Washington's quiet $27B equity portfolio goes unseen

The Trump administration has invested roughly $27 billion across about 30 equity or quasi-equity deals in private companies, led by a large Intel stake now worth tens of billions, with other bets including MP Materials, U.S. Steel, and quantum firms. The holdings are scattered across at least four agencies (Commerce, Defense, the Development Finance Corp, and Energy) and lack a consolidated ledger or uniform reporting, raising questions about transparency and oversight that CFR researchers say the government must address as this portfolio grows.