Trump’s stock trading disclosure has put a spotlight on the ethics debate around what a president can own and how quickly trading can occur while in office, after a federal filing showed extensive buying and selling tied to companies that can be influenced by policy decisions. The report reviewed by The Associated Press describes a pace that averaged about 50 trades on market days during the first quarter, and it lists trades in companies that have interests connected to government actions, including Nvidia and several major defense contractors.
The disclosure, filed with the federal Office of Government Ethics, runs more than 100 pages and shows possibly more than $100 million changing hands over three months, the report said. The Associated Press reported that the document shows possibly more purchases than sales, but it said the exact ratio cannot be determined because each transaction is provided in ranges rather than precise figures.
Among the companies listed in the filing was Nvidia, where the Associated Press reported that Trump’s trades included as much as $6 million. The portfolio also included shares in Apple, Boeing and Tesla, the Associated Press said, and it reported that the chief executives of those companies accompanied Trump on a recent visit to China.
The filing also included trades in defense-related suppliers, according to The Associated Press, including Lockheed Martin, General Dynamics and Northrop Grumman, which the report described as impacted by the Iran war. The Associated Press also reported the portfolio included Intel, the chipmaker in which the government took a 10% stake last year.
Ethics officials have said the issue is not only whether trading could create a financial conflict, but also the possibility that knowledge of what is owned could affect presidential decisions. The Associated Press reported that critics have raised concerns that even the ability to anticipate holdings could matter for decisions ranging from health policy to government contracting and to war-related choices.
Richard Painter, described by The Associated Press as the chief White House ethics adviser in the George W. Bush administration and a critic of congressional trading, said that the situation would raise ethical problems. Painter told The Associated Press, “If he were defense secretary, he would be committing a crime,” and he added, “Technically he can do this, but it is a fundamental breach of trust.”
Federal law generally bars employees from holding financial assets that could be impacted by their policy work, but the Associated Press reported that there is a carveout for the president. The Associated Press also reported that a spokesperson for the Trump family business responded to the criticism by saying third-party managers handle the portfolio. Kimberly Benza said in a statement that the investments are managed by third parties with “sole and exclusive” authority, and she added that Trump, his family and The Trump Organization “plays no role in selecting, directing, or approving specific investments.” Benza also said the Trump family receives “no advance notice of trading activity” and provides “no input regarding investment decisions or portfolio management.”
The disclosure contrasts with previous approaches by other presidents, The Associated Press said. It reported that George H.W. Bush and Bill Clinton used blind trusts and that George W. Bush dumped stocks; it said Barack Obama held broadly diversified mutual funds and that Joe Biden did not trade. The Associated Press reported that Trump has traditionally had very little invested in the stock market relative to his net worth, but said the situation could be changing alongside his wealth, which the report linked to a major cash infusion and other income sources.
In addition to the companies highlighted in the filing, The Associated Press reported that Trump’s portfolio included shares in Shake Shack, Papa John’s and Cheesecake Factory, and it said the filing reflects trading that occurred at a high frequency while he was in office.