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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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'We Want You to Show Fight': Dems Get an Earful at Town Halls as Spending Bill Fallout Continues
A group of youth-led organizations released an open letter calling on Minority Leader Chuck Schumer of New York "to fight for our generation or step aside for someone who will."
Mar 20, 2025
The fallout from Senate Minority Leader Chuck Schumer's decision to back a GOP-backed spending bill continued this week as Democratic lawmakers faced angry constituents at town halls around the country and a group of youth-led organizations on Thursday released an open letter calling on Schumer "to fight for our generation or step aside for someone who will."
Last week, Schumer (D-N.Y.) caused a stir when he pivoted to support a Republican-led continuing resolution that cuts nondefense spending by $13 billion, among other objections from Democrats. The pivot—for which he was joined by nine other caucus members—drew sharp backlash, including from House Democrats, who had largely been united in opposing the measure when it cleared that chamber on March 11.
Rep. Glenn Ivey (D-Md.), who held a town hall in a suburb outside of Washington, D.C. on Tuesday night, drew applause when he suggested that Schumer should step aside as minority leader. "I respect Chuck Schumer. I think he's had a great, long-standing career. He's done a lot of great things, but I'm afraid that it may be time for the Senate Democrats to pick new leadership as we move forward," Ivey said, perNBC News.
However, Ivey still faced some testy interactions with constituents about how Democrats will respond to President Donald Trump and billionaire Elon Musk's Department of Government Efficiency, according to NBC News.
"We need to see 'hell no,' one person told Ivey. "And thank you for being polite with us, but when it comes to fighting these fights, we need you to be a little bit less polite, a little bit more hell no, instead of a little bit no."
"We want you to show fight, and you are not fighting," said another attendee, according to footage captured by CNN. "The message that was sent by Democrats in Congress with the [continuing resolution] catastrophe was clear. It's not that you're in the minority, it's that you aren't even working together on a shared strategy," the person said, prompting applause from the audience.
Meanwhile, in Arizona, Democratic Sens. Mark Kelly and Ruben Gallego held a town hall on Monday in order to talk to constituents about potential cuts to Medicaid—but multiple people at the town hall aired their concerns that Democrats do no have a plan to push back on Republicans who go after the program, according to the local outlet ABC15.
"We're trying to shield to ourselves before we're wounded and we don't know how," said one attendee, who shared that she has a daughter with special needs who relies on Medicaid, per ABC15 Arizona. "Would you mind telling your colleagues in Washington that when you're burning down this house, there are people still inside, my daughter is inside?"
Another person at the town hall in Arizona said he wants more action and less talk from Democrats, and that he would like to see Schumer step down from his role as minority leader.
In Oregon, perPolitico, a town hall goer told Democratic Sen. Ron Wyden and Rep. Janelle Bynum on Sunday that he is "so pissed off right now at the leadership in the United States Senate that they are not willing to step up and fight."
GOP lawmakers, for their part, have also faced angry crowds at town halls, with constituents showing up to express concerns about Trump's efforts to slash federal programs and personnel.
The dissatisfaction with Democratic Senate leadership and pleas to do more were echoed in the open letter from youth-led groups.
In a statement on Thursday accompanying the letter, Sohali Vaddula, vice president of College Democrats of America, said that the groups "demand that Democrats stand up for their values and push back against Republican extremism—not enable it."
In addition to College Democrats of America, the open letter to Schumer was also sent from the groups Sunrise Movement, Gen Z Against Trump, United We Dream Action, and Voters of Tomorrow.
The groups urged Democrats to prove they are on their "side" by meeting with their communities and showing up to protests. They also want Democrats to "obstruct the MAGA agenda" in any way possible.
"Use every tool available—filibusters, procedural delays, and strategic disruptions. If Republicans want to destroy our future, make them feel the consequences of their actions," they urged.
"Democrats, this is your wake-up call," they wrote in conclusion. "If you refuse to fight for our future, we will find leaders who will. The choice is yours."
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'People Will Not Forget': Fury as Schumer Caves to Trump-Musk Destruction
"Working people are done with performative solidarity," said Rep. Delia C. Ramirez in response. "Either you stand with us against the Republican CR, or you stand with the Musk-Trump authoritarian agenda."
Mar 13, 2025
Update (7:44 pm ET):
Despite loud opposition from constituents and progressive lawmakers against such a move, Democratic Senate Minority Leader Chuck Schumer of New York took to the Senate floor Thursday evening to announce he would vote to advance a Republican spending bill that critics say would "sacrifice the needs of working people at the altar of the ultra-wealthy" and greenlight further chaos and destruction by President Donald Trump and his Oligarch-in-Chief Elon Musk.
"The Republican bill is a terrible option," Schumer said in his remarks. "It is deeply partisan. It doesn't address far too many of this country's needs. But I believe allowing Donald Trump to take even much more power via a government shutdown is a far worse option."
Before his address on the Senate floor, Schumer had said the Senate Democrats would hold the line against the continuing resolution which Republicans in the House passed earlier this week. A procedural cloture vote for the resolution needs 60 votes for passage, and Schumer's acquiescence will likely open the door for other Democrats to follow. If cloture passes, the Democrats give away any leverage they had as the Republicans will only need a simple majority to pass the bill.
"Chuck Schumer caving and saying he’ll vote for a blank check for Trump and Musk is demonstrative of why Democrats lose," lamented progressive activist and writer Jonathan Cohn. "Voters so often don’t believe what they say because they don’t believe what they say."
