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Elizabeth Warren (D-MA)
Elizabeth Warren
Democrat·Massachusetts

Warren, Lawmakers Slam White House After Reports of “Egregious Corruption” Involving Lucrative Pentagon Loan Gifted to Trump Jr.-Tied Company

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Home Newsroom Press Releases June 03, 2026 Warren, Lawmakers Slam White House After Reports of “Egregious Corruption” Involving Lucrative Pentagon Loan Gifted to Trump Jr.-Tied Company New reporting revealed White House interfered to secure DoD loan for Trump Jr.-linked Vulcan Elements “If this report is accurate, it reveals a staggering level of corruption and influence peddling that … enrich(ed) the President’s son at the expense of U.S. national security and taxpayer dollars.” Text of Letter (PDF) Washington, D.C. — U.S. Senators Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.) and Mazie Hirono (D-Hawaii), along with Representatives Jason Crow (D-Colo.) and Mike Levin (D-Calif.), pressed White House Chief of Staff Susie Wiles following reports that the White House interfered to deliver a lucrative Department of Defense (DoD) contract to Vulcan Elements, a key Trump Jr.-linked company. “If this report is accurate, it reveals a staggering level of corruption and influence peddling that superseded this process, enriching the President’s son at the expense of U.S. national security and taxpayer dollars,” wrote the lawmakers. After President Trump was elected to his second term, Donald Trump Jr., his son, joined venture capital firm 1789 Capital as a partner. Since then, 1789 Capital-backed companies have won hundreds of millions of dollars’ worth of contracts and loans from Trump’s DoD. New reports appear to indicate egregious corruption behind closed doors at the White House and Pentagon to influence the DoD’s approval of one of these loans. The most valuable DoD award to date is a $620 million loan to Vulcan Elements. The loan was worth twice Vulcan Elements’ entire valuation. After the award, “estimates of its valuation grew tenfold”— creating an immediate windfall for the President’s son. Reporting revealed that Vulcan’s approval for the loan came amid White House interference in the process. Specifically, “interviews and Defense Department records reviewed by ProPublica show that the request to loan hundreds of millions of dollars to the firm linked to Trump Jr. was made by Peter Navarro, a White House adviser to President Donald Trump and a friend of Trump Jr.’s,” and that Navarro’s prodding prompted staff to fast-track the approval. In addition to the $620 million loan, Vulcan landed $10 million in direct contracts with DoD and received a $50 million equity investment from the Department of Commerce ("Commerce"). “The American public – and service members that are in harm’s way – expect that the DoD contracting process is fair, unbiased, and competitive to ensure that only the best companies, providing only the best products, receive taxpayer dollars,” wrote the law

Source: https://www.warren.senate.gov/newsroom/press-releases/warren-lawmakers-slam-white-house-after-reports-of-egregious-corruption-involving-lucrative-pentagon-loan-gifted-to-trump-jr-tied-company
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