CMR is the leading provider of funding and management support for small to medium-sized businesses and entrepreneurs 

Preliminary February net trailer orders fell by about 10,000 units from January’s 23,300, a 43% month-over-month decline, according to TheTrucker.com.

“Sequentially, a drop in net orders was expected, as the industry transitions from the strongest to the weakest order months of the annual cycle,” said Jennifer McNealy, director CV market research & publications at ACT Research.

“Trailer makers now will begin to take fewer orders and start to work down the backlog that grew during the peak of order season at the end of the previous year, which in this year’s cycle started and ended later than usual, as fleet decision-making hesitance into late 2025 delayed the cycle a bit and caused a high-side surprise in January.”

The report notes that February bookings totaled 13,200 units—26% lower than February 2025. After seasonal adjustment, orders come to 12,300 units. Final figures will be released later this month, with preliminary estimates typically within ±5% accuracy.

“We now question when we will see 20k-plus-unit order intake months again, and how quickly trailer OEMs will build down the still-thin backlog, particularly given concerns about the level of activity in the key freight-generating economic sectors that drive transportation demand,” McNealy said.

Left-wing Maryland Gov. Wes Moore’s approval rating has slid to a new record low as the Democrat darling, seen as Soros-friendly and as having aspirations to become the Democratic Party’s 2028 nominee, increasingly looks dimmer by the month.

Moore and Alex Soros. 

Moore’s approval rating tumbled to 48% for the first time since he took office two years ago, as the Democratic Party is likely freaking out that even in one of the bluest states in America, ruled by the kings and queens of the progressive party in a one-party fashion, their rising star (now sinking star) is seeing mounting voter backlash as the state descends into multiple crises, from a fisical mess to power bills to crime and even a massive exodus of residents. 

High taxes breaking the pocketbooks of working poor, horrible leadership, dishonesty, terrible fiscal management by the state, and the power bill crisis are the top reasons for the growing resentment captured in the new UMBC poll, which surveyed 804 Marylanders in mid-March, 731 of whom indicated they were registered voters.

In October 2024 and February 2025 polls, Moore's approval ratings stood around 52%. In another October 2024 poll, he had a rating of around 54%. 

Last Thursday, Moore was greeted with a stadium full of boos at Camden Yards on Opening Day for Orioles baseball. At the time, we noted that this was one of the clearest indicators of growing backlash against a governor operating under the failed Democratic Party framework, which is sending the state into financial ruin, and risks creating an 'Illinois 2.0.'

Gov. Wes Moore was booed by the crowd ahead of the Orioles home opener on Thursday. https://t.co/KdJaF2jx68 pic.twitter.com/pA0p6G2z8m

— FOX Baltimore (@FOXBaltimore) March 26, 2026

"I am not surprised he was booed, given his poor job performance.  He raised our taxes to record levels, blew through a $5 billion budget surplus, increased state spending to record levels, assaulted local control over zoning matters, and made our streets less safe by ending cooperation with ICE and allowing violent illegal immigrants to roam our streets," said Republican council candidate, State Delegate Nino Mangione.

He added, "Wes Moore is, without question, the worst governor in the history of Maryland.  I am not surprised he was booed. The boos were well deserved." 

Local outlet Fox Baltimore noted, "The governor’s approval numbers mark a double-digit decline in public polling since the first-term Democrat took office almost four years ago. Previous surveys show approval ratings in the mid-50s and low 60s." 

Maryland is a one-party-ruled state of Democratic kings and queens, where Republicans are nonexistent in any sizeable political power, which has resulted in absolutely no balance and no accountability. The financial implosion in the state, sparking a mass exodus of residents and multiple other crises, is the direction Democrats have proudly chosen, driven by a failed woke framework under the governor.

Republican State Delegate Robin Grammer Jr. said, "Moore's approval rating is tanking because he is destroying Maryland's middle class, chasing retirees from our state and making the American Dream impossible for our youth." 

