Stephen Miller faces ethics questions after selling stocks in mining company following Trump administration deal

Stephen Miller, a top adviser to President Trump, has sold shares worth between $50,000 and $100,000 in the mining company MP Materials following a major Trump administration deal announced in July. The stock sale is now raising significant ethics questions among watchdog groups and political observers.

Who is Stephen Miller and His Role

Stephen Miller serves as a key policy architect in the Trump administration, overseeing critical national security matters. His position grants him significant influence over policies affecting major industries. As one of Trump’s most trusted advisers, Miller’s portfolio activities have drawn heightened scrutiny from ethics watchdog organizations.

Miller previously made headlines in June 2025 for holding significant stakes in Palantir Technologies, a controversial data analytics company doing business with federal immigration enforcement agencies. These earlier revelations established a pattern of stock holdings in companies directly affected by Trump administration decisions.

The MP Materials Stock Sale Timeline

MP Materials is a critical minerals producer responsible for extracting rare earth elements essential for defense applications and advanced technology manufacturing. The Trump administration announced a major deal supporting the company in July 2025, marking a significant win for domestic mineral production.

Miller’s divestment of these shares timing coincides with the administration’s high-profile minerals initiative. According to reporting from the New York Times and other major outlets, the timing raises questions about whether government decisions benefiting Miller’s holdings influenced his investment choices.

Ethics Concerns and Conflict-of-Interest Questions

Government ethics experts are scrutinizing whether Miller’s position allowed him to influence policy benefiting companies whose stock he owned. The proximity between the July deal announcement and his subsequent stock sales has triggered formal ethics inquiries among watchdog organizations and congressional Democrats.

“Top Trump officials should divest from companies affected by their policy decisions to avoid even the appearance of conflicts of interest.”

— Ethics watchdog representatives, Common Cause and Citizens for Responsibility

The timing of Miller’s MP Materials divestment mirrors earlier concerns raised about his Palantir holdings. In June 2025, watchdog organizations publicized that Miller held between $100,000 and $250,000 in Palantir stock. Palantir subsequently received major government contracts for immigration enforcement technology. Miller later divested much of that stake following public disclosure, establishing a precedent for his investing patterns.

Did Stephen Miller Influence the Deal?

The Daily Beast reported that Miller played no direct role in negotiations between the Trump administration and MP Materials regarding the July deal. Government officials stated that the minerals agreement was finalized through standard administrative channels without Miller’s personal involvement in contract discussions.

However, Miller’s broader influence over Trump administration policies affecting domestic industrial development remains significant. His control over strategic initiatives means his official decisions impact sectors where he maintains financial interests. This structural conflict persists regardless of his specific involvement in individual transaction negotiations.

What This Means for Government Ethics Standards Going Forward?

The Miller stock sale raises fundamental questions about financial disclosure requirements and trading restrictions for government officials. Federal ethics laws require disclosure of securities holdings, but enforcement mechanisms and penalties remain limited for government advisers. Miller’s pattern of divesting stocks after public controversy suggests the current ethics framework relies primarily on media attention rather than proactive regulatory oversight.

Democratic lawmakers and ethics organizations are demanding stronger restrictions on insider trading by government officials. Some are calling for mandatory blind trusts or complete divestment requirements for officials in positions influencing affected industries. The Miller situation illustrates how current federal ethics standards may be insufficient to prevent conflicts of interest in the modern Trump administration.

Patrick Graham is a business and finance journalist translating Wall Street’s complexities into stories that matter to everyday readers. With extensive experience in financial journalism and economic analysis, this expert journalist provides sharp insights on market trends, corporate developments, and the economic forces affecting daily life. His reporting helps readers make sense of the business world’s biggest moves.