Trump's stock trades exceed all of Congress combined, ethics lawyer calls it a huge problem

September 19, 2026 at 03:00 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

President Donald Trump has made roughly 28,700 securities trades in 17 months, more than every member of Congress combined. Richard Painter, former chief White House ethics lawyer under George W. Bush, called the trading a huge problem and a financial conflict of interest. The White House says third-party institutions manage the portfolio through automated index-replicating models.

Key Facts

Trump made roughly 28,700 securities trades in 17 months, about 80 per market day, according to a Bloomberg analysis.
The annual disclosure released June 30 showed more than 21,000 trades in 2025 worth between $600 million and $1.86 billion.
Richard Painter, who served as chief White House ethics lawyer under George W. Bush, said no previous president traded in the stock market.
White House spokesman Davis Ingle said third-party financial institutions manage the portfolio through computer-based model portfolios that automatically replicate recognized indexes such as the Schwab 1000.
Fortune's review found the account bought up to $1.38 million of DoorDash stock in the first quarter and sold hyperscaler stocks in the $5 million-$25 million range on Feb. 10, the day after a chip-tariff carveout leaked.

Trading Volume and Disclosure

Trump's trading activity surfaced in May when a first-quarter filing listed roughly 3,600 transactions in 90 days. The annual disclosure released June 30 at nearly a thousand pages showed more than 21,000 trades in 2025, worth between $600 million and $1.86 billion, at 85 per market day. Trump lists eight separate investment accounts but does not indicate which institutions manage them. In his first term, Trump's financial disclosures consisted mostly of real estate and privately held businesses.

Ethics Concerns

Richard Painter, who served as chief White House ethics lawyer under President George W. Bush and now teaches securities law at the University of Minnesota, said the trading is a huge problem. Painter said he has gone through every president and does not think any previous president traded in the stock market. Since Lyndon Johnson, essentially every president has used a blind trust, held index funds, or just owned Treasuries. Painter said there is a financial conflict of interest if Trump has an ownership interest in the account, regardless of who manages it.

White House Response

White House spokesman Davis Ingle told Fortune that third-party financial institutions independently manage the portfolio through computer-based model portfolios that automatically replicate recognized indexes, such as the Schwab 1000. Ingle did not answer questions about which institutions manage the portfolio or why the White House described a family trust in May. The White House statement said there are no conflicts of interest. In May, after the stock trades appeared, Ingle told Fortune the assets are held in a trust managed by the president's children. Eric Trump posted that any suggestion a family member was buying individual stocks would be a lie and blatantly false.