We have spoken with the heads of local financial institutions and wealth advisors who have been strategizing with their high-net-worth clients about leaving the state since Moore took office. The decline of Maryland is a byproduct of one-party rule by the Democratic Party’s DEI leadership... but betting markets remain convinced...

...no matter how bad it gets?

Submitted by QTR's Fringe Finance

A new piece from the Cato Institute lays out how bad things have gotten at the post office, arguing that the United States Postal Service is facing a severe and worsening financial crisis. According to the article, USPS has been losing billions of dollars annually for well over a decade and is now at a point where it cannot realistically fix its problems without major structural changes. I could have told you this after the horror show I lived through at the post office back in September of 2025.

The USPS now is the predictable outcome of trying to run a massive logistics operation through a government bureaucracy that moves slowly, resists change, and answers more to politics than to performance. The piece makes clear that USPS was built for a world that no longer exists, yet it continues operating as if nothing has changed because, as usual, government institutions are the last to notice reality.

The problems outlined are extensive and, frankly, not surprising. Mail volumes have collapsed as Americans switched to faster, cheaper digital alternatives, yet USPS continues to behave like it’s still 1995. What mail remains is increasingly dominated by low-value marketing material, while the agency struggles to compete in package delivery against companies that actually specialize in logistics.

Even Amazon, a company that started as an online bookstore (what could be less efficient to ship than godd*mn books — bricks?), has figured out how to build a better delivery network. 

Meanwhile, visits to post offices have fallen off a cliff, but the system has barely shrunk its footprint. Labor costs remain enormous, productivity lags, and the workforce is structured in ways that prioritize stability over efficiency.

The result is exactly what you would expect when there is no real pressure to perform: bitchy apathetic staff, declining output, rising inefficiency, and billions in annual losses that just keep piling up. In the private sector, that kind of performance would trigger a full-scale overhaul or bankruptcy.

In government, it triggers a Congressional hearing and maybe a strongly worded memo, in addition to switching the Postmaster General and paying the new guy even more than the last guy got paid.

This is why privatization is not some radical idea but a logical response to a system that clearly is not working. A privatized USPS would finally be allowed to operate like a business instead of a political artifact. It could close unprofitable locations without needing a congressional debate, adjust delivery schedules based on actual demand, and invest in technology that improves service instead of maintaining outdated systems because “that’s how it’s always been done.”

Most importantly, it would have to make money (or at least stop losing it) which is a constraint that tends to focus the mind in ways government management never quite experiences. When survival depends on efficiency, organizations tend to discover it very quickly.

The contrast with private carriers like FedEx and UPS could not be clearer. These companies operate in a world where excuses don’t pay the bills. They optimize routes, invest in automation, analyze data, and constantly refine their operations because if they don’t, their competitors will. They have built systems that deliver packages faster, track them more precisely, and adapt to changing demand almost in real time. None of this happened because a committee approved it after years of debate. It happened because the profit motive demands results.

Meanwhile, USPS is stuck navigating layers of regulation and political oversight, where even obvious changes can take years to implement, if they happen at all.

---

?? 50% OFF FOR LIFE: Using this coupon entitles you to 50% off an annual subscription to Fringe Finance for life: Get 50% off forever

---

There is also the small matter of accountability. Private companies cannot run losses indefinitely and expect someone else to quietly cover the gap. They either fix the problem or they go under. USPS, on the other hand, operates with the understanding that there will always be some form of backstop, explicit or not. That safety net removes urgency and allows inefficiencies to persist far longer than they would anywhere else. It is the classic government model: spend more, deliver less, and call it a “challenge” instead of a failure. Privatization would replace that dynamic with one where performance actually matters, where bad decisions have consequences, and where efficiency is not optional.

Of course, defenders of the status quo often argue that privatization would undermine public service, but that assumes the current system is delivering high-quality service to begin with. Other countries have already shown that it is possible to maintain universal delivery while still operating under private or semi-private models. Targeted subsidies can ensure rural access without requiring the entire system to function inefficiently. The difference is that those systems are designed around outcomes, not inertia.

