III
119th CONGRESS
2d Session
S. RES. 929
IN THE SENATE OF THE UNITED STATES
September 30, 2026
Ms. Rosen submitted the following resolution; which was referred to the Committee on Homeland Security and Governmental Affairs
RESOLUTION
Expressing the sense of the Senate regarding equity stakes held by the Federal Government in private companies.
Whereas, since January 2025, Federal agencies have announced the acquisition of equity or equity-like interests in private companies through more than 35 transactions, representing more than $27,000,000,000 in taxpayer funds;
Whereas, in August 2025, 1789 Capital, a venture capital firm in which the son of President Trump is a partner, invested in Vulcan Elements, a rare earth magnet manufacturer, and, months later, the Department of Defense announced a conditional commitment to lend $620,000,000 to the company and the Federal Government agreed to take a $50,000,000 equity stake in the company;
Whereas, in January 2026, the Department of Commerce announced a tentative agreement to provide up to $1,600,000,000 in funding and loans to USA Rare Earth and to acquire approximately a 10 percent stake in the company, and, on the same day, USA Rare Earth announced a $1,500,000,000 private offering of the stock of the company, for which the lead placement agent was Cantor Fitzgerald, a firm formerly led by the Secretary of Commerce and now led by the sons of the Secretary of Commerce; and
Whereas equity interests acquired with taxpayer funds belong to the people of the United States and must never be used to enrich Federal officials, Members of Congress, or the families of Federal officials or Members of Congress: Now, therefore, be it
That it is the sense of the Senate that the President, the Vice President, members of the Cabinet, Members of Congress, officials who participate in Federal equity transactions, and the spouses, children, sons-in-law, and daughters-in-law of any such individuals should be prohibited from—
profiting from any Federal acquisition of an equity interest in a private company, including through ownership of the company or through any fee, commission, or other compensation connected to any such transaction; and
purchasing or receiving any equity interest the Federal Government sells or transfers, or receiving compensation connected to any such sale or transfer.