Democrats sent letters to five federal agencies demanding they preserve records about Trump family mineral deals. The senators want documentation from Commerce, Defense, Energy, Interior, and the Export-Import Bank. They're concerned about conflicts of interest involving Howard Lutnick, who runs the Commerce Department while his company Cantor Fitzgerald maintains business interests in critical minerals.
This is what passes for oversight now. Writing letters that ask bureaucrats to please not delete their emails. The bar has dropped so low it's underground, which is fitting given we're talking about mineral extraction.
Critical minerals include lithium, cobalt, and rare earth elements. They're called critical because China controls most of the supply and we need them for batteries, missiles, and whatever the f*ck else keeps this economy pretending to function. The Trump and Lutnick families allegedly have financial ties to deals involving these materials. The senators think maybe someone should write that down before the files accidentally fall into a shredder.
Retail traders are currently trying to figure out which penny stock mining company in Nevada will benefit from this. They're scanning press releases for the word "lithium" like it's a treasure map. It is not a treasure map. It's a word.
The Export-Import Bank made the list because apparently it finances some of these deals. Most Americans don't know what the Export-Import Bank does. Most senators don't know what the Export-Import Bank does. It exists to guarantee loans for exports, which means taxpayers subsidize corporations selling stuff overseas. Now those corporations might include ones owned by the family of the guy appointing the people who run the agencies that approve the subsidies.
The senators will receive polite responses confirming that yes, records are being preserved per standard protocols. Nothing will happen. The deals will proceed. Your portfolio will remain unaffected because you don't own critical mineral futures, you own three shares of a cobalt ETF you bought at the top.
Photo by Markus Winkler on Unsplash
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