Warren Questions Agency Heads Following Reports of Trump Family Ties to a $2 Billion Federal Assistance Package for Kazakhstan Mining Deal
Ranking Member renews calls for EXIM Chairman Jovanovic to answer key questions about conflicts of interest and the Bank’s operations and policies as Congress works to reauthorize EXIM
Text of Letter to Agency Heads (PDF) | Text of Letter to Chairman Jovanic (PDF)
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Secretary of Commerce Howard Lutnick, Secretary of Defense Pete Hegseth, Export-Import Bank (EXIM) President and Chairman John Jovanovic, and U.S. International Development Finance CEO Ben Black requesting information regarding potential entanglements between the Trump Administration and Trump family business ventures, following reports that a Trump family-linked firm agreed to merge with a critical minerals group with significant mining rights in Kazakhstan. This reported deal raises significant concerns about what steps these agencies are taking to identify or assess any potential conflicts of interest arising from the Trump family’s financial stake in a company that potentially stands to benefit from federal funding.
According to these reports, EXIM would potentially provide a significant portion, $900 million, of an estimated $2 billion in federal financing for this deal, raising even more questions about the Bank’s plans to protect federal funds from conflicts of interest. Ranking Member renewed her call for Chairman Jovanovic to revise and resubmit his questions for the record, including questions on the EXIM’s plans to protect federal funds from conflicts of interest, as the Committee works on reauthorizing the Bank’s charter this year.
“Like many of my colleagues on both sides of the aisle, I strongly support EXIM and its mission, but as the Banking Committee and Congress work to reauthorize EXIM’s charter this year, we must ensure sufficient safeguards have been established to ensure the Bank and federal funds are protected from transactions involving risks from corruption or conflicts of interest,” wrote the Ranking Member.
In the letter, Ranking Member Warren outlined the Trump family’s reported interest in the mining venture in Kazakhstan: “According to recent reporting, on September 22, 2025, the President of Kazakhstan told President Trump that he planned to grant lucrative tungsten mining rights to an American company. . . . President Trump’s sons reportedly secured a sizable investment in the mining operation just days before the mining deal was announced,” wrote the Ranking Member. “By November 6, 2025, President Trump and the President of Kazakhstan announced the mining deal . . . which [the company] described as ‘an agreement to develop the largest known undeveloped tungsten resource in the world.’”
The Ranking Member continued: “The Trump Administration also sought to provide direct financial support from taxpayer funds. Specifically, the Export-Import Bank of the United States (EXIM) issued a letter of interest (LOI) to lend up to $900 million to the project, signaling the Bank’s willingness to consider an application for financing.” Entities tied to the Trump family and investing in the project also reportedly sought support from the U.S. International Development Finance Corporation and the Department of Defense. “In total, according to the recent reporting,” wrote the Ranking Member, “the newly formed Kaz Resources Inc. is seeking nearly $2 billion in total federal government support. … Congress and the public deserve answers about whether the White House is rigging potential federal financing decisions in order to benefit the President’s family.”
The Ranking Member also wrote separately to Chairman Jovanovic about his continued failure to respond to key questions originally posed in March 2026 about a range of EXIM issues, including potential corruption and conflicts of interest. “More than three weeks have passed and EXIM has yet to provide revised responses to my questions, despite several discussions amongst EXIM and my staff on the Committee raising these concerns… It is critical that you provide transparency into EXIM, its operations, and the policies of the Bank under your leadership.”
The Ranking Member asked Chairman Jovanovic to revise his responses to her questions for the record by July 10, 2026. She asked that all of the agency heads respond to specific questions about conflicts of interest by July 21, 2026.
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