In a revelation that sheds light on the financial dynamics of former U.S. President Donald Trump’s tenure, businesses connected to the Republican leader amassed a substantial $7.8 million in foreign payments from 20 nations over his four years in the White House. These findings, unveiled by Democratic investigators from the U.S. House of Representatives Oversight Committee, are detailed in a comprehensive 156-page report released on Thursday.
The report contends that the disclosed payments represent only a fraction of the total foreign funds directed toward Trump and his family during his presidential term from 2017 to 2021. According to the committee, these countries indulged in lavish expenditures, particularly on Trump’s properties, personally enriching the then-President as he concurrently made foreign policy decisions with substantial consequences for the United States.
Among the contributing countries cited in the report are China, Saudi Arabia, Turkey, the Democratic Republic of Congo, and Malaysia.
Trump’s campaign has yet to respond to requests for comment on the matter.
Breaking away from conventional practices, Trump, a former businessman, chose not to divest from his businesses or establish a blind trust upon assuming office. Instead, he delegated management responsibilities to his adult sons.
The investigation into potential conflicts of interest and violations of the U.S. Constitution’s emoluments clause began shortly after Trump’s election in 2016. The probe initiated a protracted legal dispute, culminating in a settlement in 2022. At that point, Trump’s accounting firm commenced the production of requested documents.
With the shift in control to the Republicans in the House last year, the committee ceased its demand for Trump’s accounting firm to furnish documents, concluding the litigation in a U.S. District Court.
The report focuses on four properties, constituting less than 1% of the 558 corporate entities directly or indirectly owned by Trump during his presidency. Congressional investigators revealed that Trump’s accounting firm failed to provide documentation for at least 80% of his business entities.
This revelation surfaces as the 77-year-old Trump aims to reclaim the presidency in the 2024 elections, leading the Republican nomination race and poised for a potential rematch against President Joe Biden, 81.
In response to the report, Republican James Comer, the committee’s chairman, dismissed its findings, stating, “It’s beyond parody that Democrats continue their obsession with former President Trump.” Comer emphasized that Trump’s businesses are legitimate, distinguishing them from what he alleged as improper profiting by the Bidens.
House Republicans, concurrently, have initiated an impeachment inquiry against Biden, primarily focusing on allegations of improper gains by his son, Hunter. Republicans contend that Biden and his family benefited inappropriately from policy actions during Biden’s vice presidency from 2009 to 2017, and further claim interference by the Justice Department in an investigation into Hunter Biden’s taxes.
The White House has consistently denied any wrongdoing.
