Trump disclosed municipal bonds worth up to $1 billion — CNBC
US President Donald Trump disclosed more than 1,000 municipal bond positions valued at between $300 million and $1 billion. Some issuers of these debt securities depend on decisions by the federal government led by Trump, CNBC reports.
According to the outlet’s calculations based on financial disclosures, at the end of 2025 Trump held 807 municipal bond positions worth $240.7 million to $797.6 million. In 2026, he disclosed at least 243 purchases worth $68.2 million to $233.8 million. Federal disclosures contain broad ranges for asset values, making it impossible to determine the portfolio’s exact current value.
Bonds and administration decisions
The portfolio includes bonds linked to three coal-fired power plants that received relief from environmental requirements. In February 2025, Trump’s accounts purchased bonds linked to Georgia Power’s Plant Bowen for $50,001–$100,000. Fifty-seven days later, Trump signed a proclamation exempting dozens of coal-fired power plants, including all four generating units at Plant Bowen, from stricter EPA limits on toxic air pollution for two years.
After that, Trump’s accounts purchased up to $200,000 in debt linked to Plant Scherer in Georgia and the James M. Barry Plant in Alabama. The EPA subsequently revoked the relevant stricter standards in February.
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Also, after Trump’s July 2025 executive order on accelerating construction and permitting for data centers and the energy infrastructure required for them, his accounts began buying Omaha Public Power District bonds. Securities worth $750,002–$1.5 million were purchased in November and December. S&P Global Ratings said data centers are expected to account for the bulk of this provider’s electricity-demand growth over the next three years.
White House position
CNBC found no evidence that Trump or the managers of his investment accounts traded with advance knowledge of administration decisions, that his financial interests directly influenced policy, or that he directed individual transactions.
The White House and the Trump Organization said the president’s assets are held in discretionary accounts managed by independent financial institutions. White House spokesperson Davis Ingle said neither Trump nor members of his family can direct, influence, or provide instructions regarding the portfolio’s investments or the timing of securities purchases and sales.
The assets also include 72 positions in bonds linked to hospitals and healthcare systems, worth $24.2 million to $76.3 million as of the end of 2025. Many such institutions depend on Medicaid funding, which, according to KFF estimates, could decline by about $900 billion over a decade under the tax and budget package adopted in 2025.
