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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

20 mins ago - Health

DeSantis to bar Florida schools from mandating masks

Photo: Michael Reaves via Getty Images

Florida Gov. Ron DeSantis (R) said Friday he will issue an executive order "very soon" barring local school districts from requiring students to wear masks when they return to school next month, NBC News reports.

Why it matters: The spread of the Delta variant has led to a spike in new infections across the U.S., triggering another round of debate about COVID guidelines in schools.

Trump's tax returns must be released to Congress, DOJ says

President Trump at the end of a rally to support Republican Senate candidates at Valdosta Regional Airport in Valdosta, Georgia on December 5, 2020. Photo: Andrew Caballero-Reynolds/AFP

The Treasury Department "must" release former President Trump's tax returns to the House Ways and Means Committee, the Department of Justice said in a memo Friday.

The big picture: The DOJ memo comes after a long dispute between the committee, which first sought to obtain the former president's returns two years ago, and Trump, who fought to keep his finances private.

CDC: Delta variant may cause mild COVID among fully vaccinated people

A storefront sign in Los Angeles reminds people masks are for everyone. Photo: Frederic J. Brown/AFP via Getty Images

About 74% of 469 COVID-19 cases associated with large gatherings held in Barnstable County, Mass., from July 3 to 17 were among fully vaccinated people, according to data released Friday from the Centers for Disease Control and Prevention.

Why it matters: The data bolsters emerging evidence that vaccinated people have high viral loads and may transmit the Delta variant as easily as those who are unvaccinated.