Nicolai Haugsted
Trump’s expanding family empire could become a major target for Democrats armed with subpoena power.
Donald Trump’s name will not be the only one attracting attention on Capitol Hill if Democrats capture either chamber of Congress in November.
His family’s rapidly expanding business interests could find themselves much closer to the front of the queue.
Democratic lawmakers are preparing potential investigations into companies, investments and financial arrangements involving Trump and his relatives, with congressional subpoena power dramatically increasing their ability to demand documents and testimony.
Cryptocurrency ventures, Donald Trump Jr.’s investment firm, Jared Kushner’s foreign business relationships and companies benefiting from federal decisions have all attracted interest.
No final investigative list has been announced, and the Democratic allegations do not establish wrongdoing. Companies and representatives connected to the Trump family have disputed several of the accusations.
Still, lawyers and advisers around Washington are already preparing for the possibility that a change of power could bring a very different kind of mail from Congress.
Democrats are not promising a gentle start
House Democratic Leader Hakeem Jeffries has hardly hidden his intentions.
“We’re going to hold the crooks accountable, beginning on day one,” Jeffries told reporters on September 17 according to The Independent.
Jeffries has said investigations would be led by Jamie Raskin and Democrats on the Judiciary Committee alongside Robert Garcia and Democrats on the Oversight Committee if his party gains control. He has also said investigators would follow the facts and apply the law rather than prejudge individual cases.
Winning either chamber would give Democrats something they currently lack: control over committees with the authority to issue subpoenas.
Ashley Callen, a former general counsel to Republican House Speaker Mike Johnson, expects demands for records to arrive quickly.
“I don’t think the Democrats are going to have patience. They’re going to expect documents pretty quickly. You’re not going to play the old run-out-the-clock game,” she said.
The White House sees the prospective investigations rather differently.
“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 said.
Donald Trump Jr.’s investments are already attracting questions
Some potential battles have effectively started before Election Day.
Raskin has scrutinized 1789 Capital, the venture capital firm where Donald Trump Jr. is a partner.
Particular attention has fallen on Vulcan Elements, a rare-earth startup backed by 1789 Capital. Roughly three months after the investment firm’s involvement, the Pentagon announced a $620 million loan to Vulcan, according to Raskin’s investigation and other government records.
Raskin has suggested Trump Jr.’s firm displays a remarkable ability to invest in businesses that later benefit from federal action.
“He seems to have a clairvoyant sensibility of exactly who is going to get government contracts and who is going to get favorable government regulatory treatment in the Trump administration,” Raskin said.
1789 Capital rejects the insinuation.
“1789 Capital welcomes legitimate congressional oversight,” its lawyers wrote, “but it has no intention of being held hostage to political gamesmanship.”
Representatives for the firm have accused Raskin of making politically motivated allegations without evidence of wrongdoing.
Vulcan has likewise said it “did not ask or solicit its investors to facilitate the Pentagon loan” and has promised to cooperate with lawmakers in “good faith.”
Jared Kushner could also hear from Congress
Trump’s son-in-law Jared Kushner is another name Raskin has publicly raised.
Kushner has continued running private equity firm Affinity Partners while also participating in US diplomatic efforts.
Raskin described Kushner as “a corporate executive that we absolutely will need to talk to.”
Questions have focused on Affinity’s financial relationships in the Middle East while Kushner has participated in diplomacy involving countries including Saudi Arabia, Qatar and the United Arab Emirates.
“That’s an outrageous conflict of interest,” Raskin said.
The accusation is disputed.
Chad Mizelle, Kushner’s attorney, said no applicable ethics violation has been identified.
“And to date, no one — not even Jared’s critics — has identified a single applicable rule or regulation he has violated,” Mizelle said.
Corporate America could get dragged into the fight
Investigators would not necessarily need to begin with members of the Trump family themselves.
Private companies that have done business with the family or participated in projects connected to the administration could become valuable sources of documents because they generally cannot invoke presidential executive privilege over their own records.
Trump’s proposed ballroom is one possible target.
Corporate contributors and contractors associated with the project could face demands for information if Democrats gain subpoena authority.
Other lawmakers are looking toward the energy industry.
Senator Sheldon Whitehouse released a report Thursday alleging that fossil-fuel companies received favorable policies after Trump sought $1 billion in industry campaign support during the 2024 election. The report reflects Democratic investigators’ conclusions, which the industry and administration can contest.
Senator Adam Schiff has already warned companies against destroying material connected to Trump-related transactions.
“We can make life very difficult for the administration if you abuse legitimate oversight requests of Congress,” Schiff said.
