Natural Resources Democrats Force Vote to Subpoena Donald Trump Jr. Over $670 Million Taxpayer-Funded Deal

March 25, 2026

Washington, D.C. – At today's Oversight and Investigations Subcommittee hearing on the critical minerals supply chain, Subcommittee Ranking Member Maxine Dexter (D-Ore.) forced a vote to subpoena Donald Trump Jr. to testify under oath about his financial stake in Vulcan Elements and how he potentially benefited from insider influence after his father, President Trump, funneled over $670 million taxpayer dollars into the company. Vulcan Elements, a rare earth startup, received a $620 million Pentagon loan three months after Trump Jr.'s firm invested in the company. It got another $50 million deal when the federal government bought partial ownership in the company. Full Committee Ranking Member Jared Huffman (D-Calif.) backed the motion.

Republicans voted to block the subpoena, shielding the President's son from scrutiny about the largest loan the Pentagon's Office of Strategic Capital has ever issued. Every Republican who voted is now on the record refusing to apply the oversight standard they spent two years and millions of taxpayer dollars in their investigation of Hunter Biden. Republicans then immediately shut down their hearing to prevent debate.

Ranking Member Huffman: "I want to also ask about Vulcan. Donald Trump Jr., name partner in 1789 Capital. In August of 2025, they took an equity stake in Vulcan. Three months later, the administration commits $620 million, the largest loan that the Pentagon's Office of Strategic Capital has ever made. And it went out without competitive bids, with the tech, without the technical disclosures that are used to verify whether a project is even viable before public money goes in. That was waived. Should the American people be concerned that the President's son has a financial stake in a company that just received this huge windfall from the Pentagon?"

After the Republicans moved to adjourn the subcommittee hearing, Ranking Member Huffman asked: "What are you so afraid of? It’s a parliamentary inquiry. Taking this extraordinary move, to shut down debate and prevent a vote on this motion that is so squarely within the purpose of this committee."

Ranking Member Dexter: “The Department of Commerce committed over $1 billion to USA Rare Earth before the company even completed its foundational feasibility study to raise the private funding the deal required. USA Rare Earth hired Cantor Fitzgerald, a firm now run by Commerce Secretary Lutnick's own son. Secretary Lutnick approved federal investment in a company that was simultaneously paying his son's firm to raise money for that same deal. Donald Trump Jr. is a named partner at 1789 Capital. He told reporters he is personally involved in deciding where that firm invests. In August 2025, 1789 Capital took an equity stake in Vulcan Elements. Three months later, the administration committed $620 million to that same company, the largest Pentagon loan of its kind, with no competitive process, no independent verification, and no conflict-of-interest review anywhere to be found. [N]ot long ago, House Republicans spent two years and millions of dollars investigating Hunter Biden on the theory that a president's son profiting from his father's office requires congressional investigation. We are done waiting for Republicans to fulfill their responsibility to conduct oversight. Donald Trump Jr. must be made to answer whether the president's son illegally profited from his father's presidency. Pursuant to Clause 2(k)(6) of Rule XI, I move the Committee subpoena Donald Trump Jr."

Background

In August 2025, 1789 Capital, the venture capital firm where Donald Trump Jr. serves as a named partner, purchased an equity stake in Vulcan Elements as part of a $65 million fundraising round. Trump Jr. told the Financial Times he was "very involved in the strategic decisions regarding where to invest our resources" at the firm.

Three months later, the Trump administration committed $620 million in federal loans and $50 million in equity to that same company, without competitive procurement and without the independent technical review required to verify a mineral project's viability before public money goes out the door. President Trump's executive order on minerals, EO 14241, had waived that requirement. The loan was worth more than twice Vulcan's entire valuation at the time.

No public record exists of any conflict-of-interest review, recusal, or financial disclosure related to Trump Jr.'s stake. At least four companies in 1789 Capital's portfolio received federal contracts or awards from the Trump administration in 2025, totaling more than $735 million. The administration has not responded to a February 2 letter from Ranking Members Huffman, Garcia, and Heinrich demanding documents and a briefing on equity deals across the critical minerals program. Democrats forced today's vote because the administration and the Republicans in Congress have refused to seek answers. 

Special Treatment for the President's Son

House Republicans spent two years and millions of taxpayer dollars demanding accountability for a president's son profiting from his father's office. They subpoenaed Hunter Biden. They voted to hold him in criminal contempt. They said the standard applied to everyone:

  • Oversight Committee Chairman James Comer: A president enriching his family through public office is "abuse of the highest order."
  • Ways & Means Committee Chairman Jason Smith: "No one should be shielded from legal scrutiny based on their last name."
  • Rep. Paul Gosar (R-Ariz.), who chairs the Natural Resources Oversight & Investigations Subcommittee: "[T]he president should be held accountable for abusing public office for his family's financial gain."
  • Rep. Lauren Boebert (R-Colo.), Vice Chair of this Subcommittee, called the Bidens "the most corrupt political family in American history" and co-led impeachment articles against President Biden.

Today, those same Republicans voted to give Donald Trump Jr. the special treatment they swore no president's son would receive. They blocked a subpoena seeking his testimony on the same question they spent two years asking about Hunter Biden: whether a president used public office to enrich his family.

The facts in this case are stronger. The official government action is a $620 million DOD loan and $50 million in equity; the clear beneficiary is the President's son. Both are matters of public record. Chairman Comer said no one gets special treatment because of their last name. Today, the Trump name got exactly that. 

Corruption Breaks Supply Chains and Drives Up Costs for Americans

Critical minerals are essential to defense systems, energy infrastructure, and the supply chains that keep Americans’ costs stable. When federal contracts go to politically connected investors instead of qualified companies, those supply chains break down.

Research across 30 countries has documented how corruption in minerals contracting leads to litigation, shutdowns, and production delays lasting years. Companies that win contracts through political connections rather than technical merit frequently lack the expertise to produce at scale. The result is less supply, higher costs, and deeper dependence on China for the minerals that power American energy and national defense.

The Trump administration has waived competitive bidding, eliminated independent technical verification for taxpayer-funded mineral projects, and steered billions to companies with direct financial ties to the President's family and political donors. Democrats will continue pressing for answers.

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