Ranking Member Edward J. Markey (D-Mass.) has renewed his call for a formal tariff refund process and requested an investigation into reports that Wall Street traders are purchasing tariff rebate rights from small businesses at reduced rates. In a letter sent to several Trump administration officials, including U.S. Securities and Exchange Commission Chairman Paul Atkins and U.S. Customs and Border Protection Commissioner Rodney Scott, Markey highlighted concerns about the lack of an official refund mechanism.
Markey stated, “Delaying the refunds owed is a prescription for more pain inflicted on U.S. companies and their customers…Large businesses, such as Federal Express, have already sued the federal government for refunds on tariff costs, but this approach is too time-consuming and cost-prohibitive for small businesses. We, as a nation, cannot afford our cost crisis to endlessly drag on.”
He continued, “Predictably, where consumers and Main Street suffer, Wall Street sees a potential financial windfall. According to the Wall Street Journal, investment banks are offering businesses between 20 to 40 cents on the dollar to buy up tariff refund rights. Over time, small businesses will be disproportionately tempted to take Wall Street up on these offers. Large businesses can afford the massive legal fees associated with years-long cases before the Court of International Trade; small businesses cannot.”
Markey added, “Main Street had no choice but to comply with President Trump’s tariff scheme. It is unconscionable that, as soon as the Supreme Court ruled the tariffs unlawful, investment banks swooped in to exploit the Administration’s foot-dragging in complying with the law. The Trump administration’s dithering on tariff refunds is siphoning the hard-won earnings of American small businesses into Wall Street coffers while keeping prices for consumers elevated. This has to stop.”
In recent months, Markey has introduced legislation such as the Tariff Refund Act of 2026 alongside other Senate committee ranking members to require full refunds after Trump-era tariffs were struck down by the Supreme Court. He also praised the Supreme Court’s decision invalidating those tariffs and held press conferences with Massachusetts business owners calling for immediate action.
Markey has previously released reports outlining how tariffs have impacted working families and small businesses nationwide and called repeatedly for an equitable refund process through letters addressed to various federal agency leaders.
The Senate Small Business and Entrepreneurship Committee plays a role in providing Congress with policy options related to federal budget components and supports informed decision-making regarding national fiscal priorities (official website). The committee was established under the Congressional Budget and Impoundment Control Act of 1974 (official website) and contributes nonpartisan analysis through oversight of agencies like the Congressional Budget Office (official website).
The committee also participates in shaping congressional budget processes via resolutions and reconciliation instructions (official website), offering comprehensive policy advice on fiscal matters (official website). Lindsey Graham currently serves as chairman while Jeff Merkley is ranking member (official website).