Strikingly, progressives in the House—including Rep. Alexandria Ocasio-Cortez, Schumer's fellow New Yorker—have been the most vocal in their opposition to the bill.
"Senate Democrats should not allow this chaos to continue," Ocasio-Cortez declared in a social media post following Schumer's U-turn on the resolution. She urged constituents to keep fighting by putting pressure on their senators ahead of a vote that is now expected Friday. "Call your Senator and ask to vote NO on cloture and NO on the Republican spending bill."
"Respectfully Senator Schumer, no," replied Rep. Bonnie Watson Coleman (D-N.J.). "This Republican bill is bad for workers, bad for our veterans, bad for our seniors. Republicans should pull it and let us get back to work crafting a budget that works for all of our families."
Earlier:
Reports on Thursday that Senate Democrats are considering capitulating to the GOP's disastrous government funding plan in exchange for a certain-to-fail vote on an alternative bill sparked anger among progressives, with one House Democrat warning that "people will not forget" if the minority party caves to Republicans and the Trump administration.
"Those games won't fool anyone," Rep. Alexandria Ocasio-Cortez (D-N.Y.) wrote amid growing indications that Senate Democrats are preparing to help Republicans clear a key procedural hurdle in the way of their six-month funding legislation in exchange for a vote on a clean 30-day continuing resolution (CR).
"I hope Senate Democrats understand there is nothing clever about setting up a fake failed 30-day CR first to turn around and vote for cloture on the GOP spending bill," Ocasio-Cortez added. "It won't trick voters, it won't trick House members."
Sixty votes are required to invoke cloture and move to a vote on the Republican bill's final passage. The bill proposes $13 billion in cuts to non-military spending and imposes no constraints on the Trump administration or unelected billionaire Elon Musk as they eviscerate federal agencies and unlawfully withhold spending authorized by Congress.
With Sen. Rand Paul (R-Ky.) expected to vote no, Republicans will need at least eight Democratic votes to invoke cloture. Final passage of the measure would only require simple-majority support.
"Do not cave. Vote no on cloture. Stand up for the American people like House Democrats did."
Senate Minority Leader Chuck Schumer (D-N.Y.) declared in a floor speech Wednesday that "Republicans do not have the votes in the Senate to invoke cloture" on the House-passed bill and said Democrats are "unified on a clean April 11th CR that will keep the government open and give Congress time to negotiate bipartisan legislation that can pass."
Subsequent reporting and public comments from Senate Democrats soon made clear that they could still be willing to give Republicans the votes they need to pass their funding bill before the government shuts down at midnight on Friday.
CBS News states, "Senate Democrats are considering a plan that would pave the way for a GOP bill to keep the government funded for six months in exchange for a doomed-to-fail vote on their own 30-day alternative."
Politicoreported that Senate Democrats and Republicans "have made initial contact about a possible way out of the looming government shutdown." The outlet noted that Senate Majority Leader John Thune (R-S.D.) "appeared open to allowing Democrats a chance to vote on an amendment for a 30-day stopgap as part of a larger agreement that would allow the Senate to pass" the GOP bill, which would fund the government through September.
Progressives were quick to warn Senate Democrats against adopting that plan.
"Getting a vote on a four-week clean continuing resolution is not the same as getting a clean continuing resolution," Rep. Pramila Jayapal (D-Wash.) wrote Thursday. "Do not cave. Vote no on cloture. Stand up for the American people like House Democrats did."
The progressive advocacy group Indivisible urged Americans to keep calling Democratic senators who are seen as possible yes votes on a Republican cloture motion.
Following Indivisible's social media post, Sen. Mark Kelly (D-Ariz.) announced that he would oppose the GOP measure. Kelly is also reportedly planning to oppose cloture.
🚨 We need you to call your Democratic senator ASAP if their name is on this list. Tell your senator you will have their back if they do the right thing and vote NO on the extreme MAGA spending bill that would give Trump more power to dismantle the federal government: indivisible.org/resource/cal...
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— Indivisible ( @indivisible.org) March 13, 2025 at 10:07 AM
Some Senate Democrats have been vocally agonizing over the possibility of being blamed for allowing a government shutdown, even though Republicans control both chambers of Congress and opted to advance a partisan funding bill rather than working with the minority party on a viable solution.
But in a letter to senators on Wednesday, the American Federation of Government Employees (AFGE)—the nation's largest federal workers' union—stressed that this is not a typical shutdown fight.
"AFGE's position until this year has been that although continuing resolutions are far from ideal, they are better than an
outright government shutdown," wrote Everett Kelley, the union's president. "This year is different... The Trump administration has repeatedly demonstrated over the last seven weeks that it will not spend appropriated funds as the law dictates, including funds provided under the current continuing resolution that was enacted in December with AFGE's support."
Kelley went on to reject the notion that a vote against the GOP bill is a vote in favor of a shutdown, noting that Congress still has time to pass a short-term continuing resolution and that "we only find ourselves in the current predicament because of the Republican leadership's steadfast refusal to engage in sincere bipartisan negotiations on this or any issue since December."
"With thousands of federal workers either fired, placed on administrative leave, or at immediate risk of losing their jobs, AFGE members have concluded that a widespread government shutdown has been underway since January 20 and will continue to spread whether senators vote yes or no on H.R. 1968," Kelley wrote. "Under the current CR, federal workers are being treated no better than they will be if government funding ceases Friday night."
"Only a return to the negotiating table can prevent the government-wide debacle that we see every day," he added. "A yes vote on H.R. 1968 eliminates one of the last opportunities for Congress to assert any rights under Article I of the Constitution."
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