Dexter Moves to Subpoena Donald Trump Jr. for $670 Million Taxpayer-Funded Deal

WASHINGTON, D.C. - Today, Congresswoman Maxine Dexter (OR-03), the top Democrat of the House Natural Resources Oversight and Investigations Subcommittee, forced a vote to subpoena Donald Trump Jr. to testify under oath about his financial stake in Vulcan Elements and how he potentially benefited from his father, President Trump, who funneled over $670 million in taxpayer dollars into the company. Vulcan Elements, a rare earth startup, received a $620 million Pentagon loan three months after Trump Jr.'s firm invested in the company. It got another $50 million deal when the federal government bought partial ownership in the company. Full Committee Ranking Member Jared Huffman (D-Calif.) backed the motion to subpoena.  

Republicans voted to block the subpoena, shielding the President's son from scrutiny about the largest loan the Pentagon's Office of Strategic Capital has ever issued. Every Republican who voted is now on the record refusing to apply the oversight standard they spent two years and millions of taxpayer dollars in their investigation of Hunter Biden. Republicans then immediately shut down their hearing to prevent debate.  

"For years, Republicans set a clear standard: when the President's family profits from their name and office, it demands investigation. Suddenly, that standard has vanished," said Rep. Dexter. "If there is nothing to hide, then why won't Donald Trump Jr. explain to this committee why, just months after becoming a partner, his firm's financial stake grew substantially following the single largest loan ever issued by the Pentagon's Office of Strategic Capital? This is the oligarchy on full display, and I'm committed to ending corruption. That is the work of the Oversight and Investigations Subcommittee."  

BACKGROUND:  

In August 2025, 1789 Capital, the venture capital firm where Donald Trump Jr. serves as a named partner, purchased an equity stake in Vulcan Elements as part of a $65 million fundraising round. Trump Jr. told the Financial Times he was "very involved in the strategic decisions regarding where to invest our resources" at the firm.  

Three months later, the Trump administration committed $620 million in federal loans and $50 million in equity to that same company, without competitive procurement and without the independent technical review required to verify a mineral project's viability before public money goes out the door. President Trump's executive order on minerals, EO 14241, had waived that requirement. The loan was worth more than twice Vulcan's entire valuation at the time.  

No public record exists of any conflict-of-interest review, recusal, or financial disclosure related to Trump Jr.'s stake. At least four companies in 1789 Capital's portfolio received federal contracts or awards from the Trump administration in 2025, totaling more than $735 million. The administration has not responded to a February 2 letter from Ranking Members Huffman, Garcia, and Heinrich demanding documents and a briefing on equity deals across the critical minerals program. Democrats forced today's vote because the administration and the Republicans in Congress have refused to seek answers. 

SPECIAL TREATMENT FOR THE PRESIDENT'S SON: 

House Republicans spent two years and millions of taxpayer dollars demanding accountability for a president's son profiting from his father's office. They subpoenaed Hunter Biden. They voted to hold him in criminal contempt. 

"The president's participation in enriching his family is, in a word, abuse of the highest order." - Chairman James Comer  

"[A president must be] held accountable for abusing public office for his family's financial gain." - Chairmen James Comer and Jim Jordan, joint statement  

"[The president should be] held accountable for abusing public office for his family's financial gain." - Subcommittee Chair Paul Gosar, September 2023  

Today, Republicans voted to give Donald Trump Jr. the special treatment they swore no president's son would receive. They blocked a subpoena seeking his testimony on the same question they spent two years asking about Hunter Biden: whether a president used public office to enrich his family.  

The facts in this case are stronger. The official government action is a $620 million DOD loan and $50 million in equity; the clear beneficiary is the President's son.