The U.S. Senate Committee on Banking, Housing and Urban Affairs minority publicised a letter from Democratic Leader Chuck Schumer and Senators Ron Wyden, Elizabeth Warren and Adam Schiff asking the National Association of Attorneys General to investigate whether President Trump, his family, members of his administration or members of Congress violated state laws through insider trading or market manipulation linked to recent tariff policy changes. The request points to sharp market moves around the tariff announcements and subsequent partial pause, including the S&P 500 losing more than USD 5 trillion in market value within four days after the 2 April 2025 tariff announcement. The senators highlighted President Trump’s 9 April 2025 Truth Social posts, including “THIS IS A GREAT TIME TO BUY!!! DJT” shortly before he posted that he would pause some of the newly imposed tariffs, after which markets rose and the S&P recorded its biggest single-day jump in nearly 20 years. The letter argues state attorneys general are positioned to examine potential misconduct under state laws covering areas such as fraud, corruption, falsified records and consumer protection, and calls for any proven violations to be prosecuted and punished to the fullest extent permitted under state law.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-04-11
U.S. Senate Committee on Banking, Housing and Urban Affairs minority urges state attorneys general to investigate possible insider trading and market manipulation around tariff policy reversals
Democratic leaders on the U.S. Senate Banking Committee urged the National Association of Attorneys General to investigate potential insider trading or market manipulation by President Trump and others related to recent tariff policy changes. They cite market fluctuations following tariff announcements and Trump's social media posts, suggesting possible state law violations on fraud and corruption. The senators call for prosecution of any proven misconduct under state law.