House Democrats have extended another warning to President Donald Trump's family about the scrutiny they could face about their business dealings if Republicans lose their congressional majority.
Rep. Jamie Raskin (D-MD), the top Democrat on the House Judiciary Committee, announced Thursday that he is launching a probe into Donald Trump Jr. and 1789 Capital, the venture capital firm the president's son joined as a partner shortly after his father won a second term, reported MS NOW.
In a letter shared first with MS NOW, Raskin alleges that 1789 Capital's investments over the past year and a half have been timed with "almost clairvoyant accuracy," raising the possibility of fraud and insider trading.
“With Don Jr.’s new leadership role, 1789 Capital has developed an uncanny ability to identify companies that are about to receive massive influxes of cash from the Trump Administration or to benefit from significant changes in federal policies and regulations,” Raskin writes. “They say there is no such thing as a sure thing in investing, but this is about as close as you can get.”
He points to the firm's 2025 investment in Vulcan Elements, a rare-earths magnet company that later secured a $620 million Pentagon loan and a $50 million CHIPS Act grant, and its stake in Juul, made months before the FDA reversed a ban on certain e-cigarette products. Raskin is demanding records of the firm's communications with government officials, plus a full list of its investments.
"It is impossible to believe that your firm's astonishing growth and success are due to anything other than insider political influence and thoroughgoing corruption," Raskin wrote, noting 1789 Capital has grown from a few hundred million dollars under management when Trump Jr. joined in November 2024 to $3 billion today.
Counsel for 1789 Capital, AJ Merton, dismissed the inquiry as "unsubstantiated talking points" amounting to "partisan stunts and politically motivated harassment, not oversight."
Because Democrats remain in the House minority, Raskin's committee cannot compel testimony or documents — Republicans blocked a similar subpoena effort in March over the Vulcan Elements deal. But the letter previews what Democrats intend to pursue if they retake the House in November.
Raskin has also opened an investigation into Jared Kushner's dual role as a White House peace envoy and private investor, an inquiry expanded this week to include Kushner's planned luxury resort project in Albania. Kushner's team has pushed back on the allegations.
A White House spokesperson, Davis Ingle, did not directly address the allegations but said Trump's own portfolio is "independently managed by third-party financial institutions," adding that "neither President Trump nor any member of his family has any ability to direct, influence, or provide input" on its investments.