'Lawyer up': Democrats set sights on Trump family's crypto, stocks and corruption allegations

Having recaptured both chambers of Congress in the midterm elections, the Democratic Party is expected to launch sweeping investigations into corruption and conflict-of-interest allegations surrounding Donald Trump, his family and close allies as soon as the new Congress convenes in January. The inquiries are set to cover the Trump family's business dealings, cryptocurrency ventures and alleged government contracting favoritism, as well as major administration policies including immigration and the war with Iran — signaling intensifying legislative pressure on Trump in the second half of his term.

According to the AP on Thursday (local time), House Minority Leader Hakeem Jeffries, the frontrunner to become the next House speaker, warned in a letter to lawmakers that "the days of the House functioning as a wholly owned subsidiary of the Trump administration are over," previewing investigations targeting what he called the "Trump cartel."

Senate Minority Leader Chuck Schumer, who is set to lead the Senate majority, also weighed in. "Americans want us to root out corruption in government," he said. "Americans should not be forced to choose what to buy and what to give up at the supermarket while Trump is engaged in insider trading on the stock market."

Democrats are taking note of what they see as the driving forces behind their midterm sweep: voters' frustration with the rising cost of living fueled by high inflation, and widespread concern over corruption across the Trump administration.

In an AP exit poll of more than 100,000 voters, roughly 40 percent named the economy as the most important issue facing the country. Roughly half of voters said government corruption was "critically important" to their vote.

Rep. Robert Garcia (D-California), the frontrunner to chair the House Oversight Committee, issued a blunt two-word warning in a statement on election night as votes were still being counted: "Lawyer up."

In an interview with The New York Times the following day, Garcia said the warning was aimed primarily at those who had "engaged in corrupt acts" inside the White House for personal gain, adding that "Trump family crimes are the top priority of our investigations."

Congressional subpoenas and hearings targeting alleged misconduct by the Trump family and their associates are expected to follow in rapid succession.

In both chambers, committee chairmanships are controlled exclusively by the majority party, which also gains additional investigative staff resources.

In the House, the Oversight and Government Reform Committee, the Judiciary Committee and the Natural Resources Committee are expected to lead the investigations. In the Senate, the Homeland Security and Governmental Affairs Committee and the Finance Committee are also preparing probes.

Garcia listed the following as targets for the House Oversight Committee: the Trump family's business dealings, the Justice Department's handling of the Jeffrey Epstein case, the activities of Immigration and Customs Enforcement (ICE), alleged favoritism and illicit gains between the Trump administration and corporations, and the Department of Health and Human Services' vaccine policy.

Rep. Jamie Raskin (D-Maryland), the frontrunner to chair the House Judiciary Committee, said in a statement that investigators must "quickly and intensively expose the structural, pay-to-play corruption that has undermined the rule of law and imposed enormous financial burdens on the American people."

Rep. Jared Huffman (D-California), who leads his party's side on the House Natural Resources Committee, said he intends to investigate alleged Trump family involvement in construction projects — including the White House banquet hall — and mineral deals.

Sen. Richard Blumenthal (D-Connecticut), expected to chair the Senate Homeland Security Subcommittee on Investigations, zeroed in on conflict-of-interest allegations surrounding presidential envoy Steve Witkoff in connection with the Trump family's cryptocurrency ventures, including World Liberty Financial, as well as the activities of the Department of Government Efficiency.

Sen. Ron Wyden (D-Oregon), the frontrunner to chair the Senate Finance Committee, identified banks linked to Epstein's financial transactions and pharmaceutical companies that appear to have received preferential treatment from the Trump administration as targets for investigation.

The New York Times also identified a broader set of potential targets: allegations that a Russian businessman covered the after-party costs for Trump Jr.'s wedding; alleged favoritism toward companies backed by a venture capital firm where Trump Jr. serves as a senior partner; conflict-of-interest allegations involving presidential envoy Jared Kushner; foreign transactions by the Trump family's business, the Trump Organization; and Trump's personal stock trades managed by outside brokerages.

In addition, The New York Times cited the Justice Department's reported instruction to the Internal Revenue Service to halt ongoing tax audits of Trump, his sons and their businesses; alleged favoritism toward companies that funded the White House banquet hall construction project; a reported "pardon-brokering" operation; and allegations that pro-Trump figures, including major donors, were awarded government contracts without competitive bidding.

However, The New York Times noted that no evidence has emerged that the Trump family violated the law, and that investigations could drag on if those who receive subpoenas mount legal challenges.

Beyond personal misconduct allegations, Democrats also plan to investigate policy matters, including the Trump administration's immigration policy and the war with Iran.

Senior White House adviser Stephen Miller, border policy czar Tom Homan, Homeland Security Secretary Markwayne Mullin and Defense Secretary Pete Hegseth could all face congressional subpoenas as a result.