Schiff expressed his intent to investigate, highlighting concerns about possible financial enrichment from non-public information.
Schiff’s call for an inquiry came after the S&P 500 jumped more than 9% following Trump's announcement of the tariff pause. Trump also posted on Truth Social, urging people to buy stocks, a statement that raised further questions. While the White House did not immediately comment, Schiff became the first senator to publicly push for such an investigation. This could fall under committees like the Senate Judiciary or Senate Finance Committee, both of which are currently led by Republicans.
Schiff was joined by Senator Ruben Gallego, who, alongside Schiff, signed a letter to the White House requesting an inquiry into potential insider trading involving Trump or his family. They cited the rise in Tesla's stock price after the tariff announcement, questioning whether insiders took advantage of the situation. The letter also asked the Office of Government Ethics to review government officials' transaction reports concerning Trump's tariff policy.
The timing of the tariff pause and the subsequent market surge have caused widespread suspicion in Washington. Some lawmakers, such as Senator Tim Kaine, noted that even ordinary citizens were questioning whether Trump manipulated the market for personal gain. Rep. Steven Horsford also raised concerns during a hearing, suggesting that the market movements may have been intentional.
Following the announcement, stocks surged, bond yields decreased, and oil prices rebounded. Treasury Secretary Scott Bessent described the tariff pause as part of a larger strategy, while Trump’s remarks about the bond market only added to the uncertainty surrounding his decision.
Schiff, a longtime critic of Trump, believes that American businesspeople are in need of more stability and predictability, which Trump’s policies have failed to provide. Schiff previously led the prosecution in Trump’s first impeachment trial and played a significant role in investigations into Trump’s actions.
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