Deutsche Bank queried by U.S. House panels on Trump ties

FRANKFURT (Reuters) - Deutsche Bank AG has received an inquiry from two U.S. House of Representatives committees on the lender's ties to President Donald Trump, it said on Thursday. Democrats now in control of the House had been working out which House panels would take the lead in investigating Trump's business ties to Germany's largest lender, lawmakers and aides familiar with the plans told Reuters last week.

Reuters January 25, 2019 01:05:20 IST
Deutsche Bank queried by U.S. House panels on Trump ties

Deutsche Bank queried by US House panels on Trump ties

FRANKFURT (Reuters) - Deutsche Bank AG has received an inquiry from two U.S. House of Representatives committees on the lender's ties to President Donald Trump, it said on Thursday.

Democrats now in control of the House had been working out which House panels would take the lead in investigating Trump's business ties to Germany's largest lender, lawmakers and aides familiar with the plans told Reuters last week.

"The bank has received an inquiry from the House financial services and intelligence committees," Deutsche Bank said in a statement.

The committee leaders said in a joint statement Thursday that they were in talks with the bank and expect its cooperation in its inquiries.

"The House Financial Services and Intelligence Committees are engaged in productive discussions with Deutsche Bank, and look forward to continued cooperation," said Intelligence Committee Chairman Adam Schiff and Financial Services Committee Chairman Maxine Waters.

Deutsche Bank said it is working with the two committees to "determine the best and most appropriate way of assisting them in their official oversight functions."

The White House did not respond to a request for comment.

Since U.S. voters on Nov. 6 shifted majority control of the House from the Republicans to the Democrats, Democratic lawmakers have been promising to investigate the first two years of Trump's administration and possible conflicts of interest presented by his hotel, golf course and other ventures.

A 2018 financial disclosure form showed liabilities for Trump of at least $130 million to Deutsche Bank Trust Company Americas, a unit of the German bank. They are for properties including the Trump International Hotel in a former post office in Washington.

The Financial Services Committee has the broadest power to look into Trump's relationship with Deutsche.

When the Republicans still controlled the House, Waters tried in 2017 to request documents from the bank on its dealings with Trump and his businesses, as well as information about potential Russian money laundering through the bank.

The bank told Congress that privacy laws prevented it from handing over such information without a formal subpoena and committee Republicans ignored Waters' request. As chairwoman, Waters can now issue subpoenas herself.

(Reporting by Tom Sims and Andreas Framke; Editing by David Goodman and Jonathan Oatis)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.