Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Sign up for Axios Pro Rata
Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Want a daily digest of the top Austin news?
Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.
Want a daily digest of the top Atlanta news?
Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.
Want a daily digest of the top Philadelphia news?
Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.
Want a daily digest of the top Chicago news?
Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Want a daily digest of the top DC news?
Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.
Photo: Anna Moneymaker/Pool/Getty Images
A federal appeals panel on Tuesday temporarily blocked a lower court ruling that would have forced President Trump to comply with a subpoena from Manhattan District Attorney Cy Vance for eight years of his financial records.
What to watch: The panel set oral arguments for Trump's appeal for Sept. 25. Trump's lawyers have already signaled their intention to appeal to the Supreme Court if they lose, further extending the legal fight that began last September.
The big picture: The Supreme Court ruled in July that presidents are not immune from investigation and that Vance had the legal right to subpoena Trump's financial institutions, but it sent the case back down to lower courts so that Trump's lawyers could raise other objections.
- A federal judge threw out Trump's lawsuit last month, dismissing the theory of "absolute immunity" from investigation argued by the president's lawyers as "perilous to the rule of law."
- Trump's lawyers immediately appealed, and a three-judge panel from the 2nd Circuit Court of Appeals heard brief arguments on Monday before issuing its temporary stay.
- Worth noting: Even if Vance is allowed to enforce the subpoena, grand jury secrecy laws would prevent Trump's tax returns from becoming public.
Between the lines: In a disclosure last month, Vance's office suggested for the first time that it's investigating Trump and his company for "alleged bank and insurance fraud."
- The filing pointed to media reports about "possibly extensive and protracted criminal conduct at the Trump Organization" to support Vance's argument about the legitimacy of the subpoena, which Trump's lawyers had argued was over-broad and issued in bad faith.
- Previously, Vance was only thought to be investigating hush-money payments that Trump made to women he allegedly had affairs with through his former personal attorney Michael Cohen.
This story is developing. Please check back for updates.