Democrats prepare corruption probes into Trump’s $2bn income

US Democratic Congressman Jamie Raskin has said Democrats will investigate potential corruption allegations against the Donald Trump administration once they take control of Congress.

In an interview with the Financial Times (FT), Raskin, who is expected to chair the House Judiciary Committee, said areas of inquiry include presidential pardons, tariff exemptions, and Elon Musk’s work with DOGE.

Stating that his priority is to restore the rule of law, Raskin noted that they aim to uncover who benefited from the administration’s decisions and what legislation could prevent similar abuses.

Raskin has not yet announced the subject of the first hearing.

The new Congress, in which Democrats won majorities in both chambers, will take office in January 2027.

Raskin warns against third impeachment push

Raskin warned his party colleagues against pursuing a third impeachment attempt against Trump.

Arguing that debates over removing the president would overshadow concrete cases Democrats want to address publicly, Raskin said an impeachment process would play into Republicans’ hands.

The House of Representatives impeached Trump twice, in 2019 and 2021, and the Senate acquitted him in both trials.

Raskin led the House impeachment managers during the second impeachment trial.

1789 Capital and Trump’s income to be examined

One focus of the new committee could be 1789 Capital, a venture capital firm in which Donald Trump Jr. is a partner.

Raskin requested documents in August to determine whether companies in the firm’s portfolio gained an advantage in federal contracts and fund distribution.

Lawyers for 1789 Capital pushed back against Raskin, who in the FT interview sarcastically credited Trump’s son with an ability to predict who would win government tenders.

The firm’s lawyers rejected the allegations, arguing that Raskin confused different companies and misrepresented transactions.

Criticizing Trump for continuing his business activities while serving as president, Raskin said: “It’s like watching ‘The Sopranos’.”

According to the FT, in his 2025 financial disclosure published by the US Office of Government Ethics in June, Trump reported more than $2bn in income, including $1bn from his family’s cryptocurrency projects.

White House pushes back against potential inquiries

Raskin also described the involvement of Trump’s son-in-law, Jared Kushner, in diplomacy during the Iran war as a potential conflict of interest.

Kushner’s investment firm, Affinity Partners, had raised capital from the sovereign wealth funds of Saudi Arabia, the United Arab Emirates (UAE), and Qatar.

Raskin requested documents in April regarding Kushner’s contacts with foreign officials and investors.

The White House said Kushner conducted diplomacy on a voluntary basis at the president’s request.

Kushner told the FT that none of his diplomatic decisions were made in the interests of his firm, his investors, or himself.

White House spokesperson Lauren Bis described future inquiries as “sham investigations”.

White House Counsel Will Scharf also warned in a letter to Democrat Robert Garcia, who is expected to chair the House Oversight Committee, that procedures aimed at intimidating officials could lead to criminal investigations.

Garcia dismissed the warning as baseless, saying the committee would continue its work.