Trump’s mass deportation plans could negatively affect many industries around the country, however now some speculate it might be a boon for one of them: for profit prisons. That’s because the President quietly overturned a Biden-era executive order which banned DOJ contracts with private prisons. Veuer’s Tony Spitz has the details.
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00:00Trump's mass deportation plans could negatively affect many industries around the country.
00:04However, now some speculate it might be a boon for one of them.
00:08For-profit prisons.
00:09That's because the president quietly overturned a Biden-era executive order,
00:13which banned DOJ contracts with private prisons.
00:16These prisons may now serve as holding and monitoring facilities of deportees,
00:20while they await being sent back to their home countries.
00:22Business Insider reports that private prison stocks have been soaring since the election,
00:26well before Trump even took office.
00:28Many of those, like private prison investor The Geo Group, saw theirs jump by 105%.
00:34In the last couple of months leading up to Trump's inauguration,
00:37ICE's detention capacity has also skyrocketed,
00:40now able to jail 100,000 people at a time, versus 41,500 pre-expansion.
00:46The Geo Group is known to have donated heavily to Trump's re-election campaign,
00:49contributing more than $3.42 million in 2024 alone.
00:54That means they were among his top donors.
00:56They also spent over a million dollars on lobbying last year as well.
01:00Experts say that for-profit prisons will flourish in this new policy landscape,
01:04one that may persevere for years, even after Trump leaves the Oval Office.