At Hearing, Secretary Bessent Defends President Trump’s Stock Trades, Dodges Warren’s Push For Investigation On Potential Insider Trading

At Hearing, Secretary Bessent Defends President Trump's Stock Trades, Dodges Warren's Push For Investigation On Potential Insider Trading

President Trump's recent ethics disclosures reveal more than 3,400 stock trades worth hundreds of millions of dollars in the first three months of 2026

Warren: "We need stronger anticorruption rules and conflict of interest rules in Washington for everyone, and that includes the President, and it includes Congress."

Warren: "Instead of draining the swamp, what Donald Trump is doing is he is enriching himself by taking advantage of his position."

Video of Exchange (YouTube)

Washington, D.C. - At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) pressed Treasury Secretary Scott Bessent on whether President Donald Trump's stock trades pose a conflict of interest, highlighting Secretary Bessent's previous statements in support of a congressional stock trading ban. Secretary Bessent defended President Trump's trades, ignoring Senator Warren's push for an investigation into potential insider trading.

Last month, President Trump's latest financial disclosures showed he made over 3,400 trades worth hundreds of millions of dollars in the first fiscal quarter of 2026.

Despite Secretary Bessent's previous public support for a congressional stock trading ban, he defended the President's trades, stating, "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."

Senator Warren highlighted that President Trump signed the 113-page ethics disclosure publicly listing all of his individual stock trades, and those trades occurred as the President made decisions affecting those stocks.

On January 6, President Trump purchased up to a million dollars' worth of Nvidia stock. The following week, his administration loosened the rules on export controls so that Nvidia could sell its chips to China, raising the company's stock and ultimately benefiting President Trump. The disclosure also showed a purchase of tens of thousands of dollars worth of stock in Robinhood and the Bank of New York Mellon Corporation (BNY). On April 6, the Treasury Department announced it had chosen to implement the new Trump accounts program with BNY and Robinhood. Both stocks have risen since the announcement.

Senator Warren continued to press Secretary Bessent's views on whether it's a conflict of interest for President Trump to trade stocks and if the Securities and Exchange Commission (SEC) should investigate these trades. Secretary Bessent dodged the question, refusing to answer directly.

Senator Warren concluded the hearing by calling for stronger reforms against corruption: "We need stronger anticorruption 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."

Transcript: Hearings to examine the President's proposed budget request for fiscal year 2027 for the Department of the Treasury.
Senate Finance Committee
June 3, 2026

Senator Elizabeth Warren: Thank you, Mr. Chairman. So, Secretary Bessent, 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, "You look at some of these eye-popping returns, every hedge fund would be jealous of them," and that "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 3400 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.

Secretary Bessent, 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 a conflict of interest for President Trump to trade stocks?

Secretary Bessent: 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 administrative branch.

Senator Warren: Before? You think it's okay for the president to do this? 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?

Secretary Bessent: I'm going to say this body needs to get its house in order first.

Senator Warren: How about we get the White House in order at the same time?

Secretary Bessent: I would encourage you to do that.

Senator Warren: I don't trade in individual stocks. I don't own any individual stocks. My house is in order, thank you, Mr. Secretary.

Secretary Bessent: Others on this committee can't say that, Senator.

Senator Warren: Let's look at some individual trades. On January 6, Donald Trump purchased up to a million dollars' worth of Nvidia stock. One week later, his administration changed US 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 Bessent, you said last year if any private citizen traded the way members of Congress do, "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?

Secretary Bessent: 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.

Senator Warren: So it's our prerogative. So you would support our saying that President Trump should be investigated over this? Our trades should be investigated and President Trump's should be investigated?

Secretary Bessent: I would support you getting your house in order, Senator.

Senator Warren: And how about the White House getting its house in order? Would you support that investigation?

Secretary Bessent: Again, please lead by example.

Senator Warren: 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?

Secretary Bessent: You create statutes. The president does not.

Senator Warren: Let's do one more. President Trump bought tens of thousands of dollars worth of stock in Robinhood and the Bank of New York Mellon Corporation, known as BNY. On April 6, your Treasury Department announced it had chosen the financial agent to implement the new Trump accounts program, BNY, and its partner, Robinhood. Both stocks, of course, have risen since then.

So, Secretary Bessent, let me ask you a different question. If these stock purchases that Trump made were made using inside information, would that be illegal?

