Warren, Schumer, Senate Colleagues Call on SEC to Launch Investigation into Possible Trump Tariff Market Manipulation, Insider Trading
“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.”
Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, Minority Leader Senator Chuck Schumer (D-NY), Finance Committee Ranking Member Senator Ron Wyden (D-Ore.), Senator Mark Kelly (D-Ariz.), Senator Ruben Gallego (D-Ariz.), and Senator Adam Schiff (D-CA) sent a letter to the Chair of the Securities and Exchange Commission (SEC), Paul Atkins to determine whether President Trump, any members of his cabinet, or other donors, insiders, and Administration officials engaged in insider trading, market manipulation, or other securities laws violations.
“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,” called the senators.
The senators wrote: “Before pausing the tariffs that threw markets into disarray, President Trump appears to have previewed his plans to do so on Truth Social: at 9:37 am, he announced, “THIS IS A GREAT TIME TO BUY!!! DJT.” His official announcement of the tariff pause came roughly 4 hours later at 1:18 pm.”
The senators also asked how Trump Administration cuts to the SEC might impact the agency’s ability to respond to large-scale market events and pursue enforcement actions. They requested answers to their questions by April 25, 2025.
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