At some point, it becomes difficult to ignore the obvious. Government agencies are notoriously bad at adapting, innovating, or even cutting costs, because they are not structured to do any of those things well. The USPS is not an exception; it is a textbook example. Continuing down the current path means more losses, more inefficiency, and more attempts to patch over structural problems with temporary fixes. Privatization, by contrast, offers a way to align incentives with reality, bringing the postal system into the same competitive, performance-driven environment that has already transformed the rest of the logistics industry. And if that means admitting that the government is not particularly good at running a nationwide delivery business, that is less a controversial statement than an overdue acknowledgment of what the evidence has been showing for years.

QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions. All positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

Bodycam footage shows Tiger Woods telling local authorities on Jupiter Island that he spoke with President Trump shortly after he flipped his Land Rover SUV and was arrested for DUI.

"You got it. Thank you, bye... I was just talking to the President," Woods told a local police officer seen in the bodycam footage. The officer was asking Woods to remain on the scene. Bodycam video was obtained by the New York Post.

Tiger Woods flexes his call with Trump to law enforcement after DUI:

"You got it. Thank you, bye... I was just talking to the President." pic.twitter.com/El9GDw6SWJ

— Headquarters (@HQNewsNow) April 3, 2026

Last Friday, Woods crashed his Land Rover into another vehicle, resulting in his $100,000-plus SUV turning onto its driver's side.

Unfortunately for Woods, he failed a on-scene sobriety test administered by police after what they say he showed "signs of impairment" and appeared "lethargic." Woods blew "triple-zeroes" on a breathalyzer but failed to submit a urine test.

Woods told officers he was "hoping to" play in the upcoming Masters Tournament, but in a statement posted on X on Tuesday, he told the golfing world that he would pause tournament play for the foreseeable future and "seek treatment."

"I know and understand the seriousness of the situation I find myself in today. I am stepping away for a period of time to seek treatment and focus on my health. This is necessary in order for me to prioritize my well-being and work toward lasting recovery," Woods stated (or perhaps his layer stated).

A new Polymarket bet, "Will Trump pardon Tiger Woods by June 30?" showed about a 6% chance as of Friday around lunchtime that the pro golfer would be pardoned by Trump.

Woods admitted he took "a few pills" before the crash. Officers also found hydrocodone pills at the crash scene.

This incident marks the second DUI in the Jupiter Island area over the last decade.

Will Trump pardon Tiger Woods? Polymarket is already taking bets...

Update(1535ET): Friday has witnessed a sudden spate of disasters for the US Air Force over Iran. The downed F-15 situation is still ongoing, there are unconfirmed reports a Blackhawk helicopter may have been shot down, and now the NYT is confirming an A-10 Warthog crashed in the Persian Gulf region:

A second Air Force combat plane crashed in the Persian Gulf region on Friday, and the lone pilot was safely rescued, according to two U.S. officials who spoke on condition of anonymity to discuss operational matters.  The A-10 Warthog attack plane went down near the Strait of Hormuz about the same time that an Air Force F-15E was shot down over Iran, the officials said. In that incident, one crew member was rescued and search-and-rescue operators are looking for the second airman.

The A-10 incident has seen very little in the way of any details emerge. Currently there's chatter that a second US crew member apparently shot down in the F-15 may have been rescued also. And..

US President Trump tells NBC News downing of US jet won't affect Iran talks.

"No, not at all. No, it's war. We're in war."

* * *

Set yourself up with a great BBQ

* * *

Update(11:55ET): The NY Times has cited US and Israeli officials who has given confirmation that a US fighter jet was downed and that a major rescue operation is underway, with the fate of the plane's crew unclear:

The fate of the plane’s crew was unclear, as American officials scrambled to mount a search and rescue operation before Iran could get to any survivors, said the U.S. and Israeli officials, who spoke on the condition of anonymity to discuss military operations.

