Trump appeals ruling allowing banks to hand his financial records to Congress

By Brendan Pierson NEW YORK (Reuters) - U.S.

Reuters May 25, 2019 01:06:36 IST
Trump appeals ruling allowing banks to hand his financial records to Congress

Trump appeals ruling allowing banks to hand his financial records to Congress

By Brendan Pierson

NEW YORK (Reuters) - U.S. President Donald Trump, three of his children and the Trump Organization on Friday appealed a court order allowing Deutsche Bank AG and Capital One Financial Corp to hand their financial records over to Democratic lawmakers.

They are asking the 2nd U.S. Circuit Court of Appeals in Manhattan to overrule U.S. District Judge Edgardo Ramos, who on Wednesday refused to block the banks from responding to subpoenas issued last month by two U.S. House of Representatives committees.

"We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations," Deutsche Bank spokeswoman Kerrie McHugh said in an emailed statement.

A spokesman for the Intelligence Committee declined to comment on the appeal. Capital One and the House Financial Services Committee did not immediately respond to requests for comment.

The committees have agreed not to enforce the subpoenas for seven days after Wednesday's ruling.

The Republican president, who is seeking re-election next year, has aggressively sought to defy congressional oversight of his administration since Democrats took control of the House in January.

Some parts of the subpoenas have been included in court filings. The subpoena on Deutsche Bank, issued by both committees, seeks extensive records of accounts, transactions and investments linked to Trump, his three oldest children, their immediate family members and several Trump Organization entities, as well as records of ties they might have to foreign entities.

Deutsche Bank has long been a principal lender for Trump's real estate business and a 2017 disclosure form showed that Trump had at least $130 million of liabilities to the bank.

The subpoena on Capital One, issued by the Financial Services Committee, seeks records related to the Trump Organization's hotel business. It followed an informal request to the bank by Democratic lawmakers in March seeking records related to potential conflicts of interest tied to Trump's Washington hotel and other businesses.

In asking Ramos to block the subpoenas on Wednesday, a lawyer for the Trumps argued that they exceeded the authority of Congress. Ramos, however, found that they were allowed under the broad authority of Congress to conduct investigations.

Financial Services Committee Chairwoman Maxine Waters and Intelligence Committee Chairman Adam Schiff praised the decision in a joint statement on Wednesday as "a victory for the role of Congress as a co-equal branch of government."

Ramos' ruling came two days after a federal judge in Washington ruled that Trump's accounting firm, Mazars LLP, must comply with a congressional subpoena for Trump's financial records.

(Reporting By Brendan Pierson in New York; Editing by Susan Thomas and Phil Berlowitz)

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.