Secretary Bessent: Again, I'm not a lawyer. I'm not going to speak to that.

Senator Warren: Would it be worth investigating? You don't have to be a lawyer. You're the one who said what should be investigated.

Secretary Bessent: Why don't we investigate many people on this committee, Senator? Why don't we start here?

Senator Warren: And you don't think the White House should have to follow the same set of rules that are already the law?

Secretary Bessent: I think you should get your house in order here.

Senator Warren: My house is in order, thank you, Mr. Secretary.

Secretary Bessent: And you should have your fellow committee members, many on your-mostly on your side of the aisle-do the same.

Senator Warren: We need stronger anticorruption 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.

Senator Warren has led the fight to root out corruption and hold the Trump administration accountable:

• In June 2026, Senators Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.) and Mazie Hirono (D-Hawaii), along with Representatives Jason Crow (D-Colo.) and Mike Levin (D-Calif.), pressed White House Chief of Staff Susie Wiles following reports that the White House interfered to deliver a lucrative Department of Defense (DoD) contract to Vulcan Elements, a key Trump Jr.-linked company.
• In May 2026, Senator Elizabeth Warren pressed the Acting Director-Designate for Immigration and Customs Enforcement (ICE), David Venturella, on his decades-long revolving-door career between ICE and the private prison industry and his reported use of Department of Homeland Security (DHS) personnel and resources for personal or political favors.
• In May 2026, Senators Elizabeth Warren (D-Mass.) and Rick Scott (R-Fla.) introduced the Banning Lobbying And Safeguarding Trust (BLAST) Act, a bipartisan bill to impose a lifetime ban on lobbying by former members of Congress.
• In March 2026, Senator Elizabeth Warren (D-Mass.), along with Senators Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Representative Maxine Waters, Representative Angie Craig (D-Minn.), and 37 other lawmakers, wrote to the Commodity Futures Trading Commission (CFTC) and the Office of Government Ethics (OGE) urging the agencies to address illegal insider trading in prediction markets by federal employees.
• In February 2026, Senators Elizabeth Warren (D-Mass.) and Andy Kim (D-N.J.), along with Representatives Pat Ryan (D-N.Y.) and Deborah Ross (D-N.C.) pressed the Inspectors General (IGs) of 16 key agencies to open investigations into senior Trump officials who were recently lobbyists or "shadow lobbyists" and may be using their roles to benefit their former employers and clients.
• In January 2026, Senators Warren (D-Mass.), Richard Blumenthal (D-Conn.), and Andy Kim (D-N.J.), pressed Secretary of Defense Pete Hegseth on potential conflicts of interest surrounding the awarding of multiple lucrative Department of Defense (DoD) contracts and loans to companies associated with President Donald Trump's son, Donald Trump Jr.
• In December 2025, Senator Elizabeth Warren (D-Mass.) and Representative Chris Deluzio (D-Pa.) pressed the Trump administration to follow through on promises to limit defense companies' stock buybacks and incentivize them to increase research and development spending.
• In September 2025, Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, wrote to Donald Korb, nominee for Chief Counsel for the Internal Revenue Service (IRS), ahead of Korb's confirmation hearing, pressing him on his stark conflicts of interest and urging him to make ethics commitments to mitigate these conflicts.
• In July 2025, Senators Warren (D-Mass.) and Rick Scott (R-Fla.) wrote to former Secretary of Defense Lloyd Austin seeking an explanation and further information on his recent decision to start a strategic advisory firm. Austin had publicly promised Senator Warren during his 2021 confirmation process that he would not become a lobbyist after his government service ended.
• In July 2023, United States Senators Elizabeth Warren (D-Mass.), Chair of the Senate Armed Services Committee Subcommittee on Personnel, and Chuck Grassley (R-Iowa), and United States Representatives Jason Crow (D-Colo.) and Suzan DelBene (D-Wash.) introduced the Retired Officers Conflict of Interest Act - a bill that would require public reporting on retired service members working on behalf of foreign governments and create civil penalties if they break the law.
• In December 2020, Senator Warren (D-Mass.) and Representative Pramila Jayapal (D-Wash.) reintroduced the Anti-Corruption & Public Integrity Act to strengthen ethics laws and crack down on government officials' conflicts of interest across the government.

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