The situation creates a military and diplomatic challenge for the United States, as President Trump has threatened in recent days to bombard Iran “back to the Stone Ages.” Over the past 24 hours, the United States and Iran have been trading attacks on military and civilian infrastructure in the region.

The U.S. jet was an F-15E, U.S. officials said, which has a standard crew of two, and not one of the stealth fighters of more recent design. Just days ago, Defense Secretary Pete Hegseth said Iran’s air defenses were so degraded that the United States was sending B-52 bombers over the country; the F-15E is much smaller, faster and more agile, making it a tougher target.

Iran’s IRGC-affiliated Tasnim News Agency has published a video of people in southern Kohgiluyeh and Boyer-Ahmad province “searching for American pilots”. pic.twitter.com/0i91p9y4Qt

— Ghoncheh Habibiazad | ???? (@GhonchehAzad) April 3, 2026

There are also unconfirmed claims that a helicopter may have been shot down as it was engaged in the search and rescue mission. Supposedly state media has also issued a bounty for the capture of any US pilot by Iranian citizens.

Reports that a pilot has been located and rescued, via CBS, WSJ and others:

Two U.S. officials have confirmed that one member of the crew of an American F-15E shot down over Iran has been rescued. The status of the second crew member is unknown. A search-and-rescue operation is ongoing.

BREAKING: One of two crew members of a U.S. fighter jet that was shot down over Iran was located and rescued by U.S. special forces and the search for the second is ongoing, sources tell Axios. https://t.co/ZXndzj9n5I

— Axios (@axios) April 3, 2026

Below: unconfirmed but widely circulating images...

??UNCONFIRMED: Initial reports from Iran indicate the successful targeting of an American helicopter during search operations of downed F-15 fighter jet earlier today. pic.twitter.com/vhZvAn7ZsJ

— Clash Observer (@clashobserver) April 3, 2026

In the meantime Iran's parliament speaker and the man who appears to be de facto running the day-to-day of the country is trolling the United States:

After defeating Iran 37 times in a row, this brilliant no-strategy war they started has now been downgraded from “regime change” to “Hey! Can anyone find our pilots? Please???”

Wow. What incredible progress. Absolute geniuses.

— ???????? ??????? | MB Ghalibaf (@mb_ghalibaf) April 3, 2026

Reports of people shooting at helicopters/planes with small arms from the ground:

Iranian farmers were shooting at American search and rescue helicopters with rifles in a desperate attempt to down them, but according to CNN's guest, perhaps Iranians helped the fighter pilot because they're "happy that he's there." https://t.co/JpvkB9VMpT

— Glenn Greenwald (@ggreenwald) April 3, 2026

*  *  *

Iranian media has announced that national forces have shot down a US fighter jet, and a US search and rescue effort is is active over Iran in an effort to locate two crew.

Israeli media as well as Axios are also reporting it, with emerging photos and videos suggesting it is an F-15 fighter jet. "Iranian state media published pictures and videos that allegedly show parts of the downed plane and one of the ejection seats," Axios writes. Photos initially released via state Fars:

BIG: Iranian state media released images of debris from a U.S. Air Force F-15E Strike Eagle fighter jet.

Iran initially claimed it had shot down an F-35, but the wreckage shown clearly matches an F-15E. pic.twitter.com/JMQvv0h2yo

— Clash Report (@clashreport) April 3, 2026

There are also emerging reports that Iran may have captured one of the pilots, while separately Israel's N12 reports that the US has sent "large forces" to rescue the crew. Presumably this is an aerial mission, including spotter aircraft and helicopters - leading to potential greater exposure to ground fire.

It is possible that US Special Forces operators could also be involved in the rescue mission, but CENTCOM within the opening hours of the incident has not confirm anything.

A McDonnell-Douglas ACES II (Advanced Concept Ejection Seat) from a US Air Force F-15E Strike Eagle has been found by residents in Southern Iran, the whereabouts or status of the pilot and weapons officer is currently unknown:

DropSite News, which maintains sources inside Iran, writes the following:

An Iranian official told Drop Site News that a U.S. F-15 warplane struck by Iranian forces went down over southern Tehran Province, with intense fire reported at the crash site. The official said the nature of the strike prevented the pilot[s] from ejecting before the aircraft crashed. No remains have been found.

