Republicans on the House Natural Resources Oversight and Investigations Subcommittee reportedly blocked a Democratic motion to subpoena Donald Trump Jr. for testimony about his firm's stake in Vulcan Elements and a $620 million Pentagon loan to the company.
Democrats suggested the subpoena was necessary to examine whether President Donald Trump's administration potentially steered public financing to a company backed by his son, drawing comparisons to prior Republican-led probes of Hunter Biden, the son of former President Joe Biden.
The dispute centers on the Defense Department's Office of Strategic Capital issuing what Democrats called its largest-ever loan to Vulcan Elements, a rare earth magnet maker backed by 1789 Capital, where Trump Jr. is a partner.
Newsweek reached out to an attorney for 1789 Capital, Vulcan Elements, Trump Jr. via the Trump Foundation, and the White House for comment on Thursday.
Representative Maxine Dexter of Oregon, the top Democrat on the subcommittee, forced a vote to subpoena Trump Jr. to testify under oath about his financial interest in Vulcan Elements and any benefit from federal actions, but Republicans voted to block the move, according to a press release from Dexter's office.
Dexter also sought a subpoena for Patrick Witt of the Pentagon's Office of Strategic Capital. The committee told CNBC that Dexter mistakenly named Ronnie Pruitt, the CEO of Vulcan Materials. She had meant to subpoena John Maslin, the CEO of Vulcan Elements, whose company has backing from Trump Jr., the outlet said.
Republican Chair Paul Gosar of Arizona recessed the hearing after the motion, then, when the panel reconvened, moved to table the subpoena, which was tabled in a 5-2 vote before Republican Lauren Boebert moved to adjourn the session, per CNBC.
Democrats highlighted that the administration committed $620 million in federal loans and $50 million in equity to Vulcan Elements months after 1789 Capital took a stake, alleging the deal bypassed competitive procedures and an independent technical review following a minerals executive order.
The Democratic press release claimed that no public record shows a conflict-of-interest review or recusal tied to Trump Jr.'s role, and noted that at least four 1789 Capital portfolio companies received federal contracts or awards in 2025, totaling more than $735 million.
Vulcan Elements is a North Carolina-based company that makes rare-earth magnets, according to E&E News. The startup is backed by 1789 Capital, a growth equity firm where Trump Jr. is a partner.
As reported by The Independent, 1789 Capital has denied that either the company or Trump Jr. had involvement in securing investment in the company.
Vulcan Elements and Trump Jr. have also denied any role in the contract process, according to Bitget.
Maxine Dexter said: "For years, Republicans set a clear standard: when the President's family profits from their name and office, it demands investigation. Suddenly, that standard has vanished.
"If there is nothing to hide, then why won't Donald Trump Jr. explain to this committee why, just months after becoming a partner, his firm's financial stake grew substantially following the single largest loan ever issued by the Pentagon's Office of Strategic Capital?"
Tom Clare, an attorney for 1789 Capital, said in an email per The Wire China: "1789 Capital not only had zero involvement with the government's loan and equity transactions involving Vulcan, but it had zero knowledge any of these transactions were even contemplated."
Vulcan Elements CEO John Maslin said he has never met Trump Jr. and that 1789 Capital did not assist the company with arranging meetings with government officials, The Wire China reported.
A Pentagon official told Snopes: "Mr. Donald Trump Jr. was not involved in any aspect of the conditional loan commitment discussions between [the Defense Department's Office of Strategic Capital] and Vulcan."
The subcommittee adjourned by a 5-2 vote, according to CNBC.