More than a dozen Democratic lawmakers asked the Office of Government Ethics on Thursday to open an investigation into Commerce Secretary Howard Lutnick’s promotion of Tesla stock.
Rep. Maxine Waters (D-Calif.), Sen. Elizabeth Warren (D-Mass.) and 13 other Democrats urged Doug Collins, acting director of the ethics office, to investigate whether Lutnick had violated federal ethics law.
“The law places ethical requirements on public officials to maintain the integrity of the federal government and to ensure that the American people can trust people in positions of power to act in the public interest,” the lawmakers wrote.
“Mr. Lutnick’s actions demonstrate, at the very least, a flagrant disregard for the spirit of these standards, and appear to be a violation of their letter,” they added.
The Commerce secretary encouraged Americans to buy Tesla’s struggling stock during an appearance on Fox News’s “Jesse Watters Primetime” earlier this month.
“I think, if you want to learn something on this show tonight: Buy Tesla,” Lutnick said. “It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again.”
Tesla’s stock has plummeted in recent months as CEO Elon Musk has taken on a prominent role in the Trump administration. Musk is leading the administration’s controversial Department of Government Efficiency (DOGE), as it seeks to slash government spending and the federal workforce.
The Democratic lawmakers emphasized that Lutnick is barred from using his position to endorse any product, service, or enterprise, as well as “his own private gain or that of his relatives and friends.”
Cantor Fitzgerald, where Lutnick previously served as CEO and where his sons now hold top jobs, has a stake worth several hundred million dollars in Tesla, the lawmakers noted.
They asked the Office of Government Ethics to provide an update on Lutnick’s divestment from Cantor Fitzgerald and details about whether the Commerce secretary has received a waiver to “work on particular matters affecting Cantor Fitzgerald’s financial interests” by April 11.
President Trump and his allies have rallied around Tesla in recent weeks, as Musk’s company has struggled. Trump has vowed to buy a Tesla and tested out several models in front of the White House.
Attorney General Pam Bondi has also promised a tough crackdown on those targeting Tesla cars, dealerships and charging stations with violent demonstrations, labelling the attacks as “domestic terrorism.”