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chuck schumer
Senate Democrats Urge SEC Probe of Possible Trump Market Manipulation, Insider Trading
"Did President Trump tip off big donors or family to cash in on his tariff chaos?" asked Sen. Elizabeth Warren.
Apr 11, 2025
Amid mounting concerns over possible stock market manipulation by President Donald Trump and members of his inner circle, Democrats in the U.S Senate on Friday joined their House colleagues in urging the Securities and Exchange Commission to investigate potential insider trading and other violations related to the chaos caused by the administration's mercurial global trade war.
After slapping sweeping tariffs of 10% or more on almost every country in the world last week, Trump abruptly paused some of the levies for most nations. These moves prompted a stock market plunge, followed by a robust rally that saw over $5 trillion in value added to the market in just hours on Wednesday—a day the president proclaimed that "this is a great time to buy" stocks and openly boasted about enriching his billionaire buddies.
"In any administration this corrupt it is more than necessary to ask, were people personally profiting from insider information?"
According to a Bloomberg estimate, Wednesday's bounceback bonanza added $304 billion to the collective wealth of the world's top billionaires, with Elon Musk, the world's richest person and the de facto head of the Trump administration's Department of Government Efficiency, adding an estimated $36 billion, or about 10%, to his net worth.
"We urge the SEC to investigate whether the tariff announcements, which caused the market crash and subsequent partial recovery, enriched administration insiders and friends at the expense of the American public, and 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," six Democratic senators—Minority Leader Chuck Schumer (N.Y.), Elizabeth Warren (Mass.), Mark Kelly (Ariz.), Ruben Gallego (Ariz.), Adam Schiff (Calif.), and Ron Wyden (Ore.)—wrote Friday in a letter to SEC Chair Paul Atkins.
Did President Trump tip off big donors or family to cash in on his tariff chaos? Today with @schumer.senate.gov and Senate Democrats, I officially called for an SEC investigation to find out. Presidents are not kings.
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— Elizabeth Warren (@warren.senate.gov) April 11, 2025 at 6:08 AM
"It is unconscionable that as American families are concerned about their financial security during this economic crisis entirely manufactured by the president, insiders may have actively profited from the market volatility and potentially perpetrated financial fraud on the American public," the senators continued. "At this critical moment, the SEC must do its part to restore Americans' faith in the rule of law and to preserve the integrity of the financial system, in accordance with its statutory mission."
In a video posted on social media Wednesday, Schiff asked, "The question is, who knew what the president was going to do, and did people around the president trade stock knowing the incredible gyration the market was about to go through?"
"This is a president who is trading in his own meme coin even as he's president, his kids are trading in their own cryptocurrency, you've got people like Elon Musk who are doing their own conflicted self-dealing in the administration, and in any administration this corrupt it is more than necessary to ask, were people personally profiting from insider information while peoples' savings, their retirement accounts, are being torched," he added.
"The American people deserve to know if any representatives took advantage of their positions for personal gain."
The senators' letter follows a similar missive led by House Financial Services Committee Ranking Member Maxine Waters (D-Calif.) and sent to Atkins, SEC Inspector General Deborah Jeffrey, and U.S. Comptroller General Gene Dodaro on Thursday requesting an "immediate" investigation into "possible insider trading and market manipulation violations that took place between Sunday, April 6, 2025, when U.S. Treasury Secretary Scott Bessent visited President Trump at his Florida resort, and Wednesday, April 9, 2025, when the president announced the pausing of the tariffs—and whether such unlawful activities are ongoing."
"Insider trading by federal officials and their friends or family is not only a breach of trust of the American people, but erodes the integrity of government institutions and raises concerns about corruption and fairness in the political system," the letter states. "There should be zero tolerance for this kind of corruption in our society, let alone from those we entrust to lead us in the public sphere."
In yet another letter sent on Thursday, six Democratic representatives—Joe Neguse (Colo), Alexandria Ocasio-Cortez (N.Y.), Seth Magaziner (R.I.), Mike Levin (Calif.), Dave Min (Calif.), and Steven Horsford (Nev.)—asked House Speaker Mike Johnson (R-La.) to "call on every member of the House of Representatives to immediately file and release their periodic trading reports for any transactions conducted between April 2, 2025 and April 9, 2025."
"The American people deserve to know if any representatives took advantage of their positions for personal gain," the letter states.
Ocasio-Cortez (D-N.Y.) said during an interview with Spectrum News NY1 that "I don't think that Trump just coincidentally said buy stocks and then shortly later made an announcement that dramatically inflated and dramatically raised a lot of these asset prices."
