Lawmakers contend Carl Icahn may have violated trade regulations
The senators requested an investigation of "...whether Carl Icahn violated insider trading laws, anti-market manipulation laws, or any other relevant laws based on his recent actions in the market for renewable fuel credits" in their letter sent to Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Environmental Protection Agency.
They argued that Icahn advised Trump to modify the renewable fuel credit program in February, after which prices for such credits dropped by one third, but oil refining company CVR Energy Inc., where Icahn owns a majority stake, made an "impossible" and "rare profit" of $50 million on those credits.
The White House, however, said Icahn is only an advisor to Trump and does not serve as a federal employee nor have any duties in the government.
Icahn, who is worth around $16.7 billion, famously backs the Trump administration's anti-regulatory agenda.