Top House Oversight Democrat seeks Kushner investment answers
Goldlaner.com – Top House Oversight Democrat seeks answers from Jared Kushner’s investment firm about its business activity in the Middle East and its stake in an Israeli financial company with investments tied to defense-related businesses.
Rep. Robert Garcia, the leading Democrat on the House Oversight Committee, sent a letter to Affinity Partners, Kushner’s private equity firm. Garcia questioned whether Kushner’s financial interests could conflict with his role as a volunteer Middle East peace envoy for President Donald Trump.
The California congressman said committee Democrats are reviewing potential opportunities for Trump and his family to benefit from political influence. His inquiry asks whether overseas business gains connected to Kushner could affect US security interests.
“I request detailed information about your business dealings in the Middle East to understand whether your significant financial gains have come at the cost of Americans’ safety and security,” Garcia wrote.
Affinity Partners’ Phoenix Financial stake
The questions center on Affinity Partners’ investment in Phoenix Financial, a Tel Aviv-based financial services company. Affinity increased its ownership stake in Phoenix last year, shortly before Trump returned to the White House. Kushner later called Phoenix Affinity’s “best investment” in September 2025.
Israeli financial records show Phoenix invested hundreds of millions of dollars in Elbit Systems, Israel’s largest arms manufacturer. Phoenix also held investments in at least eight other companies supplying equipment used by the Israeli military, including businesses connected to drones, warships and demolition machinery.
The disclosed records cover only part of Phoenix’s portfolio and do not include retirement-account activity. Still, they show exposure to businesses whose shares gained value last year, with several citing the war in Gaza as a factor increasing demand for their products.
Affinity does not directly own shares in the companies identified through Phoenix’s portfolio. But as Phoenix’s largest investor, Affinity can benefit when the company’s investments and broader operations produce profits.
Dispute over potential conflicts
No evidence has emerged that Kushner’s diplomatic work directly influenced the investments under review. Garcia’s concern is whether someone involved in regional diplomacy should maintain financial interests that may benefit from military-related activity in the same region.
Top House Oversight Democrat seeks information as Democrats consider the oversight priorities they could pursue if they regain control of the House after the midterm elections. Trump family business ventures at home and abroad are expected to remain a major focus.
An attorney for Kushner rejected Garcia’s criticism, arguing that the congressman also has indirect exposure to Phoenix Financial and Elbit Systems through California public pension plans.
“Jared has no role in deciding what Phoenix buys or sells,” the attorney said, adding that Garcia should investigate his own indirect holdings if those interests are relevant.
Garcia’s financial disclosures list pension plans administered through the California Public Employees’ Retirement System and the California State Teachers Retirement System. Both funds hold stock in Phoenix Financial or Elbit Systems. Garcia’s office said he cannot direct the funds’ investment decisions or opt out of particular holdings.
Frequently asked questions
What is Garcia asking Affinity Partners to provide? He is seeking detailed information about the firm’s Middle East business dealings and whether its financial activity raises national-security or conflict-of-interest concerns.
Does Affinity Partners directly own the defense-related companies? No. The identified exposure comes through Phoenix Financial’s portfolio, while Affinity is Phoenix’s largest investor.
Is there evidence that Kushner influenced the investments through diplomacy? No evidence has emerged that his diplomatic work directly influenced the investments under review.