U.S. Senators Elizabeth Warren, Chuck Schumer, Ron Wyden, Mark Kelly, Ruben Gallego, and Adam Schiff have urged the Securities and Exchange Commission (SEC) to investigate potential insider trading and market manipulation surrounding tariff announcements. These led to significant market fluctuations and were followed by a partial recovery. The senators expressed concerns that insiders, including presidential cabinet members and associates, could have benefited financially to the detriment of the public.
In their letter to SEC Chair Paul Atkins, the senators requested an investigation to determine if President Trump, his cabinet, family, or other insiders exploited prior knowledge of tariff changes for personal gain. "We urge the SEC to investigate whether the tariff announcements, which caused the market crash and subsequent partial recovery, enriched administration insiders and friends at the expense of the American public," read their plea.
The letter highlights a specific timeline where President Trump appears to have foreshadowed his official tariff pause announcement on the social media platform Truth Social at 9:37 a.m., later making the formal announcement more than four hours after at 1:18 p.m.
The senators also raised concerns about how the Trump Administration’s cuts to the SEC could affect the agency's capability to manage large-scale market events and enforce regulations. They have requested a response to their inquiry by April 25, 2025.