Democrats subpoena Deutsche Bank as part of ongoing investigation into Trump

Democrats are seeking more information about ties to the Trump Organization.

April 16, 2019, 4:07 AM

The House Intelligence and Financial Services committees jointly subpoenaed Deutsche Bank on Monday as part of their ongoing investigation into President Donald Trump’s financial dealings and concerns about foreign influence over the Trump Organization, the president's family business.

"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," House Intelligence Committee Chairman Adam Schiff, D-Calif., said in a statement Monday. "We look forward to their continued cooperation and compliance."

The move was the latest effort by Democrats in the House to obtain information about the president’s personal and business finances.

House Financial Services Committee Chairwoman Maxine Waters, D-Calif., said, "The potential use of the U.S. financial system for illicit purposes is 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."

The subpoena was criticized by the president's son, Eric, who is running the family's sprawling business empire with his father in the White House.

"This subpoena is an unprecedented abuse of power and simply the latest attempt by House Democrats to attack the president and our family for political gain," Eric Trump said in a statement. "Instead of legislating, the committee is obsessed with harassing and undermining my father’s administration, doing everything they can to distract from his incredible accomplishments. This incompetence is the exact reason why the American people have such disdain for politicians and why my father was elected President. Today’s actions by the committee set a horrible precedent for all taxpayers."

"This subpoena is an unprecedented abuse of power and simply the latest attempt by House Democrats to attack the president and our family for political gain," he said.

In a statement, Deutsche Bank said it has "engaged in a productive dialogue" with both committees.

"We remain committed to providing appropriate information to all authorized investigations in a manner consistent with our legal obligations," the bank said in a statement.

Last month, the German bank was subpoenaed by the New York Attorney General following former Trump personal attorney Michael Cohen's testimony to Congress about Trump's finances. Deutsche Bank has also cooperated with other inquiries.

Over the weekend, Rep. Richard Neal, D-Mass., the chairman of the House Ways and Means Committee, renewed his request to the Internal Revenue Service for six years of Trump's tax returns, after the agency dismissed an earlier deadline to turn over the records under a relatively obscure provision of the tax code.

Also on Monday, House Oversight Committee Chairman Elijah Cummings served a subpoena to Mazars USA, an accounting firm employed by Trump, seeking ten years of the president's financial records, in an effort to corroborate elements of Cohen's testimony before the committee.

The firm said it wouldn't comment on the request but would "respect the legal process and fully comply with its legal obligations."

ABC News' Aaron Katersky and John Santucci contributed to this report.

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