On Friday, Sen. Adam Schiff (D-Calif.) accused President Donald Trump of using his office to expand his family’s wealth as Democratic lawmakers sought records related to billions of dollars in federal support for critical-mineral companies with ties to the Trump or Lutnick families.
Schiff Raises Alarm Over Trump-Linked Mineral Deals
Schiff said in a post on X that Trump was “laser focused on using his position to expand his family’s wealth,” alleging that 14 mineral and mining companies with connections to Trump and his associates were positioned to receive at least $8.9 billion in federal support.
He also pointed to a $620 million Pentagon loan awarded to Vulcan Elements, a company backed by Donald Trump Jr.’s investment firm, 1789 Capital. Schiff said the company had also been lobbied for by Trump trade adviser Peter Navarro.
“The Trump family keeps pocketing millions while taxpayers are getting stuck with the bill,” Schiff wrote, adding that he, Sen. Elizabeth Warren (D-Mass.) and Sen. Richard Blumenthal (D-Conn.), were “pressing for answers.”
Democratic Senators Seek Records From Federal Agencies
In letters sent Friday, the senators asked the Departments of Commerce, Defense, Energy, and the Interior, along with the Export-Import Bank of the U.S., to preserve records and communications related to the mineral-related transactions.
The lawmakers cited a New York Times investigation reporting that the federal government was pursuing deals with at least 14 companies with financial ties to the Trump or Lutnick families.
The administration has provided or may provide more than $8.9 billion in funding to those companies, according to the report.
“It is especially important” that investments involving critical minerals be based on merit and made “free of conflicts of interest,” the senators wrote.
They said the circumstances surrounding the deals suggested those principles “might not be at the forefront” of the administration’s decision-making.
Senators Question Vulcan Elements’ $620 Million Pentagon Loan
In a separate letter, the senators requested information about possible White House involvement in the Pentagon’s decision to approve a $620 million loan for Vulcan Elements.
They cited a ProPublica report and raised concerns that defense funding could be influenced by ties to the Trump family.
“These reports raise grave ethical and public safety concerns,” the senators wrote, warning of the possibility that funding decisions were being shaped by political connections.
White House Defends Critical-Mineral Strategy
The White House rejected the allegations, saying the administration’s decisions were guided by the interests of Americans.
“The only special interest guiding the Trump administration’s decision-making is the best interest of the American people,” White House spokesman Kush Desai said, CNBC reported.
Desai added that securing and reshoring critical supply chains remained a priority for Trump and Commerce Secretary Howard Lutnick, describing the administration’s actions as efforts to protect U.S. economic and national security.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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