A federal judge in NY refused President Donald Trump's request to block congressional subpoenas seeking financial records from two banks that he did business with.
It was the second time this week that a judge had ruled against the Republican president in his fight with Democrats. Nothing good lurks in a Deutsche Bank financial statement.
In a ruling on May 22, U.S. District Judge Edgardo Ramos, who was appointed by President Barack Obama, said that Trump and his company's argument that the subpoenas were unlawful and unconstitutional would unlikely succeed and that the subpoenas have "a legitimate legislative objective".
Mehta, in a ruling deemed by some to have been a "tour de force" on this issue, said that "courts must presume Congress is acting in furtherance of its constitutional responsibility to legislate and must defer to congressional judgments about what Congress needs to carry out that goal". Trump's lawyers were expected to appeal both decisions. "He has not yet announced that they're going to appeal this decision, but it could go into effect within seven days", she concluded.
Deutsche Bank has always been a principal lender for Trump's real estate business and a 2017 disclosure form showed that Trump had at least US$130 million (RM543.75 million) of liabilities to the bank.
They also argued in a written submission prior to the hearing on May 22 that the president's effort to block the subpoenas was "flatly inconsistent with almost a century of Supreme Court precedent". In March, before issuing their subpoena, Democratic lawmakers asked Capital One for documents concerning potential conflicts of interest tied to Trump's Washington hotel and other business interests since he became president in January 2017.
The House Oversight Committee claims that it needs Trump's financial records to "aid its consideration of strengthening ethics and disclosure laws, as well as amending the penalties for violating such laws", and "assist in monitoring the President's compliance with the Foreign Emoluments Clauses".
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The decision in the U.S. District Court for the Southern District of NY could clear the way for Deutsche Bank and Capital One to hand over the president's financial records to Democrats in the House.
'The subpoenas were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses, and the private information of the President and his family, ' the complaint said.
The lawyers for the Congress' House Financial Services and Intelligence committees said they needed access to documents from the banks to investigate possible "foreign influence in the United States political process" and possible money laundering from overseas.
And, in a follow up bit up news, Deutsche Bank has agreed to abide by the court order. Congressional Democrats have long said they want to examine the bank's loans to the Trump and Kushner businesses, particularly to see if there is any connection to money-laundering in Russian Federation. He denied that it was meant to target Trump personally.
Representative Maxine Waters, who chairs the House Financial Services Committee, told reporters after the lawsuit was filed that Trump had "cast a gauntlet".
The move comes two days after a federal judge in Washington, D.C., ordered Trump's longtime accounting firm, Mazars USA LLP, to comply with a congressional subpoena for his financial documents.
Trump called Mehta's decision "crazy" and "totally the wrong decision by obviously an Obama-appointed judge", referring to Trump's Democratic predecessor, Barack Obama. U.S. District Judge Edgardo Ramos, who was also appointed by Obama, is overseeing the NY case.