House Democrats on Monday issued a subpoena to the German lender Deutsche Bank seeking information on President Donald Trump’s finances, a major escalation of their investigation into his business dealings.
In addition to the Deutsche Bank subpoena, House Democrats subpoenaed other banks — including JPMorgan Chase, Bank of America and Citigroup — seeking information on Russian money laundering. The issuance of the subpoenas was first reported by The New York Times.
Democrats were expected to issue additional subpoenas targeting Trump’s finances soon, Democratic aides said.
The House Intelligence and Financial Services Committees are ratcheting up their coordinated investigations into Trump’s business dealings as the Justice Department prepares to release findings from special counsel Robert Mueller’s probe on Thursday.
“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 Rep. Adam Schiff (D-Calif.), the House Intelligence chairman. “We look forward to their continued cooperation and compliance.”
Rep. Maxine Waters (D-Calif.), chairwoman of the Financial Services Committee, said in a statement that the potential use of the U.S. financial system for illicit purposes was a “very serious concern.”
“The Financial Services Committee is exploring these matters, including as they may involve the President and his associates, as thoroughly as possible pursuant to its oversight authority, and will follow the facts wherever they may lead us,” she said.
Deutsche Bank in a statement said that it was “in a productive dialogue with the House Financial Services and Intelligence Committees.”
“We remain committed to providing appropriate information to all authorized investigations in a manner consistent with our legal obligations,” the bank said.
Article originally published on POLITICO Magazine