The Treasury DOGE team bank stock holdings have drawn a lot of attention and raised major concerns. This article explains clearly who is involved, what stocks they hold, why people are worried, and what may happen next—all in simple English.
Who Is the DOGE Team and What Are Their Roles?
In January 2025, the U.S. Treasury Department created a group called the DOGE team. This stands for Department of Government Efficiency, led by Elon Musk and allies. Their mission is to modernize technology, reduce waste, and change how government departments like the Bureau of the Fiscal Service operate.
Tom Krause
- Tom Krause took charge in January 2025 and also became Fiscal Assistant Secretary in February.
- Before he left in June 2025, he owned substantial stock in banks and companies that work directly with the Treasury.
Other Team Members
- Todd Newnam and Linda Whitridge, both on the DOGE team, also held shares in Intuit, the company behind TurboTax.
What Stocks Did They Own?
Major Bank Holdings
- Tom Krause disclosed hundreds of thousands of dollars in shares across major banks such as JPMorgan Chase, Bank of America, PNC, Wells Fargo, Deutsche Bank, Morgan Stanley, Santander, and U.S. Bank.
Tech and Contractor Investments
- He also held stocks in big tech and contractor companies like Accenture, Oracle, Google, Amazon, and Intuit.
Why This Raises Ethical Questions
Conflicts of Interest
Ethics experts say this is a major red flag:
- The banks he invested in provide critical services to the Treasury, like processing payments and securing debt auctions.
- Owning shares in these banks may affect his ability to make fair decisions for the government.
Legislative Concerns
- Democratic Senators Elizabeth Warren, Ron Wyden, and Jack Reed have called for investigations, saying these stock holdings violate ethics rules and could even be criminal.
Impact on Tax Filing Programs
- Holding shares in Intuit seems suspect because the DOGE team has opposed the IRS’s free tax-filing Direct File program. This benefits Intuit financially.
How the Government Responded
- Treasury officials say everyone on the DOGE team is following ethics laws and recuses themselves from decisions where they have financial interest.
- But there’s no indication anyone has sold these stocks or taken further steps to resolve such conflicts.
Wider Repercussions
Legal Action Over Systems Access
- The DOGE team is also involved in lawsuits concerning its access to Treasury payment systems.
- A federal judge temporarily blocked their access due to cybersecurity and privacy concerns.
- DOJ and other oversight bodies are now examining how DOGE uses access and acts on oversight.
Data Access Risks
- Concerns have grown about unauthorized access to systems at Treasury, IRS, and Consumer Financial Protection Bureau.
What Comes Next
- Ongoing Investigations
Congress, inspectors general, and oversight agencies are reviewing DOGE team behavior and possible ethical violations. - Court Challenges Continue
The legal fight continues over DOGE’s access to payment systems. Courts might issue more rulings limiting their reach. - Calls for Reform
Ethical experts urge stricter rules to prevent government officials from holding stock in companies they oversee.
Final Thoughts
The Treasury DOGE team bank stock holdings issue highlights serious concerns about ethics, fairness, and integrity in overseeing U.S. financial operations. It points to a conflict between modernizing government systems and maintaining transparent, unbiased governance. Whether these investments are legal, they clearly clash with public expectations of impartiality.
Watch carefully for results from investigations, potential divestments, and policy changes to restore trust in government actions.