"I do not care if you're a Democrat, I do not care if you're a Republican: If you are trading individual stock when the market is being manipulated in this way, you need to answer for it," Ocasio-Cortez added.
On Wednesday, Rep. Greg Casar (D-Texas) also called for a probe of Rep. Marjorie Taylor Greene's (R-Ga.) stock purchases during this week's market drop, and "whether any K Street lobbyists or other big firms were tipped off by Donald Trump's actions."
In an interview with Meidas Touch published Friday, Casar said that "it's just remarkable how much a culture of corruption has completely infected and taken over the entire Republican Party."
Casar: At the end of the day, this is about taking your hard-earned money and giving it to themselves—or funneling it to their friends. That’s all this is about.
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— Acyn ( @acyn.bsky.social) April 11, 2025 at 9:23 AM
"This is all part of the same story. They crash the market and then open it up to insider trading so that... members of Congress, K Street lobbyists, the billionaire donor buddies of Donald Trump can cash in after everybody's retirement accounts got screwed over," Casar continued.
"At the end of the day," he added, "this is all about basically taking your hard-earned money and giving it to themselves or funneling it to their buddies."
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Poll Has AOC Leading Schumer by Nearly 20 Points in 2028 New York Primary
"What AOC is doing is leadership—and people see that," said one observer.
Apr 04, 2025
A poll released Friday from the progressive think tank Data for Progress has Democratic Rep. Alexandria Ocasio-Cortez besting Senate Minority Leader Chuck Schumer, also a Democrat, by 19 points in a hypothetical matchup in the 2028 New York primary for a U.S. Senate seat.
According to the poll, which was was first shared exclusively with Politico, 55% of voters said they would cast a ballot for Ocasio-Cortez or leaned toward supporting her, and 36% said they would support Schumer or leaned toward supporting him, with 9% undecided.
The only subgroup that supported Schumer over Ocasio-Cortez were moderates, who favored Schumer 50%-35%, with 15% undecided. Ocasio-Cortez carried all other subgroups with an outright majority, except for voters over the age of 45, 49% of whom said they would support her or leaned toward supporting her.
The poll—while several years out from the actual race—comes in the wake of Schumer's decision to throw his support behind a Republican-backed spending bill in early March, a move that roiled his own party and prompted calls for him to step aside from his leadership position in the Senate.
The episode also sparked murmurs among some Democrats that Ocasio-Cortez should consider a primary bid against Schumer in 2028.
The poll was conducted March 26-31 and surveyed 767 likely Democratic primary voters in New York state. According to Data for Progress, the polling indicated that the hypothetical matchup between Ocasio-Cortez and Schumer is "relatively static" and does not shift when voters are offered more information about the respective candidates.
Ocasio-Cortez recently declined to speak about a potential run for Senate in 2028, according to Politico.
"Replacing Chuck Schumer with AOC would be an incredible upgrade. I guess we'll have to wait four more years…," wrote Bhaskar Sunkara, president of The Nation.
Zephyr Teachout, a professor at the Fordham University School of Law, shared Politico's reporting on the poll and wrote: "Good morning to leadership and fighting oligarchy!"
"What I mean is that what AOC is doing is leadership—and people see that," added Teachout, who also highlighted that the poll found that an overwhelming majority of respondents, 84%, want their leaders to do more to resist the actions of U.S. President Donald Trump.
Another observer, market researcher Adam Carlson, highlighted that despite Schumer's loss in the hypothetical race, most respondent subgroups still view him favorably, according to the poll. Besides "very liberal" voters and those between ages 18-44, Schumer stands at over 50% "favorable" among all other subgroups surveyed.
"People just want a changing of the guard," said Carlson.
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50+ Groups to Schumer: 'Time to Step Down as Senate Minority Leader'
"We need a leader who will tell a clear story about what Musk and Trump are doing... rally the people and organize in congressional districts across the country, and... engage forcefully and clearly in the media."
Apr 02, 2025
Dozen of advocacy organizations on Wednesday joined the growing call for U.S. Senate Minority Leader Chuck Schumer to step down from his leadership position after caving to Republicans on a stopgap spending measure last month.
Given GOP control of Congress and the White House, people across the country saw the looming government shutdown as a rare opportunity for Democratic lawmakers to fight against President Donald Trump's agenda. However, Schumer (D-N.Y.) led 10 caucus members in partnering with Senate Republicans to force through the spending legislation.
