A group of Democratic US senators on Monday issued a new report outlining the unprecedented self-enrichment being carried out by President Donald Trump during his second term in office.
The report, called “The Cost of Corruption: How Trump Turns Power into Profit at Americans’ Expense,” accuses the president and his family of turning “the power of the presidency into eye-popping profits,” with Trump himself increasing his net worth by more than $2 billion since his return to the Oval Office last year.
The report highlights how Trump’s two eldest sons have invested in numerous technology start-ups that have subsequently received lavish contracts from the US Department of Defense.
According to a report published by The Washington Post last week, the Trump sons’ portfolio of tech firms has collectively generated “at least $3.2 billion in direct government business” and an “additional $3.1 billion in future contract options” since their initial investments.
The report also points to the massive windfall the Trump family has scored from World Liberty Financial, its cryptocurrency venture that is nearly half owned by a fund backed by the United Arab Emirates and that helped Trump pocket more than $1 billion in just a year.
While Trump and his family cash in, the report adds, the president and his administration have dismantled the Consumer Financial Protection Bureau, slashed spending on the Supplemental Nutritional Assistance Program, and given lavish tax cuts to the richest Americans.
Trump’s acceptance of a $400 million luxury jet from the royal family of Qatar also gets a mention, and the report notes that the president is using at least $1 billion in taxpayer money to renovate the plane with security upgrades.
The report also cites a number of Trump “vanity projects,” including his luxury White House ballroom and his French-style arch in Washington, DC, as wastes of money and resources.
“Trump is without question the most corrupt president in American history,” said Senate Minority Leader Chuck Schumer (D-NY) in announcing the report. “Trump has betrayed the American people by using our highest office not for the good of country, but to pad his own bank account, at the expense of working families."
The report is part of a broader initiative by Senate Democrats to hold the Trump White House accountable, which will include an anti-corruption working group composed of Schumer along with Sens. Sheldon Whitehouse (D-RI), Jeff Merkley (D-Ore.), Catherine Cortez Masto (D-Nev.), Alex Padilla (D-Calif,), and Andy Kim (D-NJ).
Merkley, in announcing his support for the initiative, said that “the Trump swamp of corruption is a mile deep and MEGA-wide.”
“Trump and his family use his office and official connections to rake in billions for themselves at every turn,” Merkley added. “Not only is this making life more expensive for hard-working Americans, it’s a threat to government ‘by and for the people.’”
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