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Issued
September 30, 2026
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Download official Senate Record PDFReturn to issue contextSUBMITTED RESOLUTIONS
SENATE RESOLUTION 929—EXPRESSING THE SENSE OF THE SENATE REGARDING
EQUITY STAKES HELD BY THE FEDERAL GOVERNMENT IN PRIVATE COMPANIES
Ms. ROSEN submitted the following resolution; which was referred to the Committee on Homeland Security and Governmental Affairs:
S. Res. 929
Whereas, since January 2025, Federal agencies have
announced the acquisition of equity or equity-like interests
in private companies through more than 35 transactions,
representing more than $27,000,000,000 in taxpayer funds;
Whereas, in August 2025, 1789 Capital, a venture capital
firm in which the son of President Trump is a partner,
invested in Vulcan Elements, a rare earth magnet
manufacturer, and, months later, the Department of Defense
announced a conditional commitment to lend $620,000,000 to
the company and the Federal Government agreed to take a
$50,000,000 equity stake in the company;
Whereas, in January 2026, the Department of Commerce
announced a tentative agreement to provide up to
$1,600,000,000 in funding and loans to USA Rare Earth and to
acquire approximately a 10 percent stake in the company, and,
on the same day, USA Rare Earth announced a $1,500,000,000
private offering of the stock of the company, for which the
lead placement agent was Cantor Fitzgerald, a firm formerly
led by the Secretary of Commerce and now led by the sons of
the Secretary of Commerce; and
Whereas equity interests acquired with taxpayer funds
belong to the people of the United States and must never be
used to enrich Federal officials, Members of Congress, or the
families of Federal officials or Members of Congress: Now,
therefore, be it
Resolved, That it is the sense of the Senate that the
President, the Vice President, members of the Cabinet,
Members of Congress, officials who participate in Federal
equity transactions, and the spouses, children, sons-in-law,
and daughters-in-law of any such individuals should be
prohibited from—
(1) profiting from any Federal acquisition of an equity
interest in a private company, including through ownership of
the company or through any fee, commission, or other
compensation connected to any such transaction; and
(2) purchasing or receiving any equity interest the Federal
Government sells or transfers, or receiving compensation
connected to any such sale or transfer.