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Democrats subpoena banks as they probe Trump finances

AP  |  Washington 

Two committees subpoenaed and several other financial institutions Monday as part of investigations into Donald Trump's finances.

Intelligence Committee said in a statement that the subpoenas are part of an investigation "into allegations of potential foreign influence on the US political process." Schiff did not name the other financial institutions or describe the subpoenas.

Financial Services Committee said in a separate statement that "the potential use of the U.S. financial system for illicit purposes is a very serious concern." She said her committee is looking into those matters, including whether they pertain to Trump.

It was unclear exactly what the committees asked for. The investigations are among several House Democrats are conducting into aspects of the president's personal and political life, and Schiff has said he is investigating whether foreign actors, including Russia, have sought to hold leverage over Trump or his family and associates.

As part of his investigation, Schiff has said he wants to know whether Russians used laundered money for transactions with Trump's businesses have benefited from Russian investment over the years.

is a German asset management firm that has lent Trump's of dollars over time. The two committees have been working with the for several weeks, and both Waters and Schiff have said officials have been cooperative. Schiff said in his statement that the subpoena to is a "friendly" subpoena, meaning he expects them to continue working with the committees.

The request comes as a third committee, the House Ways and Means Committee, is sparring with the over Trump's tax returns.

House Ways and Richard Neal, D-Mass., has set a deadline of April 23 for six years of returns. But Trump's acting chief of staff, Mick Mulvaney, has said Democrats will "never" see the returns, "nor should they," and "they know it.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 07:50 IST
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