Democratic lawmakers are pressing the White House for a full accounting of financial transactions by senior officials in the lead-up to President Donald J. Trump’s unexpected decision this month to pause a broad set of tariffs, citing potential violations of federal ethics and insider trading laws.
In a letter sent Monday to White House Chief of Staff Susie Wiles, Senator Adam B. Schiff and Representative Mike Levin, both California Democrats, joined by 23 other Democratic lawmakers, called for “expeditious” disclosure of all securities transactions by senior White House and executive branch officials since Mr. Trump’s inauguration on Jan. 20, 2025. The letter, first shared with ABC News, also requested that these mandatory reports, as well as any extensions granted for filing them, be made public, noting that such transparency was standard during Mr. Trump’s first term.
“We are concerned that no periodic transaction reports have been posted to the Office of Government Ethics’ database for White House officials’ disclosures since President Trump took office,” Mr. Schiff and Mr. Levin wrote. “There is reason to doubt that not a single senior White House official has made financial transactions triggering a periodic report since the start of this administration.”
The letter pointed to the Ethics in Government Act and the STOCK Act, which require senior officials to file periodic transaction reports for certain financial activities. During Mr. Trump’s first term, such reports were publicly available, the lawmakers noted.
The White House did not immediately respond to a request for comment from The New York Times.
The Democrats’ concerns stem from Mr. Trump’s abrupt decision to reduce tariffs to 10 percent for all countries except China, a move announced hours after he posted on Truth Social: “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” and “THIS IS A GREAT TIME TO BUY!!! DJT.” The stock market surged following the announcement, with the Nasdaq climbing 12.1 percent—its largest single-day gain since 2021—and the Dow rising 7.8 percent, its biggest one-day increase in five years.
“Newly identified data raises concerns about potential violations of federal ethics and insider trading laws by individuals close to the president with access to nonpublic information,” the letter stated.
When asked on Friday whether he could assure Americans that no one in his administration had engaged in insider trading related to trade policy, Mr. Trump said he had not done so himself but could not speak for others. “I can commit to myself, that’s all I can commit to,” he told reporters, adding that he hires “honorable people” and could not imagine any of his thousands of employees engaging in such behavior.
The Democrats’ letter, which requested a response from Ms. Wiles by May 9, 2025, demanded a “detailed plan” to address any officials who may have failed to file required disclosures since the administration began. “By failing to take these steps, the administration would be withholding critical information from the American people regarding potential violations of federal ethics and insider trading laws,” Mr. Schiff and Mr. Levin wrote.
The lawmakers emphasized the influence senior White House officials wield over market-moving policy decisions, underscoring the need for adherence to ethics, conflict-of-interest, and disclosure requirements. “The American public deserves nothing less than full transparency, particularly given the harm to pension funds and retirement savings caused by the president’s erratic trade policy,” the letter said.
The letter was signed by Senators Chris Van Hollen, Elizabeth Warren, Jeff Merkley, and Elissa Slotkin, and Representatives Brad Sherman, Brad Schneider, Angie Craig, Jerry Nadler, Rashida Tlaib, Cleo Fields, Yassamin Ansari, Seth Magaziner, Pramila Jayapal, Eleanor Holmes Norton, Nanette Diaz Barragán, Mark DeSaulnier, Madeleine Dean, and Delia Ramirez, among others.
Mr. Schiff had previously raised concerns about the tariff rollback, writing to Ms. Wiles and U.S. Trade Representative Jamieson Greer with Senator Ruben Gallego, Democrat of Arizona, to request an investigation into potential conflicts of interest. A spokesperson for Mr. Schiff said he had not received a response to that inquiry.
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