Congressional Democrats are already mapping out aggressive oversight plans targeting President Donald Trump’s business empire and inner circle should they regain control of the House in November’s midterm elections, pointing to the president’s latest financial disclosure as a roadmap for future investigations.
The 927-page disclosure, released this week, reported roughly $2.2 billion in assets and income, including nearly $1.2 billion generated from cryptocurrency ventures backed by Trump and his family. Democrats argue the filing raises fresh questions about potential conflicts of interest and the financial benefits tied to Trump’s return to office.
Without a congressional majority, Democrats currently lack subpoena power to compel testimony from administration officials and Trump associates. Party leaders have increasingly signaled that oversight of the president’s finances would become a top priority if they retake one or both chambers of Congress. Currently, the odds of Democrats regaining control of the House sit at 82%, according to Kalshi. Republicans are still favored to hold on to control of the Senate as things stand.
Sen. Elizabeth Warren (D-MA) argued the disclosure underscores the need for stricter ethics rules surrounding cryptocurrency.
“Today, President Donald Trump disclosed that the Trump family crypto ventures generated the vast majority of his income in the first year of his presidency,” Warren said, adding that pending crypto legislation should prohibit top federal officials and their families from profiting from the industry.
Trump has rejected accusations of wrongdoing, telling reporters Wednesday that his investments are managed through outside advisers in what he described as a “blind account.”
“Everybody is profiting,” Trump said. “The stock market’s going up.”
In a CNBC interview Thursday, Trump said his son Eric Trump and outside firms manage many of the investments disclosed in the filing and maintained that he had done nothing illegal.
The White House also dismissed Democratic criticism.
“President Trump only acts in the best interests of the American public,” White House spokeswoman Anna Kelly told Axios. “There are no conflicts of interest.”
Republicans have long known Democrats would plan investigations if they regain power, arguing their motivations are purely political.
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House Speaker Mike Johnson (R-LA) warned supporters last week that Democratic lawmakers would “turn every committee of Congress into an investigative body” targeting Trump’s family, Cabinet officials, donors, and political allies.
The scrutiny comes as Democrats increasingly campaign on government ethics and oversight, arguing Republicans have failed to adequately investigate Trump’s financial dealings despite conducting years of investigations into the business activities of former President Joe Biden and his family.