The U.S. Office of Government Ethics (OGE) released new financial disclosure documents last Saturday (Nov. 15), revealing that President Donald Trump purchased at least US$82 million in corporate and municipal bonds between late August and early October this year. Reuters noted that these investments span multiple industries that stand to benefit from policies championed by the Trump administration, raising renewed questions about potential conflicts of interest.
Under the 1978 Ethics in Government Act, the U.S. President is required to periodically disclose assets and investments. However, the filings do not need to list the exact value of each transaction, only providing approximate ranges. The documents show that from Aug. 28 to Oct. 2, Trump conducted over 175 financial transactions. The maximum total value of the bond purchases exceeded US$337 million, with the majority of the listed assets consisting of bonds issued by municipalities, states, counties, school districts, and other public entities.
Reuters found that Trump invested in several sectors that have benefited from policy shifts under his administration. For instance, among the corporate bonds, Trump purchased those from chipmakers like Broadcom and Qualcomm, tech companies like Meta, retailers like Home Depot and CVS Health, and banks like Goldman Sachs and Morgan Stanley. Notably, following the Trump administration's directive for the U.S. government to take a stake in chipmaker Intel, Trump subsequently purchased Intel corporate bonds.
The Trump administration has previously stated that Trump has complied with disclosure rules, asserting that neither he nor his family is involved in managing the investment portfolio, which is operated by a third-party financial institution. However, an annual disclosure report filed in June showed that the income from the various assets in Trump's investment portfolio ultimately flows to him, fueling concerns about potential conflicts of interest.
A disclosure filing from August this year indicated that Trump has purchased over US$100 million in bonds since returning to the White House. The report also noted that in what appears to be an annual disclosure covering the entirety of 2024, Trump reported over $600 million in income, largely derived from cryptocurrency investments, operating his golf courses, and licensing deals. The filing further showed that Trump's foray into the cryptocurrency sector, coupled with his administration's push for lighter regulation of digital assets, has significantly increased his wealth.
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