Waters Leads 18 Committee Democrats in Letter Demanding Immediate Investigation into Insider Trading and Market Manipulation Violations by President Trump and His Associates

“Should your offices uncover evidence of crimes of this nature, we finally urge you to refer the matter to the Department of Justice for prosecution to the fullest extent of the law.”

WASHINGTON, D.C. – Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, led 18 Committee Democrats in sending a letter to both the Chair and the Inspector General of the U.S. Securities and Exchange Commission (SEC) along with the Comptroller General of the U.S. Government Accountability Office (GAO) demanding an immediate investigation into whether President Trump, officials in his Administration, or any related associates engaged in insider trading or market manipulation leading up to the President’s suspension of tariffs on April 9, 2025. In the letter, the Members highlight a series of actions taken by President Trump that suggest the President or his team may have provided friends, insiders, and even Members of Congress with material, nonpublic, and market-moving information—enabling them to illegally profit from the market spike following the President’s tariff walk-back announcement. The Members note that such conduct, as it relates to Members of Congress, would be a clear violation of the STOCK Act.

“We write to request 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,” wrote the lawmakers. “Given the uncertainty of when the President privately decided to pause the tariffs, and the fact he convened several meetings during that timeframe (including with Members of Congress), there is an open question as to who had access to this material, nonpublic, and market-moving information.” 

The lawmakers continued: “…The timing and scale of the call option purchases in particular would suggest that an official of the Administration, or perhaps the President himself, provided friends or associates with a heads up that the announcement was happening—thereby allowing them a perfect opportunity to front the announcement and make a fortune on the anticipated spike it would surely (and eventually did) cause.”

As the Members underscore, the President’s social media activity also indicates clear efforts to pump money directly into his own pockets:

“The aforementioned call option purchases and Oval Office statements are not the only suspicious activity that happened on April 9. Earlier in the trading day, President Trump—in an apparent attempt to pump stock in his family’s company—posted:

‘DJT’, while being the President’s initials, is also the stock ticker for Trump Media & Technology Group. As previously indicated, DJT shares finished the session up 21% for the day, its second biggest increase of the year. We note that the President, like those who purchased call options prior to the announcement, is not immune from federal securities laws,” wrote the lawmakers.

The Members conclude by highlighting that insider trading is a betrayal of the American people’s trust,  undermines the integrity of government institutions, and raises serious concerns about corruption and fairness in the political system. If any crimes are discovered, the Members urge the SEC and GAO to refer this matter to the Department of Justice for prosecution.

The full list of signers include Representatives Waters, Velázquez, Sherman, Meeks, Lynch, Green, Cleaver, Foster, Beatty, Vargas, Casten, Tlaib, Torres, Garcia, Williams, Pettersen, Fields, Bynum, and Liccardo. 

See the letter HERE.