Seth Moulton says he’s moving at least $1m in defense sector investments into blind trust
US Representative Seth Moulton said Thursday he is placing some of his financial assets into a blind trust amid revelations he has at least $1 million invested in companies tied to the defense sector while serving on the House’s Armed Services Committee.
Moulton’s private investments ranged from a 3D-printing company that boasts production of “low-cost missiles“ to an AI firm that partners with the US Army, according to congressional financial disclosures reviewed by the Globe and first reported Thursday by WBUR.
Moulton, a six-term Congressman, is running in the US Senate Democratic primary to unseat Senator Ed Markey, who is running for re-election. Early voting in the primary begins August 22.
Taylor Hebble, a spokesperson for Moulton’s campaign, said the investments stemmed from Moulton’s wife, Liz, the chief talent officer at New York-based search firm Elevate. Her compensation, the campaign said, was invested by an “external, independent financial advisor” hired by the family who works with “zero day-to-day input from Seth or Liz.”
Neither Moulton nor his wife have bought or sold public stock since 2023, nor have they profited from or traded these private holdings, Hebble said. She said the investments do not create a conflict of interest for Moulton.
“These are private long-term investments — not traded public stocks — in cutting-edge companies bringing manufacturing and jobs back to America,” Hebble said.
Nonetheless, Moulton is in the process of voluntarily moving those assets into a blind trust to comply with legislation he cosponsored in Congress to ban public stock trading, Hebble said.
A blind trust is a legal arrangement in which an independent third party manages the assets, meaning the beneficiary has no knowledge of the specific assets held inside the trust and has no control over investment decisions.
Since 2021, Moulton has not voted on, introduced, or advocated for any policies or budget requests that would benefit the entities in question — Divergent Technologies, Oura, webAI — or any other entity from which his family could financially benefit, Hebble said.
She said his investments in the defense sector-linked companies do not technically violate congressional ethics rules, which require that lawmakers state their assets and investments in financial disclosure forms which, similar to statewide financial disclosures, don’t include specific dollar amounts.
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Despite this, many politicians take measures to avoid conflicts by divesting stocks, or moving their money into mutual funds or a blind trust, as Moulton has promised to do.
The campaign said Moulton has consulted with both the House Ethics Committee and outside counsel “to ensure total transparency.”
In addition to serving on the House Armed Services Committee, Moulton is also a ranking member on the Subcommittee on Strategic Forces, which oversees nuclear weapons, missile defense programs, and military space operations.
Moulton, a former Marine, has often referenced his four tours in Iraq before running for his US House seat in 2014, saying that it shaped his approach to politics.
The revelations about his investments come at a time when details about Moulton’s current financial situation are fairly hazy.
Moulton has yet to disclose his 2025 tax returns, despite calls from Markey to do so. Moulton’s campaign said the congressman and his wife filed for a “standard IRS extension” on their jointly filed taxes. The federal government allows up to six extra months for those who apply by April 15.
Moulton plans to “expedite” the filing and intends to release his returns “fully and well before the primary election”on Sept. 1, according to his campaign.
He also has yet to file his 2025 financial disclosure, which would show any increase or decrease in the value of his holdings.
Congressional financial disclosures are typically due by May 15, but Moulton asked for an — the maximum 90-day extension that members can request. Those documents, his campaign said, will also be made public before the primary.
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Hebble said Thursday that the disclosure is in the process of being filed.
Kelly Garrity of the Globe staff contributed to this report.
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