Schumer: Trump, family used White House for ‘eye-popping profits’ while Americans struggle

Alexander Bolton Mon, July 20, 2026 at 5:11 PM UTC

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Senate Democratic Leader Chuck Schumer (N.Y.) and other Senate Democrats on Monday released a report asserting that President Trump and his family have “systematically turned the power of the presidency into eye-popping profits” while regular American families struggle to afford the rising cost of living.

Schumer and other colleagues, including Sens. Sheldon Whitehouse (D-R.I.), Jeff Merkley (D-Ore.) and Catherine Cortez Masto (D-Nev.), released the report as part of a new “anti-corruption initiative” to expose what they say is Trump’s “rampant self-dealing.”

The Democrats hope to tie the Trump family’s staggering increase in net worth since the start of the president’s second term to the struggles of American families, who Democrats argue are feeling the brunt of “corruption costs.”

“Trump is without question the most corrupt president in American history,” Schumer said in a statement.

“Trump has betrayed the American people by using our highest office not for the good of country, but to pad his own bank account, at the expense of working families. Senate Democrats are launching this effort to expose the corruption, show Americans exactly what it is costing them, and build the reforms needed to stop any president from using public office for personal profit,” he said.

The White House pushed back on the Democrats’ report, saying the president “has a lot of assests because he was a massively successful businessman prior to becoming President.”

“All of the President’s assets are in held in fully discretionary accounts managed by independent third-party financial institutions,” principal deputy press secretary Anna Kelly told The Hill in a statement. “There are no conflicts of interest.”

Citing the president’s recent financial disclosure, the Democratic paper, titled “The Cost of Corruption,” notes that Trump himself has earned $2 billion since returning to the White House in 2025.

Democrats say Trump’s family has earned more than $4 billion since the start of his second term by “exploiting lucrative ventures intractably linked to Trump’s presidential role.”

They note the Trump administration cut a billion-dollar tungsten mining deal with Kazakhstan and that Trump’s sons have a stake in the deal and stand to profit handsomely.

They also point to Trump’s sons profiting from investing in a portfolio of defense technology startups that have generated $3.2 billion in direct government business.

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The Democrats’ biggest complaint is over the Trump family’s cryptocurrency venture, World Liberty Financial, which is backed by investments from the United Arab Emirates. The Trump family has more than $1 billion in assets in the crypto fund.

Schumer announced that Senate Democrats have formed an “anti-corruption working group” to highlight Trump’s alleged self-dealing.

“The scale of President Trump’s corruption is mind-boggling, and it is directly responsible for the higher costs swamping American families,” Whitehouse, a member of the working group, said in a statement.

“Look no further than skyrocketing electricity and gas prices. Trump is sending energy bills through the roof by tanking lower-cost clean energy to keep dirty, expensive fossil fuels on the grid, and he’s giving Big Oil cover to jack up prices at the pump with his senseless war,” he added.

The Senate Democrats say Trump has sought to enrich himself, his family and his allies while rolling back agencies and programs that protect consumers, support workers and provide healthcare and food assistance benefits.

Democrats plan to make cuts to Medicaid and the Supplemental Nutrition Assistance Program enacted in last year’s One Big Beautiful Bill Act, which were used to offset permanent corporate tax cuts, Exhibit A in their argument.

“The Trump swamp of corruption is a mile deep and MEGA-wide,” Merkley, another member of the group, said. “Trump and his family use his office and official connections to rake in billions for themselves at every turn. Not only is this making life more expensive for hard-working Americans, it’s a threat to government ‘by and for the people.’”

Cortez Masto and Sens. Alex Padilla (D-Calif.) and Andy Kim (D-N.J.) are also members of the new Democratic anticorruption working group.

at 1:10 p.m. EDT. Max Rego contributed to this report.

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