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Donald Trump Jr.’s venture capital firm punched back Tuesday at suspicions cast by a key congressional Democrat about potential “insider political influence,” likely foreshadowing the political showdowns in the U.S. House if control of the chamber flips in the November elections.
In a letter shared with CBS News, the legal counsel for the president’s eldest son’s firm, 1789 Capital, rejected Rep. Jamie Raskin’s characterizations of the firm and criticized his “spaghetti-against-the-wall approach.” The firm did not provide the materials requested by Raskin.
“1789 Capital welcomes legitimate congressional oversight, but it has no intention of being held hostage to political gamesmanship in which assertions are made publicly and broad demands for confidential business records follow in the hope that those records will supply the factual basis that was missing when the assertions were made,” lawyers Alexander J. Merton and William A Burck said in the letter sent to Raskin’s office.
Raskin, the top Democrat on the House Judiciary Committee, launched what he called an investigation last month into 1789 Capital, alleging that it bought stakes in some companies shortly before they received federal government funding or favorable policy decisions. News reports have highlighted the apparent Midas touch that 1789 Capital developed when Trump Jr. became a partner shortly after his father’s second election to the Oval Office.
The Democrat cited the online prediction market Polymarket, electronic cigarette company Juul, defense technology contractor Anduril Industries and a small rare-earth company called Vulcan.
As part of the investigation, Raskin sought records related to its “almost clairvoyant” business moves and its communications with the Trump administration. But the Democrats don’t have subpoena power unless they win majority support in the midterms.
Raskin had sought a list of companies in Trump Jr.’s investment firm’s portfolio, due diligence materials for its investments and preservation of any conversations with members of the administration, including messages sent via encrypted apps.
While Trump Jr.’s investment firm shared none of that, its lawyer noted the rare-earth company had been awarded federal business dating to 2024, before the financing round in which 1789 Capital participated. The lawyer called 1789 Capital “one of many institutional investors” in the company.
Raskin made “unsubstantiated and emotional aspersions” about 1789 Capital, “repeatedly conflates separate entities, mischaracterizes transactions, and, in several instances, appears fundamentally at odds with the very sources it cites,” the response letter said.
Emily Stellakis, a Raskin staffer, said on Wednesday that “[w]e’d be glad to comment on 1789 Capital’s blustering and evasive response as soon as they actually send it to us.”
The letter was sent on Tuesday, one day before the Republicans’ first-of-its-kind midterm convention in Texas is set to begin. Trump Jr. was scheduled to be in Dallas on Thursday for the event.
President Trump is also set to appear and deliver a keynote address on Wednesday.
House Democrats have sent a litany of letters in recent months demanding information from government officials, Trump family members and firms that have done business with either.
The Trump administration and private companies aren’t obligated to respond, but the demands could signal that Democrats are planning to conduct aggressive oversight investigations if they win control of the House in the midterms — which would give them the power to issue subpoenas.
