Horsford & Sewell’s Call for Accountability Against Trump’s Potential Market Manipulation Joined By 131 Democrats

WASHINGTON, D.C. – Congressman Steven Horsford (NV-04) and Congresswoman Terri Sewell (AL-07), Ranking Member of the House Ways and Means Committee’s Subcommittee on Oversight, were joined by 131 Congressional Democrats in sending a letter today demanding accountability for the Trump Administration’s dramatic reversal of tariffs planned for 57 countries yesterday just hours after President Trump posted on social media that “THIS IS A GREAT TIME TO BUY!”

Trump’s decision to pause tariffs predictably led the U.S. stock market to rally significantly, raising the specter of market manipulation for anyone who invested in the market as a result of Trump’s message.

Notably, the pause came as his Trade Representative, Jamieson Greer, was in the midst of testimony to the House Ways & Means Committee in support of Trump’s tariffs. Greer had already spent four hours defending and promoting the tariffs when his staffer showed him Trump’s social media post reversing the policy. The moment of public humiliation laid bare that the president was not relying on his Trade Representative’s counsel or a trade strategy in making the erratic decision, and led to a fiery exchange with Rep. Horsford about the president’s motives. 

“We all saw incompetence on full display as Trade Representative Greer was publicly humiliated on Wednesday – the question is whether what we witnessed was illegal, too,” Rep. Horsford said. “Market manipulation is a felony. The facts as we know them are that Trump sent the market into a spiral with his announced tariffs on April 2; Trump posted on social media it was a good day to buy on April 9; Trump then paused his tariffs hours later, sending the markets into an historic rise; and the next day, news broke that Trump’s billionaire friends made at least $300 billion dollars as a result.  

“Nevadans and people across American aren’t falling for this, and neither are House Democrats,” Horsford continued. “Those profits came at the expense of working people and families who saw their 529 and 401k accounts evaporate – we will hold anyone accountable who broke the law to steal from the masses to give to the rich.

“A letter with 133 Congressional signatures does more than demand a response – it sends a message to those receiving it that accountability is coming – this is not going away” 

Horsford and Sewell’s letter, which is addressed to the President, the Office of the United States Trade Representative, the U.S. Department of Treasury, the U.S. Department of Commerce, and the Securities and Exchange Commission, requests key details within 15 days that would clarify if market manipulation was a factor, and provide insights into the planning involved in the policy reversal. Specifically, the letter requests: 

1. A timeline of deliberations regarding the tariffs;
2. Any documentation or correspondence shared with the White House or Executive Office of the President regarding the timing of the tariffs, and a list of who was informed about tariff plan changes;
3. Any communications between the USTR and financial institutions, private investors, or public relations personnel in the 72 hours before and after the April 9^th announcement;
4. A description of the role the Department of Commerce played in coordinating tariff policy;
5. A description of the role the Department of the Treasury played in the interagency process leading up to the April 9^th delay announcement;
6. Information about any securities purchased or sold by the President, Chair of the SEC, or any Cabinet Member between when reciprocal tariffs were announced on April 2^nd through April 10^th – including a description, purchase price, and/or sale price of each security.

The full letter is available here.

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