Maxine and Schiff announce new subpoenas in latest effort to nail Trump

Schiff, Trump and Waters

There are two House Committees which have now subpoenaed Deutsche Bank and several other financial institutions as part of investigations into President Donald Trump’s finances.

Adam Schiff, D-Calif., House Intelligence Committee Chairman, said in a Monday statement that the subpoenas are part of an investigation “into allegations of potential foreign influence on the U.S. political process.”

Maxine Waters, D-Calif., House Financial Services Committee Chairwoman, said in a separate statement that “the potential use of the U.S. financial system for illicit purposes is a very serious concern.” She also said her committee is looking into those matters, including whether they pertain to Trump.

It is not clear to the public exactly what the committees asked for. Some House Democrats are leading several investigations into various aspects of the president’s personal and political life. Schiff has said he is investigating whether foreign actors, including Russia, have sought to hold leverage over Trump or his family and associates.

Eric Trump, the president’s son and executive vice president of The Trump Organization, said in a statement released Monday that the subpoenas were “an unprecedented abuse of power and simply the latest attempt by House Democrats to attack the President and our family for political gain.”

Schiff has said he wants to know whether Russians used laundered money for transactions with the Trump Organization. Trump’s businesses have benefited from Russian investment over the years.

Deutsche Bank is a German asset management firm that has lent Trump’s real estate organization millions of dollars over a number of years. 

The two House Committees have been working with the bank for several weeks, and both Waters and Schiff have said officials have been cooperative. Schiff called the subpoena to Deutsche Bank a “friendly” subpoena, meaning he expects them to continue working with the committees.

In the wake of these two requests comes as a third committee, the House Ways and Means Committee, is sparring with the White House over Trump’s tax returns.

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

Credit: Daily Mail