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Photo: Chip Somodevilla/Getty Images

The Second Circuit Court of Appeals ruled on Tuesday that Deutsche Bank and Capital One must comply with a congressional subpoena for President Trump, his children and his company's financial records.

The backdrop: Trump filed an appeal in August after a New York district judge declined to block the subpoenas, which were issued by the House Intelligence and Financial Services committees in April as part of an investigation into foreign influence. Deutsche Bank said in a letter in October that while it has some of the records sought by the House, it is not in possession of the president's tax returns.

The big picture: Trump is currently engaged in court battles with both House Democrats and the Manhattan district attorney over subpoenas ordering his longtime accounting firm Mazars USA to turn over his tax returns. He has appealed both cases to the Supreme Court, where the Deutsche Bank and Capital One case is likely to end up as well.

  • Trump's arguments that he is protected from criminal prosecution while president and that the House's investigations into his financial dealings "serve no legitimate legislative purpose" have both been struck down by judges and appeals courts.
  • The overarching theme from the judges who have presided over these cases is that Trump's tax returns are a matter of "public interest."

What to watch: Trump's attorney Jay Sekulow said in a statement, "We believe the subpoena is invalid as issued. In light of the Second Circuit decision, we are evaluating our next options including seeking review at the Supreme Court of the United States."

Read the ruling.

Go deeper

Heat wave enveloping West will shatter records, spark wildfires

The sun sets behind power lines in Rosemead, California on June 14, 2021, amid an early season heatwave across much of California this week. Photo by Frederic J. Brown/AFP via Getty Images

A dangerous and widespread mid-June heat wave is bringing blowtorch-like heat, skyrocketing power demand, and “critical” wildfire danger to much of the West Tuesday through this weekend.

Why it matters: The heat is building in a region that is experiencing a record drought, leading to dangerous fire weather conditions, straining electrical grids, and causing water supplies to dwindle further. The heat itself may prove deadly.

36 mins ago - Health

U.S. COVID-19 death toll surpasses 600,000

Expand chart
Data: Johns Hopkins University; Chart: Danielle Alberti/Axios

More than 600,000 people have died from the coronavirus in the U.S., according to data from Johns Hopkins University.

The big picture: It's a higher death toll than the number of American soldiers killed in combat during the Vietnam War, World War I and World War II combined.