According to a CNBC analysis, Donald Trump's disclosed municipal bond holdings are valued between $300 million and $1 billion, including debt related to issuers affected by federal policies. As of the end of 2025, Trump held 807 municipal bond positions valued at $240.7 million to $797.6 million. Subsequently, at least 243 additional purchases were disclosed in 2026, valued at $68.2 million to $233.8 million. Justin Marlowe, director of the University of Chicago's Center for Municipal Finance, stated that a municipal bond exposure of this scale is unprecedented, and his portfolio functions more like an institutional fund. CNBC noted that in some cases, Trump's accounts purchased relevant bonds either before or after government actions affecting the issuers. Examples include holding bonds from coal-fired power plants that received federal pollution requirement waivers, and purchasing bonds from related electric utilities after signing an executive order to accelerate data center construction. Both the White House and the Trump Organization stated that Trump's investments are managed solely by independent financial institutions, and he has no authority to interfere with investment decisions. CNBC also found no evidence that Trump or his investment managers used inside information for trading, or that his financial interests explicitly influenced policymaking.