Businesses linked to the Trump family are likely to be among the first targets of investigations if Democrats take control of the U.S. House of Representatives or Senate in the November midterms, congressional officials, lawmakers and lawyers told Reuters.
Control of either chamber would give Democrats the power to subpoena documents and boost their investigative capacity. The probes could begin as early as February and lead to lengthy litigation, putting the Trump family's business empire under intense public and political scrutiny.
The investigations could focus on companies linked to Trump, including crypto firms and the investment firm “1789 Capital“ of Donald Trump Jr.
Democrat Congressman Jamie Raskin and Senator Richard Blumenthal stressed that there is still no final list of potential targets for scrutiny.
Companies linked to the Trump family are already preparing for possible investigations, including by hiring internal audit lawyers and crisis communications consultants.
Democratic Senator Sheldon Whitehouse presented a report according to which oil and gas companies received tax breaks, subsidies and more relaxed environmental regulations after Trump asked them for $ 1 billion in donations during his 2024 presidential campaign. This could also become the subject of an investigation.
Particular attention may be paid to Jared Kushner, Trump's son-in-law, who runs the investment company “Affinity Partners”, while also representing the United States in diplomatic negotiations. Raskin, who could become chairman of the powerful Judiciary Committee if Democrats take control of the House of Representatives, said Kushner should be questioned about dealings with the governments of Saudi Arabia, Qatar and the United Arab Emirates. He described the situation as an "extremely serious conflict of interest." Kushner's lawyer denied the allegations and said he had not violated a single rule or law.
Raskin also questioned a $620 million Pentagon loan for startup Vulcan Elements, announced about three months after Trump Jr.'s 1789 Capital invested in the company. Vulcan Elements said it did not seek assistance from its investors to obtain the loan.
From 1789 Capital said they accepted "legitimate congressional oversight" but would not allow themselves to be "held hostage to political games." In a statement, a company spokesman told Reuters: "Congressman Raskin has presented no evidence of wrongdoing, only politically motivated allegations," adding that his letter revealed "a worrying lack of financial literacy."