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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

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.

John Weaver, Lincoln Project co-founder, acknowledges “inappropriate” messages

John Weaver aboard John McCain's campaign plane in February 2000. Photo: Robert Schmidt/AFP via Getty Images)

John Weaver, a veteran Republican operative who co-founded the Lincoln Project, declared in a statement to Axios on Friday that he sent “inappropriate,” sexually charged messages to multiple men.

  • “To the men I made uncomfortable through my messages that I viewed as consensual mutual conversations at the time: I am truly sorry. They were inappropriate and it was because of my failings that this discomfort was brought on you,” Weaver said.
  • “The truth is that I'm gay,” he added. “And that I have a wife and two kids who I love. My inability to reconcile those two truths has led to this agonizing place.”