Democrats Probe Trump Administration Equity Stakes in Private Companies

Democratic lawmakers are preparing to investigate the Trump administration's practice of taking equity stakes in private-sector companies. The scrutiny follows a Republican defeat in the November 3 midterm elections.

Under Donald Trump, the federal government established equity positions in 41 companies by November 2026. These interventions include a 10% stake in Intel and a $400 million deal with MP Materials. The administration also acquired a golden share in U.S. Steel, which grants the president veto power over key business decisions. This power is scheduled to transfer to the Treasury and Commerce Departments after he leaves office.

Democrats intend to probe these deals for alleged corruption and the granting of special favors to political allies. The investigation will specifically target critical-minerals deals and tech giants such as Apple and Meta Platforms. The White House defended the strategy, stating that voluntary equity investments in willing companies have allowed the administration to partner with the private sector to rebuild the American industrial base and bring critical production home.