Appeals Court Hands Trump Loss, Rules Banks Must Turn Over Financial Records To House Democrats

The Second Circuit Court of Appeals on Tuesday said that Deutsche Bank and Capital One must comply with a subpoena from the Democrat-controlled US House of Representatives demanding the financial records of President Trump and his children.

“The Committees’ interests in pursuing their constitutional legislative function is a far more significant public interest than whatever public interest inheres in avoiding the risk of a Chief Executive’s distraction arising from disclosure of documents reflecting his private financial transactions,” the three-judge panel ruled in a 2-1 split decision.

In August, Trump filed an appeal to block Deutsche Bank and Capital One from providing the records, after a New York district judge declined to block the subpoenas issued by the House Intelligence and Financial Service committees in April amid their investigations into foreign influence.

In October, Deutsche Bank said in a letter that while it has some of the records the House seeks, they don’t have Trump’s tax returns.

We imagine Trump will appeal to the Supreme Court next.

Via Axios:

The big picture: Trump is currently engaged in court battles with both House Democrats and the Manhattan district attorney over subpoenas ordering his longtime account 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.”

Read the ruling here.

Tyler Durden

Tue, 12/03/2019 – 11:35

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