WASHINGTON D.C. March 25, 2026 – U.S. Rep. Maxine Dexter (D-Ore.), the top Democrat on the House Natural Resources Subcommittee on Oversight and Investigations, announced Tuesday that she has motioned to subpoena Donald Trump Jr. regarding what she described as the funneling of approximately $670 million in taxpayer dollars to Vulcan Elements, a critical minerals startup in which Trump Jr. holds a financial interest through his venture capital firm.
In a post on X (formerly Twitter), Dexter stated: “BREAKING: I just motioned to subpoena Don Trump Jr. for funneling $670 million in taxpayer dollars to a critical minerals company he has financial stake in. Republicans left the hearing room.” The post included a photo of the congressional hearing room where the motion was reportedly made during a subcommittee session focused on critical minerals supply chains.
The motion stems from a series of government-backed deals awarded to Vulcan Elements, a U.S.-based company developing rare-earth magnets essential for defense technologies, electric vehicles, and other high-tech applications aimed at reducing reliance on China.
Timeline of Funding :
– In August 2025, Vulcan closed a $65 million Series A funding round that included investment from 1789 Capital, a venture capital firm where Donald Trump Jr. serves as a partner. At the time, the company was valued at roughly $200 million.
– In November 2025, Vulcan announced a major $1.4 billion partnership with the U.S. government and ReElement Technologies to build a fully domestic rare-earth magnet supply chain. This included a record $620 million conditional loan from the Department of Defense’s Office of Strategic Capital (the largest ever issued by the office) and $50 million in incentives from the Department of Commerce under the CHIPS and Science Act. The government also received equity stakes or warrants in the company.
Critics, including Democratic lawmakers, have raised concerns about the appearance of a conflict of interest given the timing of 1789 Capital’s investment and the subsequent federal funding, which reportedly boosted Vulcan’s valuation toward $2 billion.
Vulcan Elements, 1789 Capital, and Donald Trump Jr. have previously denied any improper involvement, stating that Trump Jr. is a passive minority investor with no role in government dealings. Company officials have emphasized that the deals support national security by securing domestic production of strategic materials.
According to Dexter’s post and accounts from the hearing, Republican members left the room when the subpoena motion was introduced. No immediate vote or further action on the subpoena was detailed in public statements.
This development comes amid ongoing congressional oversight of critical minerals policy under the Trump administration. Rep. Dexter has previously led Democratic efforts to investigate potential ethics issues involving Trump administration officials and public lands or mining projects.
Life News Agency will continue to monitor the subcommittee’s proceedings and any response from the Trump family or administration. As of this reporting, neither the House Natural Resources Committee nor representatives for Donald Trump Jr. have issued official comments on the subpoena motion.
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