Sen. Adam Schiff (D-Calif) mocked President Donald Trump over alleged misuse of taxpayer funds and favoritism for his son, Donald Trump Jr.
Schiff took to X on Thursday to say that Trump may have missed attending his son’s wedding last weekend, but gave $600 million of taxpayer funds to one of his companies, which the Senator sarcastically called a "wedding present."
“The Trump family grift knows no bounds, and neither should our resolve to stop it,” Schiff wrote.
Rare Earth Deal Triggers Questions
Schiff’s post linked to a ProPublica article detailing a Pentagon deal for rare-earth magnets. A report revealed that the Pentagon's Office of Strategic Capital, in late November, approved a conditional $620 million loan for Vulcan Elements, in which Don Jr.'s 1789 Capital took an undisclosed stake just three months before.
A Pentagon loan to Vulcan Elements initially drew scrutiny over possible favoritism. While Trump Jr., the Pentagon, and the company denied political influence, a ProPublica investigation found that the loan request was reportedly initiated by Peter Navarro, a Trump adviser and associate of Trump Jr.
White House did not immediately respond to Benzinga’s request for comments.
In early November, American Resources Corp. (NASDAQ:AREC), through ReElement Technologies and Vulcan Elements, announced a $1.4 billion partnership with the U.S. Government to expand its domestic rare earth magnet supply chain. This partnership was hailed as a milestone aimed at reducing dependence on China for critical minerals.
Trump Family Deal Scrutiny Intensifies
This is not the first time the Trump family has been linked to government deals. Earlier this month, a report revealed that a company backed by the Trump sons invested in a mining group developing a $1.6 billion project in Kazakhstan, awarded by the Trump administration.
In April, Foundation Future Industries, backed by Eric Trump, secured a $24 million Pentagon contract, drawing criticism from Sen. Elizabeth Warren (D-Mass.). Warren, who called it "corruption in plain sight”, accused the Trump administration of favoring companies tied to the Trump family after Eric Trump publicly discussed the deal on Fox News.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
Photo courtesy: Shutterstock
Login to comment