SEC investigation into whether President Donald Trump violated securities laws and engaged in insider trading. The letter questions whether the president’s tariff announcements may have been manipulated to benefit administration insiders.
The senators expressed concern that these actions might have enriched individuals close to the president at the expense of the American public. We urge the SEC to investigate whether the tariff announcements enriched administration insiders and friends at the expense of the American public,” the letter stated.
Senators call for SEC investigation
It also asked whether any insiders, including the president’s family, had prior knowledge of the tariff pause that they abused to make stock trades ahead of the president’s announcement. Early on Wednesday, Trump posted on social media: “THIS IS A GREAT TIME TO BUY!!!” This message was released during a period of severe market volatility, with US stock indices experiencing significant declines. Just hours later, the president announced a 90-day pause on many tariffs, causing the S&P 500 to surge in mere minutes.
The letter was signed by Senate Minority Leader Chuck Schumer, Finance Committee Ranking Member Ron Wyden, Arizona Senators Mark Kelly and Ruben Gallego, and California’s Adam Schiff. They accused Trump of issuing “a series of erratic, reckless tariffs, leading to significant market turmoil.
The senators also questioned the administration’s actions to undercut the SEC. They asked about the effects of federal funding cuts and staff reductions on the agency’s ability to investigate and pursue enforcement actions, as well as monitor and respond to large-scale market events.
