Democratic lawmakers have spent the last two years in the minority confronting the president that of Donald Trump senior financial officials. If they return to power in Congress after next month’s midterm elections, expect an all-out fight, including with the Treasury Secretary. Scott Bessent.
Democrats who would lead committees overseeing the Treasury Department and IRS are preparing to investigate Trump’s alleged self-enrichment schemes and efforts to dismantle regulatory agencies, according to people with direct knowledge of the Democrats’ plans and who spoke anonymously to describe them.
The list of targets includes the agreement the IRS signed in May to save Asset and his family of tax audits; the prior approval of a banking charter for a branch of Trump’s cryptocurrency activity; the use of tax data to carry out the administration’s mass deportation agenda; and the near-total dismantling of the Consumer Financial Protection Bureau, said the people, speaking on condition of anonymity to discuss private conversations.
Much of this focus will be on the Treasury and its various agencies, including the IRS and other more obscure sectors that play a discreet but central role in financial regulation. Winning back the House or Senate would give Democrats more manpower to launch investigations — and, crucially, subpoena power to demand records and testimony on whether officials used their authority to enrich the president, his family and their business interests.
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