Democrats press WH over potential 'insider trading' before Trump tariff pause

Democratic lawmakers are "urgently" calling for the White House to issue a full disclosure of financial transactions leading up to President Donald Trump's sudden pause on a sweeping set of tariffs earlier this month, raising concerns that people close to the president "potentially violated federal ethics and insider trading laws" surrounding his actions.

Sen. Adam Schiff, D-Calif., and Rep. Mike Levin, D-Calif., sent a letter on Monday, signed by a group of 23 other Democrats, to White House chief of staff Susie Wiles, calling for a commitment from all senior White House and executive branch employees to "expeditiously" transmit all reports related to their securities transactions since the start of Trump's term to the Office of Government Ethics, requesting, too, that all of this mandatory reporting be made public.

The letter, shared first with ABC News, also asks that any extensions granted to White House employees related to their accounting reports become public, noting that this was practiced during the first Trump administration.

"We are concerned that no periodic transaction reports have been posted on the OGE database for White House officials' individual disclosures at any point since President Trump took office on January 20, 2025," Schiff and Levin wrote.

"There is reason to doubt that not a single senior White House official or employee has made any financial transactions triggering a periodic transaction report since the start of the Administration," the letter continued. "As an important point of reference, during the first Trump Administration, periodic transaction reports filed by senior White House officials were made publicly available on the OGE's disclosure database, as required by the Ethics in Government Act and the STOCK Act."

The White House did not immediately respond to an ABC News request for comment.

Hours before Trump announced he was rolling back tariffs to 10% to all countries except China, which sent the stock market soaring, he posted on Truth Social: "BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!" and "THIS IS A GREAT TIME TO BUY!!! DJT."

Stocks were down the morning before Trump's Truth Social post. Nasdaq soared 12.1% at close, the index's largest single-day gain since 2021, while the Dow jumped 7.8%, its biggest one-day increase in five years.

"Newly identified data raises concerns about potential violations of federal ethics and insider trading laws by individuals close to the President with access to non-public information," Schiff and Levin's letter reads.

Trump has said he hasn't engaged in insider trading himself -- but that he couldn't definitively claim that members of his administration have not. "I can commit to myself, that's all I can commit to," Trump told reporters on Friday, when asked whether he could assure Americans that no one in his administration was insider trading with information about trade deals coming together.

Trump said he hires "honorable people" but said, "I have thousands of people that work for me, but I can't imagine anybody doing that."

The Democrats requested a response from Wiles no later than May 9, 2025, and for a "detailed plan" for how the administration plans to address any officials and employees who may have failed to file required disclosures from the start of the administration.

"By failing to take these steps, the Administration would be withholding critical information from the American people regarding potential violations of federal ethics and insider trading laws. We look forward to reviewing all required reports and disclosures," Schiff and Levin wrote.

"Senior White House officials have influence over or become witting of consequential policy decisions that can have market moving impacts," the letter said. "It is critical that such officials adhere to all applicable ethics, conflict of interest, and disclosure requirements."

"The American public deserves nothing less than full transparency, particularly in the context of the harm done to pension funds and retirement savings as a result of the President's erratic trade policy," it continued

The letter was signed by Sens. Chris Van Hollen, Elizabeth Warren, Jeffrey Merkley and Elissa Slotkin, as well as Reps. Brad Sherman, Brad Schneider, Angie Craig, Jerry Nadler, Rashida Tlaib, Cleo Fields, Yassamin Ansari, Seth Magaziner, Pramila Jayapal, Eleanor Holmes Norton, Nanette Diaz Barragán, Mark DeSaulnier, Madeleine Dean and Delia Ramirez.

Schiff had previously written to Wiles and U.S. Trade Representative Jamieson Greer over the rollbacks on Trump's tariffs. In that letter, sent with Sen. Ruben Gallego, D-Ariz., Schiff asked for an investigation into potential conflicts of interest. Schiff has not received a response from Wiles following his request, a spokesperson for the senator told ABC News.