There have been images and footage also circulating showing very low flights by potential US military spotter aircraft, likely looking for surviving crew of the F-15.

A US Air Force HC-130J "Combat King II" Combat Search and Rescue (CSAR) Aircraft seen flying extremely low over the countryside of Southern Iran.

A U.S. Air Force HC-130J “Combat King II” Combat Search and Rescue (CSAR) Aircraft seen flying extremely low over the countryside of Southern Iran, as the search continues for the crew of a downed American F-15E Strike Eagle. pic.twitter.com/vQL7umqmYy

— OSINTdefender (@sentdefender) April 3, 2026

Evidence of low-flying helicopters deployed as part of the recovery efforts...

Crazy, scenes from the ongoing US search operation in the Dehdasht area of the Kohgiluyeh and Boyer-Ahmad Province, southwest Iran. pic.twitter.com/Leksyki4Xu

— War Flash (@WarFlash_2630) April 3, 2026

After more than a month of Trump's Operation Epic Fury, the Pentagon has lost a slew of aircraft, including heavy refueling tankers, drones, and even three F-15s downed over Kuwait (which CENTCOM claimed was a 'friendly fire' incident). A stealth F-35 was also damaged, resulting in an emergency landing in a Middle East country.

Neither the US military nor the White House have immediately respond to requests for comment.

Authored by Catherine Salgado via PJMedia.ocm,

Secretary of War Pete Hegseth has overturned the controversial rule banning firearms from military installations.

Up until now, it was nearly impossible for servicemen to obtain permission to carry personal firearms on military posts and bases.  That is about the change.

“Not all enemies are foreign, nor are they all outside our borders,” said Hegseth in an April 2 video.

“Some are domestic. Confirming your God-given right to self protection is what I'm signing into action today. And I'm proud to do so.”

Our military installations have been turned into gun-free zones—leaving our service members vulnerable and exposed.

That ends today. pic.twitter.com/IQ204YepZ0

— Secretary of War Pete Hegseth (@SecWar) April 2, 2026

There have been multiple murders or mass casualty events on bases in the last decade, numerous drone incursions on military property, and a growing trend of foreigners breaching military bases, so there is good reason to think servicemen should be able to carry firearms on installations. Besides which, the overwhelming majority of mass shootings occur in gun-free zones. But Hegseth above all based his argument on the Constitution.

“Our great republic was founded on a simple yet bold idea: our rights, as citizens, are not granted to us by government, but instead, by God,” the secretary said.

“250 years ago, the Revolutionary War was fought to secure our God-given rights. The Second Amendment to our Constitution enshrines the right of all citizens to carry weapons to protect themselves, their families, and their fellow countrymen.”

And if any citizens can be trusted with guns, Hegseth argued, it is servicemen.

“The War Department's uniformed service members are trained at the highest and unwavering standards. These war fighters, entrusted with the safety of our nation, are no less entitled to exercise their God-given right to keep and bear arms than any other American,” he emphasized. 

Indeed, Hegseth stated, “Our warfighters defend the right of others to carry, they should be able to carry themselves. Recent events like what happened at Fort Stewart, Holloman Air Force Base, or Pensacola Naval Air Station have made clear that some threats are closer to home than we would like.”

In 2019, a member of the Royal Saudi Air Force committed a terrorist attack at Pensacola’s Naval Air Station that killed three sailors and injured multiple others. In August 2025, Sgt. Quornelius Radford shot five fellow soldiers at Georgia’s Fort Stewart. Most recently, on March 17, civilian Ashanti Stewart killed herself after shooting and injuring a service member at Holloman Air Force Base in New Mexico.

