Democrats Poised to Probe Trump Family Business Deals If They Win Midterms

WASHINGTON, Sept 28 — If Democrats win control of the House or Senate in November's midterms, investigators plan to move quickly to scrutinize corporate donors to President Donald Trump's events and business transactions involving members of the Trump family, several Capitol Hill staffers, lawmakers and outside attorneys told Reuters.

What Democrats Could Do

Control of either chamber would give Democrats subpoena power and additional funding to expand investigative teams, potentially allowing probes to begin as early as February. That authority could kick off protracted legal battles and push scrutiny of the Trump family's business ventures into the national spotlight.

Areas Of Focus

Lawmakers and legal experts identified several priority areas: Trump-linked cryptocurrency firms, Donald Trump Jr.'s venture firm 1789 Capital, Jared Kushner's private equity connections, and recent links between Trump allies and energy companies. Democratic lawmakers have also flagged a report alleging that oil and gas companies received tax breaks and regulatory relief after solicited donations during the 2024 campaign.

Democrats cited the family's expansion into emerging industries — including crypto, drones, artificial intelligence and prediction markets — and noted that President Trump's reported personal wealth rose by an estimated $2.2 billion during two years of dealmaking.

Specific Leads And Concerns

Representative Jamie Raskin and Senator Richard Blumenthal singled out 1789 Capital and other Trump-linked crypto ventures as likely targets, although no definitive list has been announced. Raskin also pointed to a $620 million Pentagon loan to rare-earth startup Vulcan Elements that followed an investment by 1789, calling the timing concerning.

Senator Adam Schiff warned firms not to destroy records related to transactions with the Trump administration, noting Congress's funding authority over agencies. Schiff also raised questions about a proposed sale of part of Yosemite National Park to a developer with ties to Republican campaign committees.

Raskin said Jared Kushner — who serves as a U.S. special envoy but is not a government employee — has not answered letters about deals between his private equity firm Affinity Partners and Gulf governments, and described those arrangements as potential conflicts of interest. Kushner's attorney has denied wrongdoing and said no applicable rule or regulation has been violated.

How Companies Are Responding

Companies with ties to the Trump family have begun contingency planning: hiring lawyers for internal audits, retaining crisis-communications firms, and preparing to respond to congressional inquiries. Some firms have already routed questions to the White House, citing contract terms or claims of executive privilege.

Legal advisers warn corporate executives that how they respond matters: quick cooperation could draw political backlash from the administration, while resistance could trigger subpoenas, lawsuits and reputational harm.

Reactions

The White House dismissed the prospect of such probes as politically motivated. "Democrats have no agenda to improve the lives of the American people, just plans to obstruct and baselessly target President Trump's commonsense agenda," White House spokeswoman Olivia Wales told Reuters.

Some Republicans criticized the investigations as partisan, while others — including freshman Senator John Curtis — have urged scrutiny of specific reported connections, such as allegations about Don Jr.'s wedding events and foreign payments.

1789 Capital has retained Quinn Emanuel to handle congressional inquiries and says it will cooperate with legitimate oversight while resisting political gamesmanship. Vulcan Elements told Reuters it did not solicit investors to facilitate the Pentagon loan and will engage with Congress in good faith.

-- Reporting by Alexandra Ulmer and Richard Cowan; additional reporting by Patricia Zengerle and Erin Banco; editing by Michael Learmonth and Cynthia Osterman.