Key facts
- Democrats plan to investigate business deals involving Donald Trump's family and corporate donors if they win control of the House or Senate in the November midterm elections.
- Investigations could begin as early as February if Democrats gain subpoena power.
- Areas of interest include Trump-linked crypto firms and Donald Trump Jr.'s venture capital firm, 1789 Capital.
- Senator Sheldon Whitehouse reported allegations of oil and gas companies receiving favors after donating to Trump's campaign.
- Senator Adam Schiff warned companies not to delete records related to transactions with the Trump administration.
- Jared Kushner's business dealings with Middle Eastern governments are also a focus for potential investigation.
Democrats are preparing to launch investigations into business deals involving Donald Trump's family and associated companies should they secure control of the House or Senate in the upcoming November midterm elections. Multiple sources familiar with the matter indicated that these probes could commence as early as February, leveraging the subpoena power and investigative resources that come with controlling either chamber of Congress. The investigations are expected to scrutinize a range of activities, including deals in cryptocurrency, drones, artificial intelligence, and prediction markets, which have reportedly contributed to an estimated $2.2 billion increase in the president's personal wealth during his term.
Specific areas of interest for Democrats include Trump-linked crypto firms and 1789 Capital, the venture capital firm of Donald Trump Jr., according to Representative Jamie Raskin and Senator Richard Blumenthal. Senator Sheldon Whitehouse has also highlighted potential avenues for investigation, citing a report detailing how oil and gas companies allegedly received tax breaks and regulatory leniency after donating to Trump's campaign. Senator Adam Schiff has issued warnings to companies against destroying records related to transactions with the Trump administration, emphasizing Congress's oversight authority.
Jared Kushner, Trump's son-in-law and a special envoy for peace, is also slated for scrutiny regarding his private equity firm Affinity Partners' dealings with Middle Eastern governments, particularly Saudi Arabia, Qatar, and the United Arab Emirates, while he was involved in diplomatic negotiations. Chad Mizelle, a lawyer for Kushner, has denied any wrongdoing.
Companies are reportedly undertaking urgent preparations, including hiring legal and crisis communications teams, to navigate potential investigations. Some firms are already referring information requests to the White House, citing deal terms. The prospect of investigations has also raised concerns about reputational risk and potential legal jeopardy for corporate executives.