President Donald Trump made roughly 28,700 securities trades during his first 17 months back in office, or about 80 transactions per market day, exceeding the combined trading volume of every sitting member of Congress, according to a Bloomberg analysis published this week. Richard Painter, who served as chief White House ethics lawyer under President George W. Bush and now teaches securities law at the University of Minnesota, described the activity as unprecedented in presidential history and said it presents a fundamental conflict-of-interest concern. The activity marks a sharp change from Trump's first term, when disclosures focused mainly on real estate and privately held businesses. Reports filed through early 2026 showed an account buying municipal and corporate bonds, with purchases exceeding $100 million by August 2025 and totaling more than $337 million, as well as bank preferred securities and bond ETFs. Stock trading emerged publicly in May, when a first-quarter filing listed about 3,600 transactions over 90 days. An annual disclosure released June 30, covering nearly 1,000 pages, recorded more than 21,000 trades during 2025 valued between $600 million and $1.86 billion, averaging 85 per market day. Trump lists eight investment accounts but does not identify the institutions managing them. White House spokesman Davis Ingle said third-party financial institutions independently manage the portfolio through computer-based model portfolios that automatically replicate recognized indexes, including the Schwab 1000. The White House said there are no conflicts of interest, while Eric Trump denied that a family member was buying individual stocks. Fortune's review identified trades that appeared to coincide with political and market events, including purchases of DoorDash, energy stocks and Cal-Maine, and sales of hyperscaler shares after a chip-tariff carveout leaked. Federal law bars most executive branch officials from participating in government matters affecting their own holdings, but the president and vice president are exempt from 18 U.S.C. 208. Painter said the disclosures cannot establish insider trading, arguing instead for a broader ban. A House measure passed in July would bar members of Congress, their spouses and dependent children from trading stocks. Trump endorsed it in his State of the Union address, despite previously criticizing Senator Josh Hawley for supporting a proposal that would have extended such a ban to the president and vice president after Trump left office. Painter and Indiana University law professor Donna Nagy called for a ban in a Jan. 6, 2021, letter, but neither party acted. Painter said the potential conflict is especially clear if presidential holdings benefit from policies or military action that raise oil prices.