Top Democrats call for investigation into share-buying spree by Trump allies | US Congress
Two more senior Democrats have called for an investigation into the share-buying spree of two fossil fuel billionaires with close ties to the Trump administration, after a Guardian investigation raised questions about possible wrongdoing.
Robert Pender and Michael Sabel Founders and co-chairmen of Venture GlobalA liquefied natural gas (LNG) company headquartered in Virginia purchased more than a million shares worth about $12 million each in March. The swaps come just days after a meeting with senior White House officials that granted key regulatory clearance to help expand the company’s business in Europe.
Ron Wyden, ranking member of the Senate finance committee and member of the energy and natural resources committee, said the transactions should be investigated, drawing parallels with previous Trump administration discussions.
“Corrupt pay-for-play schemes are at the heart of everything the Trump administration does,” Wyden said. “I have no doubt that these new LNG transactions must be investigated so that the American people know the full extent of Trump’s corruption and abuse of power.”
Wyden said the researchers said: Appeared in 2020 He added that Trump’s energy secretary improperly pressured a Ukrainian state-owned natural gas company to provide benefits to campaign donors, and that neither Trump nor his energy team faced accountability for the abuses.
Senator Chris Van Hollen reiterated concerns about potential conflicts of interest.
“The Trump administration’s nepotism and blatant use of pay-for-play politics knows no bounds. It’s clear they are lining the pockets of billionaires at the expense of working Americans,” said Van Hollen, a Maryland senator, a member of the Senate banking committee and ranking member of the appropriations subcommittee that oversees the Securities and Exchange Commission and the justice department.
“These investments certainly deserve further investigation.”
Van Hollen and Wyden’s intervention came just days after Jeff Merkley, the senior Democratic member of the Senate appropriations and budget committees, told the Guardian that stock transactions should be investigated for potential wrongdoing.
“Dirty oil and gas money is fueling the Trump administration, and that should anger us all. This latest report reveals the administration’s paid donations and positive actions,” Merkley said. “The timing of stock trades certainly deserves investigation for potential conflicts of interest and insider trading.”
All parties involved have denied wrongdoing.
Sabel was among about 20 people who attended an event in April 2024. Trump’s private clubMar-a-Lago, the US president reportedly requested $1 billion in campaign donations from the fossil fuel industry in exchange for favorable legislation. Venture Global was among the “biggest donors” who donated $1 million to Trump’s inauguration. Wall StreetJournal.
Venture Global affiliates spent $860,000 lobbying on Capitol Hill in 2024 and another $810,000 so far this year. According to OpenSecretsA nonprofit campaign finance watchdog. That’s more than 12 times the previous high of $70,000 in 2019.
“This is why we need to make money from politics,” said Ro Khanna, a California Democratic representative and member of the House oversight and accountability committee who, along with Rep. Summer Lee, is leading the effort to ban Super Pacs.
“LNG exports will raise energy prices for American families and businesses. If Trump is truly concerned about the affordability crisis, he should ban them and prioritize people over greedy fossil fuel executives,” Khanna added.
Billionaire Republican donors took Venture Global public three days after Trump was inaugurated in January. The weekly stock purchase comes days after a meeting with Trump cabinet members, including energy secretary Chris Wright. privileged The company holds an export license, which is necessary for its expansion plans in Europe.
In response to the Guardian’s findings, a spokesperson for Venture Global said last week that the share purchases were “fully in compliance with SEC rules and regulations” and that the company “strictly adheres to all laws, rules and regulations relating to our interactions with government officials.”
The company did not respond to multiple requests for comment on growing calls on Capitol Hill for an investigation into the Guardian’s findings.
White House press secretary Karoline Leavitt told the Guardian: “The President has never and will not have a conflict of interest.”
On his first day back in the White House, Trump issued an executive order rolling back regulations that support fossil fuel production, including LNG export licenses, while rescinding existing climate and clean energy policies. He also withdrew the US from the global climate action agreement, the Paris accord, and boycotted this year’s UN climate talks.
Still, 2025 is on track to be the third hottest year in history, with catastrophic floods, fires and extreme temperatures killing Americans and causing billions of dollars in damage across the United States. Energy bills are rising across the US; Electricity bills rose more than 15% in 10 states and the District of Columbia.
The price increase is mostly due to the rising cost of fossil gas, utilities passing on the cost of upgrade investments to consumers, and the rapid uncontrolled growth of artificial intelligence and crypto data centers that is driving electricity demand.
In response to questions from the Guardian, Leavitt said: “The President has never and will never have a conflict of interest.”
