WASHINGTON — Sen. Cory Booker said Sunday that Congress should hold hearings and defended Democratic lawmakers’ calls for investigations into any possibility of insider trading after President Donald Trump encouraged people to buy stocks before reversing his tariff policy last week.
“There is enough of an offense here, there’s enough smoke here that should demand congressional hearings,” the New Jersey Democrat said on NBC News’ “Meet the Press.”
Democrats began questioning whether anyone traded improperly after Trump said on social media that “this is a great time to buy” Wednesday morning when stocks were slumping after the president’s tariff rollout and then, just hours later, announced that most of the steep tariffs would be temporarily reduced, sending the stock market shooting up.
When asked whether Democrats had any evidence of anyone profiting off of Trump’s announcement, Booker initially dodged the question and criticized the president’s administration, emphasizing that Congress is responsible for oversight.
Asked a second time for evidence, Booker argued for hearings, adding that “these are real, legitimate, justifiable questions.”
“Not to have hearings, not to do any kind of oversight undermines the faith we have in our government, undermines the trust we need in our nation right now,” Booker said.
While the timing of Trump’s comment and later action has drawn scrutiny from critics, Democrats have not produced evidence to support their allegations that Trump or his advisers or allies acted on insider information in making trades.
Last week, a group of 19 House Democrats sent a letter to the head of the Securities and Exchange Commission requesting an “immediate investigation into possible insider trading and market manipulation” in the days and hours leading up to the president’s reversal on tariffs. Democratic senators Adam Schiff of California and Ruben Gallego of Arizona also sought answers from the White House and the U.S. trade representative on their concerns about any illegal actions related to Trump’s tariff moves.
White House spokesperson Kush Desai has denied that Trump was trying to manipulate the market.
“It is the responsibility of the President of the United States to reassure the markets and Americans about their economic security in the face of nonstop media fearmongering,” Desai said in a statement last week. “Democrats railed against China’s cheating for decades, and now they’re playing partisan games instead of celebrating President Trump’s decisive action yesterday to finally corner China.”
Later in the interview, Booker didn’t rule out a potential run for president in 2028 when asked if he was considering one. His record-breaking House floor speech prompted speculation about his presidential ambitions. He previously ran for president in 2020.
“I’m focused on today and my re-election in ’26,” Booker said. “I’ve already announced to the people of New Jersey. I’m hoping they’ll allow me to be their senator for another six years. And let’s be clear, I’m proud of the work that we’ve done over the last six years.”
Rebecca Shabad contributed.