Hegseth reflected, “In these instances, minutes are a lifetime. And our service members have the courage and training to make those precious short minutes count. Before today, it was virtually impossible — most people probably don't know this — it was virtually impossible for War Department personnel to get permission to carry and store their own personal weapons, aligned with the state laws where we operate our installations. I mean, effectively, our bases across the country were gun free zones, unless you're training, or unless you are a military policeman, you couldn't carry.”

That is a potentially dangerous state of affairs, Hegseth argued. “You couldn't bring your own firearm for your own personal protection onto post. Well, that's no longer. The memo I'm signing today directs installation commanders to allow requests for personal protection, to carry a privately owned firearm, with the presumption that it is necessary for personal protection.” 

He clarified, “If a request is for some reason denied, the reason for that denial will be in writing and will explain in detail the basis for that direction. Again, the presumption is, service members will be able to have their Second Amendment right on post.”

That way, if there are more attempted terrorists and mass shooters, servicemen will have their personal firearms ready.

Via The Cradle

US President Donald Trump is asking Congress to boost military spending to $1.5 trillion for 2027, the largest such request in decades, while demanding cuts to domestic spending on social programs, AP reported Friday.

The White House released details of the desired spending increase on Friday as part of Trump's 2027 budget proposal. The proposal comes amid the US-Israeli war on Iran, which is costing US taxpayers over $11 billon for each week it continues.

Last month, the Pentagon proposed receiving an additional $200 billion to backfill munitions and supplies used in the war, which has killed 3,527 Iranians, including 1,606 civilians and at least 244 children.

While the White House is demanding huge sums for war, Trump's proposal would reduce non-defense spending by 10 percent, primarily by shifting some responsibility for social programs to state and local governments.

"We're fighting wars. We can't take care of day care," Trump said at a private White House event on Wednesday. "It's not possible for us to take care of day care, Medicaid, Medicare – all these individual things," he said. "They can do it on a state basis. You can't do it on a federal."

According to AP, "The president's annual budget more broadly is considered a reflection of the administration's values," but does not carry the force of law.

For Trump's spending proposal to take effect, Congress would have to approve it. The US is already heavily in debt, with the federal government spending nearly $2 trillion more than it receives in tax receipts each year. This year, the national debt surpassed $39 trillion, while the debt-to-Gross Domestic Product (GDP) ratio now exceeds 120 percent, surpassing the peak reached after World War II.

While Trump ran for president on a platform of ending US wars abroad and putting the needs of US citizens first, he has instead prioritized initiating foreign wars in support of Israel's project to expand its hegemony and territory in West Asia.

The war on Iran is providing a boon to US and Israeli weapons firms, who stand to earn hundreds of billions in additional profits. After meeting with major defense contractors at the White House in early March, Trump said the companies had agreed to quadruple production of "exquisite" and sophisticated defense systems that can repel ballistic missile attacks, such as Patriot missile batteries and Terminal High Altitude Area Defense (THAAD) interceptors.

Each THAAD interceptor missile costs roughly $12.7 million, and each Patriot PAC-3 interceptor costs about $3.7 million. The interceptors have been used in large quantities to intercept Iran's retaliatory missile and drone attacks on Israel and US bases in the Gulf.

Among the weapons firms that stand to benefit most from the war are RTX (Raytheon), which makes Tomahawk missiles; Boeing, which builds F-15 and Growler warplanes; and Lockheed Martin, which produces F-35 warplanes and Patriot and THAAD interceptors.

Other firms that benefit include Northrop Grumman, which builds B-2 stealth bombers and radar technology; General Dynamics, which produces submarines, bombs, and warheads for missiles; and L3/Harris, which makes solid rocket motors for THAAD missiles and electronics and sensors for reconnaissance aircraft.

US defense stocks have rallied strongly since February 2022, when Russia invaded Ukraine. Israel's genocide of Palestinians in Gaza starting on 7 October 2023 provided an additional boost, as did the US and Israeli war on Iran in June of last year and the anticipation of the second US-Israeli war on the Islamic Republic that began in February.

