Wyden Presses Wall Street Investors Who Scooped Up the Rights to Small Businesses’ Tariff Refunds

Wyden Presses Wall Street Investors Who Scooped Up the Rights to Small Businesses' Tariff Refunds

Desperate Small Businesses Sold Rights to Tariff Refunds for a Fraction of their Value; Letter Released as Donald Trump Stalls on Refunding Small Businesses That Paid His Illegal Tariffs

Washington, D.C. - Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today pressed investment banks that purchased the rights to tariff refunds-often for a fraction of their value-from American small businesses that could not afford to wait to receive their money back.

"As Ranking Member of the Senate Finance Committee, I am conducting oversight to ensure small businesses harmed by the administration's illegal tariffs are not harmed a second time by opaque deals, aggressive solicitation, or avoidable administrative barriers," Wyden wrote in his letter to Jefferies Financial Group, Oppenheimer & Co., and Stifel Financial Corp.

The Supreme Court invalidated Trump's tariff so-called "emergency" tariffs earlier this year. Despite that, the Trump administration has delayed paying refunds and recently unveiled a new system that requires small businesses to wade through red tape in order to receive money they are owed by the government.

"This is unacceptable: the government should bear the administrative burden of returning what it unlawfully collected. Small businesses should not have to jump through new hoops to get their money back," Wyden concluded.

To better understand the roles and policies of the investment banks that have turned Trump's tariff refunds into a betting market, Wyden requested answers to the following questions by May 21:

1. For each purchase of tariff refund rights executed, brokered, or otherwise facilitated by your firm since November 5, 2025, please identify:

   1. the seller (company name);

   2. the estimated refund amount before any discount;

   3. the upfront cash paid and the percentage discount;

   4. any terms that could reduce the seller's proceeds or claw back payments; and

   5. the transaction date.

2. Please provide any materials, scripts, or term sheets used to solicit or inform prospective sellers. Please state the disclosures you make about the potential timelines and administrative burdens to obtain refunds.

3. Please explain how your pricing changed after the Supreme Court's decision on February 20, 2026, including any analyses you used to set discounts offered to sellers.

4. Please state whether you have helped, or intend to help, sellers prepare to submit refund claims.

5. Please provide any documents, including but not limited to business or strategic planning documents, related to efforts to target potential sellers of refund rights.

6. Please list any communications your firm has had with CBP or any other U.S. government agency about refund mechanics or any other process relevant to companies selling refund rights.

Wyden has been a leader in the Senate in fighting Trump's illegal tariff scheme. In October, 2025, the Senate passed Wyden's bipartisan resolution to repeal Trump's global tariffs. In February 2026, Wyden and 25 Senate Democrats introduced legislation requiring the Trump administration to pay automatic refunds of illegal tariffs and to prioritize small businesses. He followed up with a letter to CBP in March, highlighting the deficiencies in their refund system and pushing for an automatic refund process that does not unfairly burden small businesses. In April 2026, Wyden called for the passage of the Speedy Tariff Refunds Act as Trump continues to delay reimbursements.

The text of the letter to Jefferies Financial Group is here.

The text of the letter to Oppenheimer & Co. is here.

The text of the letter to Stifel Financial Corp. is here.

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