With Republicans in charge of the White House and Congress, President Donald Trump has embedded the federal government in private sector companies' affairs in unprecedented ways. That could change once Trump's Democratic adversaries take over the House and Senate following the blue-wave midterm.
Democrats, planning to root out alleged corruption involving Trump, his family and their business associates, have signaled they will closely scrutinize companies that have curried the president's favor.
Their investigations may extend to Intel and the dozens of other companies that have clinched equity stakes with the government during Trump's second term. Democratic lawmakers in July asked law firm Skadden Arps for details about its involvement in the Intel deal.
The dynamic could affect how Trump approaches relationships with private sector companies, after spending two years involving the government in their affairs through stock agreements or, in the case of U.S. Steel, acquiring a "golden share" when the company was acquired by Nippon Steel.
The golden share, which allows a holder to outvote other shareholders, was negotiated as part of the June 2025 deal. The highly unusual arrangement gives Trump veto power over several key areas of the steelmaker's business, including those related to employee salaries, capital investment and even the company name.