U.S. Sen. Elizabeth Warren of Massachusetts on Saturday spotlighted financial disclosure data showing that President Donald Trump or his money managers executed more securities trades than every member of Congress combined since he returned to office.
In a post on X, Warren wrote: “The President vs. every member of Congress COMBINED. Guess who made more personal financial trades? Donald Trump — with 28,000+ trades. Stock trading by top government officials should be illegal—no owning, buying, or selling stocks.” She linked to a Bloomberg analysis and included a short video.
The Bloomberg review of required Office of Government Ethics filings found that Trump or his managers made nearly 28,700 trades between his second inauguration on Jan. 20, 2025, and June 30, 2026. Over the same period, all members of the House and Senate together reported roughly 22,200 similar transactions. That equates to an average of about 80 trades per market day for the president’s accounts.
Trump is the only modern president to disclose active trading in individual stocks at this scale. Former presidents Barack Obama and Joe Biden largely held mutual funds, Treasuries, and other broad instruments rather than directing or disclosing large volumes of individual equity trades. Earlier Trump disclosures from his first term showed mostly real-estate and privately held interests; the second-term filings list thousands of holdings in stocks, bonds, and other securities across multiple accounts.
The President vs. every member of Congress COMBINED.
Guess who made more personal financial trades?
Donald Trump — with 28,000+ trades.
Stock trading by top government officials should be illegal—no owning, buying, or selling stocks. https://t.co/zH7gQ6P5jI
— Elizabeth Warren (@SenWarren) October 10, 2026
The White House has repeatedly stated that the president’s portfolio is held in fully discretionary accounts managed by independent third-party financial institutions. Spokesman Davis Ingle has said the holdings use computer-based model portfolios that replicate indexes such as the Schwab 1000, and that “neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold.” Similar statements have come from the Trump Organization, which has described the arrangements as designed to separate the president from day-to-day investment decisions.
Critics note that the structure is not a traditional blind trust in which the official has no knowledge of holdings. Trump signs the periodic disclosure forms that list the trades, and the accounts are not sealed from his awareness of the overall portfolio. Ethics experts have pointed to the volume of activity, the president’s ability to influence entire sectors through policy or public statements, and specific timing questions raised in media reviews of certain purchases and subsequent public comments or government actions involving companies in which the accounts held positions.
Warren and other Democrats have called for a broader ban that would cover the president, vice president, and members of Congress, prohibiting ownership, purchases, and sales of individual stocks. Public polling has shown strong bipartisan support for restrictions on stock trading by elected officials. An Economist/YouGov survey earlier this year found roughly three-quarters of respondents saying members of Congress and other elected officials should not be allowed to trade stocks.
Congressional action on the issue remains stalled. The House passed the Stop Insider Trading Act in July; the measure would bar members of Congress, their spouses, and dependent children from purchasing publicly traded stocks while allowing them to keep existing holdings under new notice requirements. It does not restrict the president or vice president. The Senate blocked a motion to proceed on a 53-47 vote on Sept. 30, with every Democrat, including Warren, voting against advancement. Democrats described the bill as insufficient because it does not impose a full ban and because it was paired with unrelated voter-identification provisions they opposed.
Republicans have argued the House-passed measure represents meaningful progress and have accused Democrats of blocking reform for political reasons ahead of the midterms. The last major update to congressional trading rules was the Stop Trading on Congressional Knowledge Act of 2012, which requires disclosure but has drawn criticism for light enforcement penalties.
Warren’s latest post continues her long-running focus on conflicts of interest and financial transparency for public officials. The disclosures themselves remain public, and further periodic reports covering more recent months continue to show elevated trading activity by the president’s accounts relative to historical presidential norms.