Season 2 of “Axios on HBO” airs Sundays at 6pm ET/PT. Keep up to date with Axios AM:

Stories

House committees subpoena Deutsche Bank for Trump financial records

Chairwoman of the House Financial Services Committee Rep. Maxine Waters.
Rep. Maxine Waters, chair of the House Financial Services Committee. Photo: Alex Wroblewski/Getty Images

The Democratic-led House Intelligence and Financial Services committees on Monday subpoenaed Deutsche Bank, JPMorgan Chase and several other banks to turn over information on President Trump's financial records and documents relating to potential money laundering by people in Russia and Eastern Europe, reports the New York Times.

"The potential use of the U.S. financial system for illicit purposes is a very serious concern. [The panel is] exploring these matters, including as they may involve the president and his associates, as thoroughly as possible pursuant to its oversight authority, and will follow the facts wherever they may lead us."
— Maxine Waters, chair of the House Financial Services Committee
"As part of our oversight authority and authorized investigation into allegations of potential foreign influence on the U.S. political process, the House Intelligence Committee today issued subpoenas to multiple financial institutions in coordination with the House Financial Services Committee, including a friendly subpoena to Deutsche Bank, which has been cooperative with the Committees. We look forward to their continued cooperation and compliance.”
— Adam Schiff, chair of the House Intelligence Committee

Why it matters: House Democrats are heightening their investigations into President Trump’s personal and business dealings — a top priority for them — less than two weeks after the House Ways and Means Committee formally asked the IRS to turn over 6 years of Trump's tax returns.

  • "Deutsche Bank’s longstanding relationship with Mr. Trump is a central element of the joint committee investigation. Over the past two decades, Deutsche Bank has been the only mainstream bank consistently willing to do business with Mr. Trump, who has a long history of defaults and bankruptcies," the Times notes.

Deutsche Bank spokesperson, Kerrie McHugh, told the Times that the bank has "engaged in a productive dialogue" with the House panels, adding: "We remain committed to providing appropriate information to all authorized investigations in a manner consistent with our legal obligations."

  • Yes, but: Sources told the Times that attorneys for the company said they would notify the White House about any plan to release Trump-related materials.

Meanwhile, Eric Trump said in a statement to the Times that the subpoena is "an unprecedented abuse of power and simply the latest attempt by House Democrats to attack the president and our family for political gain."

House Democrats