Federal appeals court sides with Congress in battle for Trump's bank records

Trump Loses Appeal Over Lawmakers’ Deutsche Bank Subpoenas

The House of Representatives can enforce subpoenas seeking eight years of President Trump's financial records, an appeals court ruled Monday.

When House investigators first sought the records in April, before the start of the impeachment inquiry, they said the documents were necessary in order to probe "foreign influence in the US political process". "In light of the Second Circuit decision, we are evaluating our next options", he said.

In that case, the president is fighting a House Oversight Committee subpoena to his longtime accounting firm, Mazars USA, and audits it prepared for Trump and several of his companies.

The president's attorney Jay Sekulow said in a statement Tuesday that Trump's legal team believes the subpoena is "invalid as issued" and is reviewing the ruling to determine next steps, "including seeking review at the Supreme Court". The ruling said Trump's case didn't meet the standard for a preliminary injunction, though they did establish that the plaintiffs would suffer irreparable injury if the financial records were released to Congress.

The order was stayed for seven days so that Trump's lawyers could apply to the Supreme Court for an extension of the stay. "But as long as the valid legislative purposes that the Committees have identified are being pursued and are not artificial pretexts for ill-motivated maneuvers, the Committees have not exceeded their constitutional authority".

Livingston said in a partial dissent that the case should be returned to a lower court for "creation of a record that is sufficient more closely to examine the serious questions that the plaintiffs have raised" and wants the parties to go "back to the negotiating table" to try to narrow the scope of the subpoenas.

China, Russia launch massive joint gas pipeline
He said the three projects were a sign that the Russian gas industry - "this kingpin of the global gas sector" - was becoming more mature.

The judges said the president could oppose the disclosure of certain documents that contain sensitive personal information that are not related to the ongoing investigations. That process may not take place if Trump appeals the decision to the Supreme Court.

Deutsche Bank declined to comment. "They need the remaining time to analyze the material, hold hearings, and draft bills for possible enactment", according to the ruling written by Judge Jon O. Newman, who was joined by Judge Peter W. Hall.

This story is breaking and will be updated.

Deutsche Bank, a German banking giant, has been a major lender to both the Trump Organization and Kushner Companies, which previously was run by Trump's son-in-law, Jared Kushner, now a presidential adviser.

The court noted that the president had not disputed that the bank loaned him at least $130 million when no other bank would do so.

Trump has sought to keep his financial and tax records private.

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