Wells Fargo and TD Bank have already handed over President Trump’s financial records to the House Financial Services Committee, according to a Wednesday report.
Two sources familiar with the House’s investigation into Trump’s finances told NBC News that Wells Fargo handed the committee thousands of documents and TD Bank also provided multiple documents, joining seven other financial institutions that have complied with the committee’s subpoenas. The committee, chaired by Rep. Maxine Waters, D-Calif., wants documents on business the banks conducted with suspected Russian and Eastern European money launderers.
The committee sent subpoenas to the two banks, along with Citigroup, Morgan Stanley, Royal Bank of Canada, Bank of America, and JP Morgan Chase, in April with a May 6 deadline. Other banks have failed to meet the deadline, but the Royal Bank of Canada is in the process of complying.
Wednesday’s news comes the same day a federal judge ruled that Deutsche Bank and Capital One can share Trump’s financial documents with Congress and two days after a federal judge ruled against blocking the committee’s subpoena of Mazars USA, Trump’s accounting firm. Deutsche Bank has lent Trump more than $2 billion over the years, and Trump’s latest financial disclosures indicate he still owes the organization $130 million.
Trump, along with three of his children and the Trump Organization, filed a federal lawsuit in Manhattan in April to stop Deutsche Bank and Capital One from complying with the subpoena. They allege the subpoenas are a political ploy intended to “harass” the president.
“The potential use of the U.S. financial system for illicit purposes is a very serious concern,” Waters said after issuing the subpoenas. “The Financial Services Committee is exploring these matters, including as they may involve the president and his associates, as thoroughly as possible pursuant to its oversight authority, and will follow the facts wherever they may lead us.”
