At Hearing, Treasury Secretary Defends President Trump's Stock Trades, Dodges Push For Investigation

Thank you Mr. Chairman. So Secretary Besant, let's start with something you and I agree strongly on. Last year you came out in support of a trading ban for members of Congress and I have introduced legislation to do exactly that. You explained the need for a ban on our trading stock by saying quote you look at some of these eye-popping returns every hedge fund would be jealous of them and that quote if any private citizen traded that way the SEC would be knocking on their door. Those are strong words from someone who used to run a hedge fund. Last month President Trump's latest financial disclosures came out and they show that he made more than 3,400 stock trades worth more than a quarter of a billion dollars in just the first three months of 2026. That's roughly half of what all 535 members of Congress made last year combined and the value of virtually every one of those stocks that the President traded in is directly affected by President Trump's official actions. So Secretary Besant, you and I agree that it is a conflict of interest for members of Congress to trade stocks. Do you also agree that it's conflict of interest for President Trump to trade stocks? A couple of things Senator. One, President Trump is not sitting in the Oval Office engaging in a high frequency trading strategy. Clearly he had an outside manager who was doing that and I think it's incumbent upon both houses of Congress to get their house in order before you move to the branch. You think it's okay for the President to do this? Because let's be clear, you are a Wall Street guy so you know better. The investments that President Trump has made are not blind. President Trump literally signed the 113 page document publicly listing all of his individual stock trades at the same time that he is making decisions affecting those stocks. So you're going to sit here with a straight face and say it's not a conflict of interest for the President of the United States to do that? I am going to say this body needs to get its house in order first. How about we get the White House in order at the same time? I would encourage you to do that. I don't trade in individual stocks. I don't own any individual stocks. My house is in order. Thank you, Mr. Secretary. Others on this committee can't say that, Senator. Let's look at some individual trades. On January 6th, Donald Trump purchased up to a million dollars worth of Nvidia stock. One week later, his administration changed U.S. policy and loosened the rules on export controls so that Nvidia could sell its chips to China. Now the price of Nvidia stock is through the roof. So Secretary Besant, you said last year if any private citizen traded the way members of Congress do, quote, the SEC would be knocking on their door. So my question is, should the SEC be knocking on President Trump's door to start an investigation over this trade? Again, if this body wants to ban individual stock trading, which I would advocate for yourself, start there. And if you want legislative action to continue, that's your prerogative. So it's our prerogative. So you would support our saying that President Trump should be investigated over this? Our trade should be investigated and President Trump should be investigated. I would support you getting your house in order, Senator. And how about the White House getting its house in order? Would you support that investigation? Please lead by example. I would like to see the President of the United States lead by example. You say there should be an investigation when that kind of activity takes place. How about we start with the White House? Let's do one more. President Trump bought tens of thousands of dollars worth of stock in Robin Hood and the Bank of New York Mellon Corporation, known as BNY. On April 6th, your Treasury Department announced that you'd chosen the financial agent to implement the new Trump accounts program, BNY, and its partner, Robin Hood. Both stocks, of course, have risen since then. So, Secretary Bessel, let me ask you a different question. If these stock purchases that Trump made were made using inside information, would that be illegal? Again, I'm not a lawyer. I'm not going to speak to that. Would it be worth investigating? You don't have to be a lawyer. Why don't we investigate many people in this committee, Senator? Many people. And you don't think the White House should have to follow the same set of rules that are already the law. I think you should get your house in order here. My house is in order. Thank you, Mr. Secretary. And you should have your fellow committee members, mostly on your side. I'll do the same. We need stronger anti-corruption rules and conflict of interest rules in Washington for everyone. And that includes the president and it includes Congress. And instead of draining the swamp, what Donald Trump is doing is he is enriching himself by taking advantage of his position. That is not public service. He's the one who should lead by example.