FORWARDING: Amid Chaotic Reversals And Suspicious Social Posts, Leader Schumer, Senators Wyden, Warren And Schiff Urge Attorneys General To Investigate Trump Administration For Insider Trading Or Market Manipulation Related To Tariff Policy
Washington, D.C. – Today, Democratic Leader Chuck Schumer (D-NY), Senate Finance Committee Ranking Member Ron Wyden, Senate Banking Committee Ranking Member Elizabeth Warren, and Senator Adam Schiff sent the following letter to the National Association of Attorneys General urging them to investigate whether President Trump, his family, members of his administration, or members of Congress engaged in insider trading, market manipulation, or any violations of state laws in order to profit from recent changes to tariff policy.
Today, Democratic Leader Chuck Schumer (D-NY), with Senators Ron Wyden (D-OR), Elizabeth Warren (D-MA) and Adam Schiff (D-CA), sent the following letter to the National Association of Attorneys General urging them to investigate whether President Trump – or anyone around him – engaged in any violations of state laws in order to profit from recent changes to tariff policy.
Following the so-called ‘liberation day,’ Americans felt the chaos and cruelty of the Trump Tariff Tax. Without a clear or stated outcome, President Trump instituted tariffs on countries across the world, spiking prices, dwindling retirement funds, and causing economic instability across global markets. One of Donald Trump’s favorite economic indicators – the stock market – had the worst days of trading since the outbreak of the coronavirus pandemic. Donald Trump put a partial pause on some of his tariffs after just eight days. However, right before announcing this reversal, President Trump posted on Truth Social: “THIS IS A GREAT TIME TO BUY!!!” Immediately after Trump rescinded the tariffs, the markets bounced back and the S&P had its biggest single day jump in nearly 20 years.
With such big swings in the financial market, every Attorney General must immediately investigate whether this post – or anything else surrounding this tariff policy – was illegal market manipulation or insider trading. It is imperative that they investigate whether President Trump, his family, members of his administration, or members of Congress profited from recent changes to tariff policy.
“Corruption and lawlessness have become a calling card of the Trump administration,” said Leader Schumer. “President Trump went forward with an ill-conceived and reckless trade war, despite every leading economic and policy expert warning that it would spell ruin for the American economy. It’s not enough that he had to spike inflation and wreck the retirement savings of American families. But now – we have to wonder if he fixed the stock market to line the his own pockets or those of his billionaire buddies. It is clear – no action is too callous, too harmful, or too corrupt for Trump and his administration. There must be a full and complete investigation immediately to scrutinize any wrongdoing or impropriety. Anyone who has broken the laws of any state must be brought to justice.”
“Trump’s tariff chaos is hiking taxes on American families and wrecking small business supply chains without any explanation that makes sense, said Senator Wyden. “The only people who would ever benefit from Trump’s trade flip-flops are officials illegally trading on insider information. Americans need a real investigation of whether Trump and his associates were getting rich while wrecking the economy for everyone else.”
“Americans deserve to know whether President Trump or anyone in his Administration manipulated the market to benefit their donors while working people and small businesses paid the price,” said Senator Warren. “Presidents are not kings.”
The letter can be seen here and below.
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Dear Members of the National Association of Attorneys General:
We write to request that your offices investigate whether President Trump, his family, members of his administration, or members of Congress engaged in insider trading, market manipulation, or any violations of the laws of your states in order to profit from recent changes to tariff policy.
The President himself has broadcasted statements that could suggest attempts by him or his allies to improperly influence our financial markets. On April 2, 2025, President Trump announced sweeping new tariffs on numerous countries. In response, the S&P 500 lost over $5 trillion in market value within four days – the largest drop ever recorded. A week later on April 9, President Trump posted on Truth Social at 9:33 AM, “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” and at 9:37 AM, he went on to post, “THIS IS A GREAT TIME TO BUY!!! DJT”. Later in the afternoon, the President revealed via Truth Social at 1:18 PM that he would be pausing some of the new tariffs he levied last week. The markets bounced up almost immediately; by the end of the day, the S&P had its biggest jump in nearly 20 years.
State attorneys general have a vital role in ensuring our markets are not moving based on illegal schemes. Your offices are uniquely positioned to uncover any misconduct that may fall under the laws of your states regarding fraud, corruption, falsified records, and consumer protection.
We do not make this request lightly. No one — not even a president — is above the law. If there has been any violation of state law, whether civil or criminal, or if there has been any abuse of power for financial gain, it must be fully investigated. Any proven misconduct must be prosecuted and punished to the fullest extent permitted by the laws of your states.
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