Ranking Member Markey Renews Call for Tariff Refund Process, Demands Investigation into Wall Street Tariff Refund Schemes

RM Markey: "Large businesses can afford the massive legal fees associated with years-long cases...small businesses cannot."

Letter (PDF)

(Washington, March 4) - Ranking Member Edward J. Markey (D-Mass.) today sent a letter to Trump administration officials renewing his call for a tariff refund process and demanding an investigation into reports that Wall Street traders are taking advantage of Main Street by paying America's small businesses pennies on the dollar for tariff rebates in the absence of an official refund process. Ranking Member Markey sent the letter to U.S. Securities and Exchange Commission Chairman Paul Atkins, U.S. Customs and Border Protection Commissioner Rodney Scott, Small Business Administration Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Ambassador Jamieson Greer, Council of Economic Advisers Chair Stephen Miran, and Secretary of Homeland Security Kristi Noem.

Ranking Member Markey said, "Delaying the refunds owed is a prescription for more pain inflicted on U.S. companies and their customers…Large businesses, such as Federal Express, have already sued the federal government for refunds on tariff costs, but this approach is too time-consuming and cost-prohibitive for small businesses. We, as a nation, cannot afford our cost crisis to endlessly drag on."

Ranking Member Markey continued, "Predictably, where consumers and Main Street suffer, Wall Street sees a potential financial windfall. According to the Wall Street Journal, investment banks are offering businesses between 20 to 40 cents on the dollar to buy up tariff refund rights. Over time, small businesses will be disproportionately tempted to take Wall Street up on these offers. Large businesses can afford the massive legal fees associated with years-long cases before the Court of International Trade; small businesses cannot."

Ranking Member Markey concluded, "Main Street had no choice but to comply with President Trump's tariff scheme. It is unconscionable that, as soon as the Supreme Court ruled the tariffs unlawful, investment banks swooped in to exploit the Administration's foot-dragging in complying with the law. The Trump administration's dithering on tariff refunds is siphoning the hard-won earnings of American small businesses into Wall Street coffers while keeping prices for consumers elevated. This has to stop."

Ranking Member Markey has led the fight to deliver real relief for America's small businesses that are struggling because of Trump's reckless economic policies.

• Last week, Ranking Member Markey introduced the Tariff Refund Act of 2026 with Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) and Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.) to require full refunds of Trump's illegal tariffs after they were struck down by the Supreme Court.
• Last month, Ranking Member Markey applauded the Supreme Court's 6-3 decision to strike down Trump's illegal tariffs, held a press conference with Massachusetts small business owners, and called for immediate refunds for America's small businesses.
• Earlier in February, Ranking Member Markey released a report detailing how Trump's affordability crisis, including his devastating tariffs, are hurting Main Streets and working families across America.
• In December, Ranking Member Markey released new state-by-state data on total tariffs paid by small businesses from March to September 2025.
• In November, Ranking Member Markey sent a letter to Small Business Administration (SBA) Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamieson Greer, and Acting Chair of the Council of Economic Advisors (CEA) Pierre Yared to renew his call for an equitable tariff refund process for small businesses.
• Earlier in November, Ranking Member Markey held a press conference to highlight the voices of small business owners impacted by Trump's devastating tariffs, and to call on the Supreme Court to strike down the tariffs.
• Previously, Ranking Member Markey held a press conference to highlight the voices of small business owners impacted by Trump's tariffs. Ranking Member Markey introduced the Small Business RELIEF Act in September 2025, which exempts small businesses from the "Liberation Day" tariffs and requires the President to provide refunds to small businesses who have paid them.
• In August , Ranking Member Markey sent a letter to Small Business Administration (SBA) Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamieson Greer, and CEA Chair Stephen Miran, calling on their respective agencies to establish and publicize procedures for refunding tariffs to American businesses.
• In May, Ranking Member Markey first attempted to pass the Small Business Liberation Act, legislation that would exempt small businesses from the broad, reckless global tariffs imposed by the Trump administration. Ranking Member Markey returned to the Senate floor in an effort to pass the Small Business Liberation Act in August. Republicans blocked his legislation on the Senate floor on both occasions.