Since then, polling has made clear that voters are frustrated with the Democratic Party and Schumer in particular, and want political leaders to challenge the GOP's agenda, which is primarily passing more tax giveaways for the wealthy and gutting the federal government—an effort led by Trump adviser Elon Musk, the richest person on Earth.
"As Trump and Musk seek to dismantle not just the key public health and safety functions of our federal government, but also the fundamental pillars of our democracy itself, we require the unflinching, bold and strategic resistance of every single Democrat in Washington—especially party leaders such as Senator Schumer," said Mitch Jones, managing director of policy and litigation at Food & Water Watch, in a statement.
"Schumer's inexplicable surrender and support for a dangerous and cruel MAGA spending bill amounted to a complete dereliction of duty and failure of leadership. For this simple reason, Schumer must step down as Senate majority leader immediately," added Jones, whose group led the letter with Progressive Democrats of America (PDA) and the Center for Biological Diversity (CBD).
"Sen. Schumer, you have lost the confidence of elected Democrats, and you have lost the confidence of our organizations."
Ultimately, over 50 other groups signed on to the letter to Schumer, which begins, "We write to urge you in the strongest terms to step down as Senate minority leader so that someone more prepared and willing to fight the disastrous Musk-Trump agenda can step up and lead."
Pointing to the shutdown battle, or lack thereof, the letter asserts: "You surrendered one of the very few points of leverage Democrats have to stop the full-scale dismantling of key government functions and Musk-Trump's complete disregard for congressional actions. Further, it was evident throughout the process that there was no plan, no message, and no strategy. We face an existential crisis for our food, water, health, communities, and climate. We simply cannot afford more of the same."
"Trump, Musk, and the Republican Congress are engaging in an assault on basic government functions," the letter stresses. The Musk-led Department of Government Efficiency (DOGE) "is cutting or eliminating many critical programs that include consumer protection from corporate fraud, clean water and food safety and assistance, education, renewable energy, and healthcare and retirement and access to them including Social Security, Medicare, and Medicaid."
With the spending bill, "it is clear there was no strategy around the fight and no communication plan. Frankly, there hasn't been since the start of the Trump administration," the groups argued. "You simply gave your vote and support, receiving nothing in return except praise from Trump. This is inexcusable."
"Sen. Schumer, you have lost the confidence of elected Democrats, and you have lost the confidence of our organizations," the coalition continued. "We need strong leadership to really fight the Musk-Trump agenda. We need a leader who will tell a clear story about what Musk and Trump are doing, who will hold daily briefings with key messages, who will rally the people and organize in congressional districts across the country, and who will engage forcefully and clearly in the media—including alternative media."
"Allow a Democratic senator who can do all these things to step up and lead," the organizations implored. "It's time to do the right thing. It's time to step down as Senate minority leader."
While the groups did not put forth any alternative names to fill the role, PDA executive director Alan Minsky said Wednesday that "we need a fearless Senate minority leader who will seize every opportunity to disrupt Trump's plans. Chuck Schumer has never been a strong negotiator, and his capitulation last month over the budget showed he is not the right leader for this moment. Democrats need a new minority leader—one who understands the stakes and will never back down."
Brett Hartl, government affairs director at CBD, warned that if Schumer remains, "the best Democrats can hope for is permanent minority status in the Senate, the worst will be the end of our democracy, complete ruin of the climate, and the evisceration of all our bedrock environmental protections."
"Booker said that he was speaking in spite' of [Thurmond's] remarks against the 1957 Civil Rights Act." This is a much-improved record, to say the least. Congratulations and thank you to @booker.senate.gov for standing up for democracy!
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— Food & Water Watch ( @foodandwater.bsky.social) April 2, 2025 at 2:44 PM
The letter came a day after Sen. Cory Booker (D-N.J.), a 2020 presidential candidate, broke the record for the longest Senate speech with over 25 hours of remarks decrying Trump and Musk's assault on the government. Multiple Democrats, including Schumer, asked Booker questions, to give him opportunities to rest and shift topics.
Meanwhile, Sen. Bernie Sanders (I-Vt.)—who caucuses with Democrats and sought the party's 2016 and 2020 presidential nominations—is in the midst of a "Fighting Oligarchy: Where We Go From Here"
tour across the United States. Multiple Democratic lawmakers have joined him, including New York Congresswoman Alexandria Ocasio-Cortez, who faces mounting pressure to primary Schumer in the 2028 cycle.
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