Democratic senators require studies on the possible insider trade about Trump tariff reversal

Two democratic senators require answers from the White House in relation to serious concerns that President Donald Trump’s rollbacks on his tariffs and his social media post on Wednesday on Wednesday were part of the insider trade among the allies of the White House.

Sens. Adam Schiff, D-Calif., And Ruben Gallego, D-Ariz.

Hours before Trump announced that he rolled the tariffs back to 10% to all countries with the exception of China, which put the stock market in the truth in the truth in the social truth: “Be cool! Everything will work well. The US will be bigger and better than ever!” And “This is a great time to buy !!! DJT.”

“This sequence of events thrives on serious legal and ethics problems. The president, his family and his advisors are uniquely positioned in order not to freed and use public information to inform their investment decisions,” said the senators in their letter.

The stocks decreased on Wednesday morning before Trump’s truth system immediately got the markets. Nasdaq has increased by 12.1%, the largest individual day of the Index since 2021, while the Dow rose by 7.8%, the greatest increase in one -day rampons in five years.

The White House did not comment immediately.

The Senators asked the Office for State Ethics to investigate whether officials from the White House or the Executive Department, which included special workers, were informed about the announcement in advance and which financial transactions were not carried out by civil servants with knowledge.

The senators also said that they wanted to answer several questions about the event chain on Wednesday, including the question of whether the family members of Trump were informed about the advice of Trump’s social mail, which announced the tariff changes and whether there were records of communication with officers from the executive, family members or special workers.

Finance Minister Scott Bessent and the Press spokesman for the White House, Karoline Leavitt, informed the reporters on Wednesday that the president’s decision was part of his plan and that 75 countries had called for negotiation with the president. They did not provide any further details.

Hours later, Trump said reporters that he made his decision on Wednesday morning.

“I think it came together early morning, quite early this morning. I just wrote it down. I didn’t do it – we didn’t have the effort, we had no access to lawyers or it was only brought up. We wrote it from our hearts,” he said.

Michael Guttentag, a professor of Loyola Law School, who wrote several research work on the trade with insiders, told ABC News that there is no universal national insider trade law. Rather, cases were generally pursued by court decisions that have determined precedent.

“In general, the other problem is the standard test for insider trading:” Did you have essential non -public information? “, He told ABC News.

In 2012, however, the Congress adopted the 2012 Sharmz Act, which made it illegal for congress members and people of the executive to take part in the insider trade.

Guttentag said it would not be difficult to determine whether the insider trading in the White House would take place, since only then the trade records would have to be brought into the plot, they matched with people who are connected to the executive office, and the time when Trump’s announcement was made.

He found that the former US representative of Chris Collins had been prosecuted in 2018 due to insider trade after the Congress ethics office had found that he used his congress connections to inform his son to sell shares of a pharmaceutical company that was shortly before the information about a drug process. The investigators found that Collins called his son in a picnic in the White House almost immediately after he received the email about the failed drug process.

He finally took place from his seat and announced himself guilty of acting insider trade in 2019, but was pardoned by Trump in December 2020.

Guttentag said that the Ministry of Justice and the security and exchange commission would be responsible for the investigation of civil and criminal allegations on potential violations of the 2012 share law.

While Trump and other officials refused to talk more about the request from the ship and Gallego, some other democratic senators at Capitol also questioned the time of the announcement and the increase in shares on Thursday.

“Look, it shouldn’t be a study by Democrats or Republicans, it should be an independent examination. And if the president and his family and his family have nothing to hide, you should want such an examination. Just let us educate smoke here,” Senator Elizabeth Warren, D-Mass, told reporters.

“Again and again we see indications of self-help and efforts to improve their end result with the guidelines of this administration,” said Senator Dick Durbin, D-il. “I think it deserves a closer exam.”

But some Republicans dismissed the concern.

Senator John Cornyn, R-Texas, described the claim of insider, who “ridiculously” act, and said the Democrats just wanted to try to “dig”.

“It is quite obvious that if the stock exchange is in a break -in, you may consider when you have some money, consider and earn some money when she picks up again. I think every idea of ​​the insider trade is ridiculous,” Cornyn told reporters.

Guttentag found that the possible insider trade in the executive and a criminal prosecution of solid proofs is a long hill for climbing. However, he said it was essential that ethics rules are followed.

“People tend to find a reprehensible insider trade. If (investigators) could issue evidence that people in this window would act, it would be important to determine transparency and keep the rule of law,” he said.