* * *

The Democratic Party's premier fundraising machine is in serious legal jeopardy, and the new man running the Justice Department just made clear he intends to do something about it.

The New York Times reported on Thursday that ActBlue’s own lawyers had warned its leadership in early 2025 that it may have lied to Congress about how it screens out illegal foreign donations.

 In 2023, ActBlue CEO Regina Wallace-Jones sent a letter to Republican congressional investigators assuring them the platform used rigorous safeguards. The letter described "multilayered" screenings that helped "root out" overseas contributions. What the platform's own legal team later discovered was considerably more inconvenient: those protections weren't consistently applied in practice.

“This presents a substantial risk for ActBlue,” the law firm, Covington & Burling, wrote in one of two memos expressing legal concerns. One memo raised the specter of a criminal investigation if prosecutors believed that ActBlue had tried to conceal facts about its efforts to prevent foreign contributions.

Federal election law prohibits foreign citizens or people who are not permanent residents from donating directly to federal candidates or political action committees. Lying to or obstructing Congress is a crime.

The memos instigated a meltdown at the highest levels of ActBlue, one of the Democratic Party’s most vital financial organs.

Acting Attorney General Todd Blanche, freshly installed at the helm of the DOJ after Pam Bondi's departure, went on Jesse Watters' Fox News show Thursday and left little ambiguity about where this investigation stands. 

“I can tell you that that is a priority of this administration and this Department of Justice,” Blanche said. “And it's something that a lot of people have been worried about it for a very long time. And you should rest assured that it includes the Department of Justice, and it includes me."

?? BREAKING: Todd Blanche indicates the DOJ is ACTIVELY INVESTIGATING ActBlue getting foreign donations and lying about it

"That's a priority of this admin and DOJ. People have been worried about it for a VERY long time. Rest assured it includes the DOJ, and it includes ME."… pic.twitter.com/yCGKiysWkW

— Eric Daugherty (@EricLDaugh) April 3, 2026

The New York Post added fuel to the fire with a separate exclusive, revealing that ActBlue changed its fraud prevention policy twice during the 2024 campaign cycle — both times in a more permissive direction. The platform modified standards in April 2024 and again in September, with the relaxed guidelines allowing more fraudulent contributions per month to slip through. Under the updated policy, up to 6.4% of total ActBlue donations that should have been rejected for fraud were instead processed without issue.

 Foreign donors who paid through third-party apps like Apple Pay, PayPal, or Venmo were not asked for passport information — a significant gap in a system that ActBlue had represented to Congress as comprehensive and multi-tiered. The platform sent a follow-up letter to Congress in June 2025, claiming it had "recently implemented additional restrictions" to reject contributions from foreign countries, including those made through third-party processors. 

“Did Democrats use ActBlue to funnel foreign money in American elections and then LIE to Congress about it?” Sen. Bernie Moreno asked in a post on X. “The Senate must immediately renew investigations into ActBlue, their lawyers, and their entire leadership team.”

ActBlue board chair Kimberly Peeler-Allen attempted to tamp down the story, telling the Times that "less than 1 percent" of contributions in the 2024 cycle showed signs of foreign origin. That number, however small it may sound, represents potentially millions of dollars on a platform that processed over $7 billion in the past five years. A Covington spokesman said the firm has "complete confidence in the legal advice our lawyers provided to ActBlue" — a carefully worded non-denial that speaks volumes about the legal exposure now facing the organization.

In addition to the Department of Justice, the House Oversight Committee revealed that congressional investigations into ActBlue will continue. 

?? BREAKING: Reporting confirms what we’ve been investigating.

ActBlue’s own lawyers warned it may have misled Congress about safeguards against foreign donations. @GOPoversight, @HouseAdmin & @JudiciaryGOP will continue getting answers. https://t.co/nZS04x99lF

— Oversight Committee (@GOPoversight) April 2, 2026

With DOJ scrutiny and congressional Republican probes accelerating ahead of the midterms, ActBlue is running out of runway.