Trump Engages in $100M Bond Buying While in the White House

President Donald Trump has disclosed a sweeping round of investment activity since returning to office, reporting over $100 million in bond purchases through early August. The disclosures, filed with the Office of Government Ethics, cover 690 transactions made since his inauguration in January.

Unlike his predecessors, Trump did not divest or move his assets into a blind trust. His financial disclosure shows extensive investments in both corporate and municipal bonds, including debt issued by Qualcomm, Home Depot, T-Mobile, Meta Platforms, and numerous local governments, school districts, and utilities. Many of these sectors are directly affected by federal policies his administration oversees, ranging from education aid to infrastructure funding.

Municipal bonds, in particular, stand out. They provide tax-advantaged returns for high-income investors and are typically considered safe, income-generating holdings. Trump spread his purchases across schools, energy providers, transportation authorities, and state general obligation bonds. While not as volatile as equities, these investments could still benefit from federal decisions on funding, subsidies, or bailouts. For example, federal support for state budgets or education programs could indirectly strengthen the value of the bonds he holds.The disclosures also come as Trump continues to engage with business leaders affected by tariffs and regulatory shifts under his administration. While presidents are not legally required to divest assets that could present conflicts of interest, every president since the late 1970s has done so - until Trump.

Critics point out that because Trump retains direct control over policies that influence these issuers, his bond purchases raise questions about conflicts of interest. Supporters counter that municipal bonds finance essential infrastructure and local projects, and that such investments are far less speculative than stock trading. Either way, the disclosures underscore the unusual situation of a sitting president actively deploying capital into markets influenced by his administration.