A federal appeals court in NY has upheld the legality of congressional subpoenas seeking President Donald Trump's banking records but said sensitive personal information should be protected.
The ruling is the latest in a series of court losses for Trump as he fights House subpoenas, and the 2nd Circuit panel offered a full-throated defense of Congress as it investigates the President.
House Democrats, now in the midst of an impeachment inquiry against the president, hope the extensive financial records detail Trump's income, partners, business deals and any potential ties to foreign governments or illegal activity, according to the Times.
Two Democratic-controlled committees issued subpoenas to Deutsche Bank and Capital One in April demanding that they hand over financial records related to Trump and his family. Lawmakers have said the requests are part of a wider investigation into money laundering and foreign influence over USA politics.
In Tuesday's decision, a 2-1 majority of the 2nd Circuit panel rejected Trump's argument that Congress did not have a valid objective for seeking his records, and that enforcing the subpoenas would compromise his and his family's privacy. The panel said that congressional investigations "substantially "overbalance" the privacy interests invaded by disclosure of financial documents".
Deutsche Bank has lent Trump's real estate company millions of dollars over the years.
Congressional investigators have already identified possible failures in Deutsche Bank's money laundering controls in its dealings with Russian oligarchs, people familiar with the matter have told Reuters.
In April, the House financial services and intelligence committees sought sweeping private banking records from the Trump family.
Trump broke with a presidential norm during the 2016 contest by refusing to release his tax returns as most presidents have done since the 1970s even though it is not required by law.
A representative for Deutsche Bank declined to comment. A lower court judge denied Trump's request for a preliminary injunction and Trump appealed the ruling.
Trump's personal lawyer, Jay Sekulow, suggested the next step will be an appeal to the Supreme Court.
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