Photo: Chip Somodevilla/Getty Images

A district judge in New York has declined to issue a preliminary injunction preventing Deutsche Bank and Capital One from complying with a congressional subpoena for President Trump's financial records.

"Put simply, the power of Congress to conduct investigations is inherent in the legislative process."
— Judge Edgardo Ramos

Context: The House Financial Services and Intelligence committees subpoenaed Deutsche and other institutions last month in an effort to obtain years of financial records belonging to Trump, his company and his children. Trump sued the banks in response, arguing that the subpoenas "have no legitimate or lawful purpose" and were being weaponized for the purpose of "presidential harassment."

  • In a statement to CNBC, a Deutsche Bank spokesperson said: "We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations."

The big picture: The decision by Judge Edgardo Ramos follows a similar ruling earlier this week in a case involving Trump's accounting firm, Mazars USA. A federal judge in Washington, D.C., declined to block a House subpoena for 8 years of Trump's financial records, ruling that the public's interest in "maximizing the effectiveness of the investigatory powers of Congress" was greater than any damage to Trump or his businesses.

  • At a House Democratic caucus meeting earlier Wednesday, Oversight Committee Chairman Elijah Cummings referenced the D.C. court's Mazars ruling as vindication of Congress' authority to conduct investigations, according to a source familiar with the meeting.
  • Democratic leaders who are hesitant to launch impeachment proceedings will likely point to this second victory as an example of why the party should stay the course and let the court battles play out.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 20,739,537 — Total deaths: 751,910— Total recoveries: 12,895,242Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 5,242,184 — Total deaths: 166,971 — Total recoveries: 1,755,225 — Total tests: 64,612,034Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.

3 hours ago - World

Behind the scenes: How the Israel-UAE deal came together

Trump, Kushner and Netanyahu (L-R). Photo: Kobi Gideon/GPO via Getty

The breakthrough in talks between the U.S., Israel and UAE on a normalization deal came two months ago, White House officials tell me.

Behind the scenes: Talks had been ongoing for more than a year, but they gained new urgency ahead of Israeli Prime Minister Benjamin Netanyahu's July 1 deadline to move ahead on West Bank annexations.