Democrats demand Trump reveal stock managers, explain certain trades

Two top Democratic lawmakers are pushing President Donald Trump for answers on the mountain of stock trades made in his name since he returned to the White House.

In a 17-page letter sent Wednesday and seen by CNBC, Sen. Elizabeth Warren of Massachusetts and Rep. Robert Garcia of California asked Trump to reveal the money managers he says are in charge of all his investment decisions.

They also pressed him to disclose his involvement in or awareness of numerous individual stock trades that have raised concerns due to their potential overlap with government policy, or their proximity to market-moving statements made by Trump himself.

“The appearance of numerous conflicts of interest from a President trading in individual stocks – including the potential for insider trading, market manipulation, and policy decisions that benefit the President’s stock portfolio rather than the public interest – undermines public trust in government,” Warren and Garcia wrote in the letter.

“The American people deserve to know that the President is not using his office to increase the value of his stock portfolios, rather than working to bring down the cost of groceries,” they wrote.

The letter is the latest sign that Democrats are gearing up to aggressively investigate Trump if they win control of one or both chambers of Congress in the November midterms. Garcia is ranking member of the House Committee on Oversight and Government Reform.

The Democrats wrote that they sought the responses from Trump in order to inform their work on potential legislation to ban presidents from owning individual stocks. U.S. presidents are currently allowed to trade securities, but legally required to report their transactions.

“The American people deserve to know if the president is working for them or for his own stock portfolio,” Warren said in a statement to CNBC. “It’s past time we ban Members of Congress, the Vice President, and the President from owning and trading individual stocks.”

Trump has defended the staggering number of trades made in his name — more than 21,000 in 2025 alone, according to an analysis of his 927-page annual financial disclosure — by insisting that he has no contact with the institutions that run his money.

CNBC previously linked JPMorgan Chase, Charles Schwab, UBS and Stephens Inc. to at least four of the eight investment accounts listed in Trump’s 2025 disclosure. A full list has not been disclosed, and details about how outside firms handle Trump’s portfolio — and how and when they make decisions about what to buy and sell — remain unclear.

“We have funds that run my money,” Trump said in July. “They invest my money, and I don’t talk to them. I never — I don’t even speak to them.”

Wednesday’s letter from Warren and Garcia asked Trump to list…