President Trump has secured what appears to be a $1.776 billion fund under his direct control, according to reports discussed on a recent episode of The David Frum Show. The arrangement stems from a settlement with the IRS and has drawn sharp scrutiny for bypassing congressional oversight.
David Frum, a staff writer at The Atlantic, described the fund during the May 18 podcast as an example of self-dealing. "The whole story is so incredible and so doubtfully legal that it’s hard even to find a language to describe what it is we’ve got here," Frum said. He noted the fund would be managed by a board of five people appointed and removable by the attorney general, who answers to the president.
The development follows revelations from leaked tax returns during Trump’s first term, which showed he paid just $750 in federal taxes in 2016 and 2017. Frum highlighted how the current setup echoes those earlier controversies, with the president now positioned to direct funds without legislative approval.
Military historian Phillips O’Brien joined the discussion to address broader foreign policy fallout. O’Brien, a professor at the University of St. Andrews, focused on Ukraine’s recent drone strikes against Moscow. "Hundreds of Ukrainian drones–slash–cruise missiles were used to attack the Russian capital, and a number of them actually hit their targets," he said.
The attacks struck a refinery and a components factory, O’Brien reported, undermining Russian President Vladimir Putin’s narrative of safety for residents in the capital. Moscow is protected by multiple rings of air-defense systems, yet Ukrainian forces demonstrated the ability to reach strategic sites deep inside Russia.
O’Brien emphasized Ukraine’s restraint despite Russian attacks on civilian infrastructure. "The Ukrainians have been incredibly restrained in the last few years," he stated. He suggested the focus remains on degrading Russia’s war-making capacity rather than matching terror tactics.
The conversation also touched on Trump’s handling of the conflict with Iran. According to the podcast summary, the discussion examined how the war’s outcome could benefit China at America’s expense. Frum and O’Brien explored Trump’s meeting with President Xi Jinping and questions around U.S. commitments to Taiwan.
O’Brien noted that Trump has greatly diminished America’s standing with China through perceived lack of commitment toward Taiwan. The episode framed these developments as part of shifting global power dynamics involving Russia’s stalemate in Ukraine and the Iran conflict.
Background on the IRS matter includes a prior leak of tax returns by a contractor who was later sentenced to five years in prison. Frum pointed out that the current fund structure avoids judicial review, raising constitutional concerns about executive spending powers.
Frum argued the fund violates core principles of American governance. "The executive has no money to spend except what it gets from the legislature," he said. He connected this to broader efforts by Trump to create revenue sources independent of Congress, including through tariffs.
O’Brien’s analysis of the Ukraine war highlighted shifts in initiative. Ukrainian forces have moved from defense to offensive operations across multiple domains, including long-range strikes that challenge Russian air defenses around key cities.
The podcast closed with a segment on the book "What Science Says About Astrology" by Carlos Orsi, though the main focus remained on geopolitical and domestic political developments. Officials have not confirmed all details of the fund’s operations as of the broadcast date.
Experts like O’Brien continue to monitor how these U.S. policy choices affect alliances in Asia and Europe. The reported $1.8 billion figure, sometimes cited as approximately $1.7 billion, remains subject to further clarification from administration sources.