The 2nd U.S. Circuit Court of Appeals ruled in a split decision that the House of Representatives may subpoena President Donald Trump's bank records from Deutsche Bank and Capital One. The decision affirms a lower court's decision and deals another blow to Trump and his efforts to keep his tax returns and financial records away from Congressional investigators.
Trump sued Deutsche Bank and Capital One earlier this year, seeking to prevent them from responding to subpoenas issued by the House Intelligence and Financial Services Committees as part of their investigations into foreign influence in U.S. elections. Trump's legal team argued that the subpoenas were invalid because they served "no legitimate or legislative purpose."
The court rejected that argument and said the banks should comply with the subpoenas.
"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 court said.
The court did place a seven-day stay on their ruling to allow Trump's legal team time to file an appeal.
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