ICYMI| President Trump is reportedly suing Deutsche Bank and Capital One in order to block subpoenas issued by House Democrats who were looking for his financial records.
The President’s lawyers filed a federal lawsuit against the bank on Monday in New York, stating that the subpoenas have “no legitimate or lawful purpose.”
“The subpoenas were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the President and his family, and to ferret about for any material that might be used to cause him political damage,” the lawsuit states. “No grounds exist to establish any purpose other than a political one.”
The lawsuit, seeking to invalidate subpoenas issued by the House Financial Services and Intelligence Committees, is the latest escalation in Trump’s fight against mounting House investigations into his administration, presidential campaign and business empire. In recent days, Trump has vowed to fight all congressional subpoenas, accusing Democrats of trying to sully his presidency altogether.
In a joint statement from Democratic California Representative/House Financial Services Chair Maxine Waters and Democratic California Representative/House Intelligence Chair Adam Schiff, it was said that the President’s suit was a “meritless lawsuit,” which would go nowhere, and was “only designed to put off meaningful accountability as long as possible.“
“As a private businessman, Trump routinely used his well-known litigiousness and the threat of lawsuits to intimidate others, but he will find that Congress will not be deterred from carrying out its constitutional responsibilities,” the joint statement said.
The Democrats have stated that they are asking for the President’s financial records to aid in their probes into possible foreign influence on United States politics, in addition to abuse of our country’s financial system “for illicit purposes.”
Deutsche Bank, a German lender, said in a statement that it was “committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations.” In addition to serving as Trump’s go-to lender for years, the bank has faced scrutiny for money-laundering scandals.
The lawsuit was filed on behalf of the president; his sons Donald Trump, Jr. and Eric Trump; his daughter Ivanka Trump; and the Trump Organization.
Deutsche Bank intends to begin producing documents in response to the subpoena on May 6, and Capital One also feels obligated to comply before May 6 absent court intervention, according to the lawsuit.
The lawsuit describes a sweeping inquiry into the Trump family’s finances going back decades. The two banks provide the Trumps with numerous “personal, family and business accounts.”
Lawyers to the President have stated that the committees have declined to comply with their request of providing copies of said subpoenas to the Trump family. The lawsuit says that the committees are asking for “all banking and financial records not just concerning the individual plaintiffs, but also their own family members.”
“This means the subpoenas request documents about accounts of the plaintiffs’ children (and in some cases, grandchildren),” the President’s attorney’s explained.
Politico reports, “For most of the documents, the lawyers added, the committees are demanding records from the last 10 years but, for others, the request is ‘unbounded,’ going back to the childhoods of individual Trumps.”
“The House of Representatives is demanding, among other things, records of every single checking withdrawal, credit-card swipe, or debit-card purchase — no matter how trivial or small — made by each and every member of the Trump family,” the lawyers said.