Image by getty images

Eight Democratic Senators on Tuesday asked U.S. regulators to launch an investigation into billionaire Carl Icahn’s activities in the U.S. biofuels blending credit market, saying the activist investor may have violated securities trading laws since becoming an adviser to President Donald Trump.

The letter was signed by Democratic Senators Elizabeth Warren of Massachusetts, Sheldon Whitehouse of Rhode Island, Sherrod Brown of Ohio and five others. The letter acts as a request, and the agencies are not required to act upon it.

Icahn became an unpaid adviser to Trump on regulation shortly after November’s presidential election. In February Icahn proposed a change to the U.S. biofuels program that would ease the regulatory burden on oil refining companies – including CVR Energy Inc, in which he owns a majority stake.

Forwarding the News

Thoughtful, balanced reporting from the Forward and around the web, bringing you updated news and analysis of the crisis each day.

Terms(Required)

I agree to the Forward's Terms of Service and Privacy Policy

Email(Required)

“We ask that your agencies investigate whether Mr. Icahn’s conduct violated any laws under your jurisdiction,” they said.

CVR Energy’s refining unit posted a net gain of $6.4 million associated with the credits in the first quarter of this year, a $50 million turnaround from the year-ago period when CVR shelled out $43.1 million, the company said in a filing.

Icahn has previously dismissed accusations that his proposal to the White House to change the biofuels program was self-serving, saying the overhaul would help other refining companies too, including his competitors.

A message from our CEO & publisher Rachel Fishman Feddersen

I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.

Now more than ever, American Jews need independent news they can trust, with reporting driven by truth, not ideology. We serve you, not any ideological agenda

At a time when other newsrooms are closing or cutting back, the Forward has removed its paywall and invested additional resources to report on the ground from Israel and around the U.S. on the impact of the war, rising antisemitism and polarized discourse..

Readers like you make it all possible. Support our work by becoming a Forward Member and connect with our journalism and your community.

—  Rachel Fishman Feddersen, Publisher and CEO

Join our mission to tell the Jewish story fully and fairly.

$36 $500

$120 $180 Other amount