House Democrats Subpoenaed Nine Banks in Trump Finance Probe -- Update

By Andrew Ackerman and Lalita Clozel 

WASHINGTON -- House Democrats have subpoenaed nine large banks as part of an inquiry into President Trump's financial interests, according to people familiar with the matter, including six U.S. firms and three foreign lenders.

The list includes U.S. giants JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, Wells Fargo & Co. and Bank of America as well as Capital One Financial Corp. It also includes Deutsche Bank, Royal Bank of Canada and Toronto-Dominion Bank.

The identities of most of the lenders haven't been previously reported.

Investigators on the House Financial Services Committee and House Intelligence Committee have focused their early efforts on Deutsche Bank, which has said it in engaged "in a productive dialogue" with the committees.

Deutsche Bank's relationship with Mr. Trump goes back decades. Since 1998, the bank has led or participated in loans of at least $2.5 billion to companies affiliated with Mr. Trump, The Wall Street Journal has reported.

The other banks declined to comment or couldn't immediately be reached Wednesday.

Mr. Trump has denied any wrongdoing and has called the probes launched by House Democrats earlier this year "presidential harassment."

Republican lawmakers have criticized the subpoenas, saying they were sent without input from GOP members and were unduly political in nature. "Oversight should not be partisan," Rep. Patrick McHenry (R., N.C.) said in a letter late Wednesday to Rep. Maxine Waters, the Democratic chairwoman of the financial services panel. Mr. McHenry is the ranking Republican on the financial services panel.

A spokesman for Ms. Waters declined to comment beyond a statement released earlier this week on the subpoenas.

"The potential use of the U.S. financial system for illicit purposes is a very serious concern," she said. "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."

A spokesman for House Intelligence Committee Chairman Adam Schiff (D., Calif.) also referred to an earlier statement: "As part of our oversight authority and authorized investigation into allegations of potential foreign influence on the U.S. political process, the House Intelligence Committee issued subpoenas to multiple financial institutions in coordination with the House Financial Services Committee, including a friendly subpoena to Deutsche Bank, which has been cooperative with the Committees. We look forward to their continued cooperation and compliance."

Write to Andrew Ackerman at [e-mail] and Lalita Clozel at [e-mail]

(END) Dow Jones Newswires

April 17, 2019 20:47 ET (00:47 GMT)

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