Rep. Mike Levin Demands Investigation into Shady Pentagon Loan Given to Company Linked to Trump’s Son

Skip to content I Want to Hear from You About Your Health Care Concerns. NEW: Rep. Levin Announces New District Data Map to Showcase Federal Project Funding. Close About Services Federal Project Funding Map Federal Policy Impact Resources Clean Energy Tax Credits Help With A Federal Agency Constituent Success Stories Grants Applicants Commendations and Greetings Tours and Tickets Military Academy Nominations Internships Flags Surplus Books Program Art Competition Constituent of the Month Congressional App Challenge Vietnam War 50th Commemoration Program Member-Designated Transportation Projects Community Project Funding Requests The Congressional Award News Press Releases In The News Op-Eds Contact Email Me Newsletter Subscription Offices Internships Request a Meeting with Rep. Levin Website Problem I Want To Hear From You Español Close Search Site SEARCH About Services Federal Project Funding Map Federal Policy Impact Resources Clean Energy Tax Credits Help With A Federal Agency Constituent Success Stories Grants Applicants Commendations and Greetings Tours and Tickets Military Academy Nominations Internships Flags Surplus Books Program Art Competition Constituent of the Month Congressional App Challenge Vietnam War 50th Commemoration Program Member-Designated Transportation Projects Community Project Funding Requests The Congressional Award News Press Releases In The News Op-Eds Contact Email Me Newsletter Subscription Offices Internships Request a Meeting with Rep. Levin Website Problem I Want To Hear From You MENU Español Search Instagram Icon Twitter Icon Facebook Icon Youtube Icon Bluesky Icon Home News Press Releases June 24, 2026 Rep. Mike Levin Demands Investigation into Shady Pentagon Loan Given to Company Linked to Trump’s Son Watch Rep. Levin’s Remarks Here Washington, D.C.— Today, during a House Appropriations Committee markup, Rep. Mike Levin (CA-49) introduced an amendment to require the Government Accountability Office (GAO) to investigate a $620 million loan awarded to Vulcan Elements. The amendment was rejected by Republicans on the Appropriations Committee, except for Rep. Dan Newhouse (WA-04) who supported it. Republicans gave no substantive reasons for rejecting the amendment. In November 2025, the Department of Defense’s (DoD) Office of Strategic Capital (OSC) awarded a $620 million loan to Vulcan Elements. Prior to the award, Donald Trump Jr.’s venture capital firm bought a stake in Vulcan Elements, and after Vulcan received the award, the company’s value ballooned from $200 million to $2 billion. According to a ProPublica investigation , the direction to give Vulcan the loan came directly from the White House. Of all the companies DoD was considering for this type of funding at the time, Vulcan Elements was the only one with the backing of the White House. During debate on the amendment, Appropriations Defense Subcommittee Chair Ken Calvert (CA-41) was unable to offer substantive reasons for rejecting the amendment. He offered the only remarks from the Republican side of the Committee stating, “I thank the gentleman for his amendment. This amendment directs an investigation into the Office of Strategic Capital to assess whether conflicts of interest drive decisions on financing. The Office of Strategic Capital is a transformative tool. Without them, we would not be able to strengthen our national industrial base. I believe it's doing a good job, and I was happy to help create the National Strategic Capital account. I oppose this amendment and I yield back.” Rep. Levin’s amendment would have initiated a GAO investigation into how the Vulcan loan was pursued and finalized. It would have also assessed OSC’s procedures for preventing any conflicts of interest and ensuring open and competitive access to all interested parties. Read Rep. Levin’s remarks as prepared for delivery below: When the federal government commits hundreds of millions of dollars of the people’s money, the people have a right to know how that decision was made. That is the reason the Government Accountability Office exists, and it is why this committee, under chairs of both parties, has asked GAO countless times to review how dollars are spent. This amendment applies that principle to one transaction, a single loan, to Vulcan Elements. And I want to explain why this particular loan, more than any other loan the Office of Strategic Capital – or OSC – has made, deserves a closer look. Let me start by saying I support the mission of OSC. Reducing our dependence on China for rare earth minerals is a genuine national security priority, and I expect there is no disagreement in this room about that. That is exactly why I want this program to be beyond reproach. If we believe in it, we should want its decisions to be clean, competitive, and defensible, able to withstand scrutiny rather than avoid it. So let me walk through what makes this particular loan an outlier. First, the size. At $620 million dollars, this is one of the