Josh Gruenbaum, Commissioner of the Federal Acquisition Service at the GSA, oversees government contracts for companies backed by Thrive Capital-the venture firm founded by Joshua Kushner. The conflict? Gruenbaum is also an investor in Thrive Capital.
Appointed in January 2025 with no prior government experience, Gruenbaum leads the SmartPay program, managing hundreds of billions in federal employee charge card spending. Ramp, a $13 billion fintech startup backed by Thrive Capital, has been positioning to modernize SmartPay. Gruenbaum facilitated at least four meetings with Ramp executives regarding the program.
Democratic Rep. Gerald Connolly launched a probe in May 2025 into whether contracting safeguards were bypassed and whether Gruenbaum’s dual role-public official and private investor-created conditions for preferential treatment.
Thrive Capital, led by Joshua Kushner, recently raised a record $10 billion fund focused on tech and AI firms.
If Connolly’s investigation finds evidence of preferential treatment, Ramp could face heightened scrutiny on future government engagements. The outcome may set new standards for disclosure and conflict-of-interest management when government appointees hold private investments overlapping with their official duties.