Trump pours hundreds of millions of dollars into US municipal bonds

The portfolio of municipal bonds of US President Donald Trump is estimated at $ 300 million to $ 1 billion, CNBC reported, citing financial statements. Bond issuers include cities, hospitals, schools, and utilities and coal-fired power plants.

The White House and Donald Trump's main company, the Trump Organization, said the president's investments are managed by independent financial institutions, and Donald Trump and his family cannot direct or influence transactions. CNBC found no evidence that Trump directed the deals or that his financial interests influenced the administration's policies.

According to financial statements, at the end of 2025, Donald Trump had 807 positions on municipal bonds in the amount of $ 240.7 million to $ 797.6 million. Since then, it has reported at least 243 purchases in 2026, worth between $68.2 million and $233.8 million. Among them are 48 new purchases, which Trump announced on September 22 in his latest financial report for July. The portfolio totals more than 1,000 positions, according to CNBC. It is impossible to determine the exact present value because federal returns indicate broad ranges and do not take into account subsequent changes in market value.

In addition, unlike stocks, transactions with which are regularly reported, municipal bonds disclose purchases but not sales.

"The scale of [Trump's] municipal bond investments to my knowledge is unprecedented," said Justin Marlowe, director of the University of Chicago's Center for Municipal Finance. According to him, even $100 million is a large sum for a private investor, and a portfolio of about $1 billion more like an institutional fund.

It is unclear why so many municipal bonds were purchased from Trump’s accounts and what role specific issuers play in the overall investment strategy. The White House and the Trump Organization did not explain to CNBC the reasons for the purchases.

But bond purchases have coincided with a historic boom in the municipal debt market, with states, cities and government agencies actively borrowing to finance airports, schools, hospitals, utilities and other projects.

“Given the uncertainty surrounding Iran and artificial intelligence, investors are looking for ways to mitigate risk, and municipal bonds offer a degree of confidence,” said Tom Kozlick, head of public policy and municipal strategy at HilltopSecurities. Higher interest rates have also made these bonds more attractive, especially to wealthy investors, as interest income on most municipal bonds is exempt from federal taxes.

In addition to bonds from the account of the President of the United States also conducted transactions with shares. The latest financial report says that during July, Trump’s portfolio made transactions with shares of technology companies, defense enterprises, exchange-traded investment funds. In total, Donald Trump disclosed information about 1,156 securities transactions made on his behalf in July, totaling approximately $79 million to $270 million, CNBC estimated. The largest deals were sales of shares of Microsoft and Amazon in the amount of up to $ 25 million. The total amount of purchases for the month was at least $43.6 million, and the amount of sales was at least $35.6 million.

Trump also traded shares of companies led by Elon Musk. He bought shares of the American aerospace company SpaceX on July 10 in the amount of $ 15 thousand to $ 50 thousand and sold some of the securities in the amount of up to $ 15 thousand on July 17. Elon Musk’s SpaceX went public on June 12 in the largest IPO in history. The US president has also traded Tesla shares on numerous occasions.

In the financial statements of the President for 2025, more than 21,000 securities transactions were disclosed in eight accounts with assets worth at least $858 million. By comparison, in the first year of his presidency, in 2017, only 86 stock transactions were recorded.

According to Forbes on September 15, the state of US President Donald Trump was about $ 7 billion. It increased by about $ 2.7 billion compared to the level observed after Trump’s victory in the US presidential election in 2024, including thanks to cryptocurrency projects and foreign transactions. However, since the beginning of 2026, Trump’s fortune has decreased by $ 300 million.