House Dems Subpoena Deutsche Bank to Probe Trump’s Finances

The House Intelligence and Financial Services committees issued a subpoena Monday to German lender Deutsche Bank as part of their investigation into President Donald Trump’s personal and business finances.

Several other banks were subpoenaed by Democrats as well, including JPMorgan Chase, Bank of America and Citigroup. They are seeking information on Russian money laundering.

“As part of our oversight authority and authorized investigation into allegations of potential foreign influence on the U.S. political process, the House Intelligence Committee today issued subpoenas to multiple financial institutions in coordination with the House Financial Services Committee, including a friendly subpoena to Deutsche Bank, which has been cooperative with the Committees,” said House Intelligence Chairman Adam Schiff.

“We look forward to their continued cooperation and compliance,” he added.

House Financial Services Chairwoman Maxine Waters similarly said her committee was looking into the “potential use of the U.S. financial system for illicit purposes” which she stressed was a serious concern, even more so if the President and his close associates were involved.

The subpoenas mark an escalation of Democrats’ efforts to get insight into Trump’s finances and business transactions, Politico writes. The President’s attorneys have opposed such efforts and have already warned the accounting firm Mazars USA not to comply with a subpoena from the House Oversight and Government Reform Committee for Trump’s financial records.

Deutsche Bank is of particular interest to Democrats as it is one of only a few financial institutions willing to lend money to the President. Over the years, it had lent around $300 million to the Trump Organization, although none after Trump took office.

“Deutsche Bank is engaged in a productive dialogue with the House Financial Services and Intelligence committees,” the bank said in a statement. “We remain committed to providing appropriate information to all authorized investigations in a manner consistent with our legal obligations.”

Republicans quickly labeled the efforts “partisan fishing expeditions,” saying their only purpose was to hurt the President.

“My colleagues across the aisle continue to politicize the banking industry and set out on partisan fishing expeditions. All while ignoring the issues the American people need our committee to be focused on,” said Representative Patrick McHenry, the top Republican on the Financial Services Committee.

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