WASHINGTON, D.C. - Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and Congressman Al Green (D-TX), Ranking Member on the Oversight and Investigations Subcommittee, sent a letter to Chair French Hill (R-AR) urging him to open a Committee investigation into potential insider trading and market manipulation violations following President Trump’s tariff announcements last year. The letter follows a House Financial Services Committee hearing on February 11, during which Congressman Green and others expressed concerns about market integrity and whether the Securities and Exchange Commission (SEC) takes its responsibility as the cop on Wall Street beat seriously.
This letter marks the second time Ranking Member Waters and Committee Democrats have formally called for an investigation related to insider trading and market manipulation by persons associated with the Trump Administration or the President’s friends. On April 10, 2025, Ranking Member Waters and 18 other Democrats sent a letter to Chairman Paul Atkins, SEC’s Inspector General, and the Government Accountability Office. As they had in the previous letter, lawmakers in this letter warn that any misuse of material nonpublic information or coordinated market manipulation by individuals in or linked to the Administration would undermine investor confidence, threaten market integrity, and erode public trust in the fairness of our financial system. The letter states, in part:
“We write to request that the Committee on Financial Services launch an 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 activities are ongoing. News reports suggest that President Trump’s meetings with White House officials during this time provided the opportunity to profit from inside information regarding his decision soon thereafter to pause the tariffs,” wrote the lawmakers. “...Should the Committee 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. Insider trading by federal officials and their friends or family is not only a breach of trust of the American people and investors in our markets, but erodes the integrity of government institutions and raises concerns about corruption and fairness. Thank you for your prompt attention to this matter.”
Given the Committee’s clear jurisdiction over securities markets and investor protection, and the fact that regulators seem unable or unwilling to hold market manipulators accountable, the lawmakers are urging Chairman Hill to open a full investigation into whether any individuals or entities—registered with the SEC or not—engaged in insider trading, market manipulation, or other misconduct surrounding Secretary Bessent’s April 6 visit and the President’s subsequent tariff pause announcement, and refer any evidence of violations to the Department of Justice.
Read the full letter HERE.
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