The House Financial Services Committee chaired by Rep. Maxine Waters (D-CA) has been hot on the quest for Mr. Trump’s financial documents, and has issued subpoenas to nine financial institutions.
On Wednesday, it was reported that a court ruling will open the doors for the committee to receive access to more records. Wells Fargo and TD Bank are two of the institutions that have complied with subpoenas issued by the House Financial Services Committee demanding information about their dealings with the Trump Organization.
According to NBC:
‘Wells Fargo provided the committee with a few thousand documents and TD Bank handed the committee a handful of documents, according to a source who has seen them.’
The committee is largely interested in Trump’s business relationship with Russia and other foreign entities. Rep. Waters (D-CA) appeared on MSNBC’s “Hardball” on Wednesday, saying:
‘We don’t have information to share with you at this time about what we’ve learned from the documents.’
On Wednesday, a federal judge also ruled that Deutsche Bank and Capital One can hand over financial documents related to their dealings Trump and his businesses to Congress.
The Trump family had sued to prevent those banks from complying with the subpoena, but now the committee can be provided access to years of financial records from at least four institutions.
‘The documents that have been provided so far are a fraction of those requested by Waters, whose committee has also sent subpoenas to Citigroup, Morgan Stanley, Royal Bank of Canada and Toronto-Dominion Bank and JP Morgan Chase.’
In addition, The Royal Bank of Canada is in the process of complying with the subpoena, but the other banks have missed the May 6 deadline.
According to NBC:
‘The development comes as House Democrats are internally debating whether to move forward with launching an impeachment inquiry of the president or not.’
The Trump Organization’s biggest lender has been Deutsche Bank, financing more than $2 billion in loans to Mr.Trump during his business career. The president still owes the bank at least $130 million according to his latest financial disclosures.
Under the Bank Secrecy Act, Congress is allowed access to financial information to search for money laundering. The subponeas are predicated upon this legislation.
When she issued the subponeas in April, Waters 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.’
According to an NBC News analysis, at least 14 different Democratic-led House committees are investigating various aspects of Trump and his presidency. This includes 50 different inquiries that are seeking documents from the executive branch or outside entities.
House Democrats have been heavily focused on gaining access to the unredacted version of the Mueller report, which the Justice Department moved to block after Trump asserted executive privilege.
These bank records could become central to finding answers questions surrounding whether foreign individuals or governments hold financial leverage over the president, his family or his businesses.
Here’s what Twitter had to say:
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