Senator Adam Schiff, representing California, engaged in questioning Brooke Rollins, who was nominated by President Donald Trump for the role of Agriculture Secretary, during her confirmation hearing with the Senate Agriculture, Nutrition and Forestry Committee at the Dirksen building on Thursday, January 23, 2025.
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A coalition of Senate Democrats on Friday urged the Securities and Exchange Commission to conduct an investigation into President Donald Trump and others for “possible securities law violations” connected to the president’s recent decision to pause reciprocal tariffs on imports from various nations.
“We specifically request that the SEC investigate whether President Trump, any of his cabinet members, or other donors, insiders, and Administration officials were involved in insider trading, market manipulation, or other breaches of securities laws on April 9, 2025, the day President Trump declared it was a ‘GREAT TIME TO BUY’ in the stock market,” stated the Democrats in their letter.
U.S. Senate Minority Leader Chuck Schumer (D-NY) speaks at a news conference regarding Senate Republican’s Budget Resolution legislation at the U.S. Capitol on April 03, 2025, in Washington, DC.
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“The President’s statement was made just hours prior to his announcement of a 90-day halt on recently imposed tariffs, which resulted in a significant market rally following days of sharp market contractions,” the letter noted.
This letter was signed by Senate Minority Leader Chuck Schumer from New York, Sen. Elizabeth Warren from Massachusetts, Senators Mark Kelly and Ruben Gallego from Arizona, along with Sen. Adam Schiff from California and Sen. Ron Wyden from Oregon.
An SEC representative declined to provide a comment.
CNBC has reached out to the White House for a response regarding the letter.
On Thursday, White House spokesperson Kush Desai dismissed the concerns raised by Schiff and other Democrats about potential insider trading associated with Trump’s tariff pause.
“It is the role of the President of the United States to reassure the markets and the American people regarding their economic security amidst relentless media alarmism,” Desai stated.
“For decades, Democrats have criticized China’s unfair practices, yet now they seem to be engaging in partisan tactics instead of recognizing President Trump’s strong action to finally address China,” he added.
This is an evolving story. Please check back for updates.
