would loosen restrictions on sales of the companies’ chips to China. Trump also made multiple Palantir trades during the first quarter while publicly praising the company on Truth Social.

The lawmakers further pointed to the Agriculture Department’s announcement in April of a $300 million agreement with Palantir to use its technology in farmland management. Trump has also bought shares in private prison operators GEO Group and CoreCivic, companies that hold significant contracts with Immigration and Customs Enforcement.

The Trump Organization has said that Trump, his family and the company have no role in managing his investments. According to the organization’s position cited in the Democrats’ letter, his investments are held in fully discretionary accounts managed independently by third-party financial institutions that have exclusive authority over investment decisions.

Trump’s wealth has also increased sharply during his second term. His estimated earnings reached $2.4 billion in 2025, compared with $760 million in 2024. Cryptocurrency accounted for about $1.4 billion of his 2025 income, while the estimate does not include stock trades, most of which appear to have been reinvested.