Updated Dec 3, 2019

Appeals court orders Trump's banks to turn financial records over to Congress

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.

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The Supreme Court on Monday issued an administrative stay blocking House Democrats' subpoena for President Trump's tax returns until both sides can file the necessary legal papers.

Why it matters: The lower court order compelling Trump's longtime accounting firm Mazars USA to turn over the president's financial records will be delayed until the Supreme Court decides whether to take up Trump's appeal. Trump has requested that the Supreme Court protect his financial records from both House investigators and the Manhattan district attorney's office, which is conducting a criminal investigation.

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Why it matters: The court didn't explain its reasoning, but the decision makes it likely that it will take up the case. For now, Trump's longtime accounting firm Mazars USA will not be forced to turn over Trump's tax returns to House Democrats investigating the president.

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