Trump’s municipal bond portfolio reaches as much as $1 billion as policy overlaps mount

President Donald Trump steps off Air Force One at Morristown Municipal Airport, in Morristown, New Jersey, Sept. 4, 2026.Jim Watson | AFP | Getty ImagesPresident Donald Trump is a creditor to hundreds of cities, hospitals, schools, utilities and other public institutions across the country — many of which are directly affected by decisions made by his own administration.And that financial exposure is growing.Trump ended 2025 with 807 municipal bond positions worth $240.7 million to $797.6 million, according to a CNBC analysis of his financial disclosures filed since he returned to the White House. He has since disclosed at least 243 purchases in 2026 worth between $68.2 million and $233.8 million. Among those are 48 new purchases Trump disclosed Sept. 22 when his financial report for July became public. Unlike his stock holdings, which have been actively traded during this presidency, Trump reports purchasing bonds but not selling them.Taken together, the holdings total more than 1,000 positions valued at between $300 million and $1 billion, CNBC calculated. The exact current values are obscured because federal filings use broad ranges and exclude subsequent market moves."The scale...