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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."

Go deeper

3 hours ago - Health

India crosses 1 billion COVID vaccinations milestone

A health worker inoculates a COVID-19 vaccine dose to a man wearing a face mask of Prime Minister Narendra Modi in Beawar, India, in September. Photo: Sumit Saraswat/Pacific Press/LightRocket via Getty Images

India's Prime Minister Narendra Modi announced Thursday that the country's health workers have now administered more than 1 billion COVID-19 vaccines doses.

Of note: While this is a significant milestone for the country of 1.4 billion, which has been devastated by the coronavirus, only about 30% of the eligible population has been fully vaccinated against the virus, per AP. Roughly 75% has received at least one dose.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.