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President Trump’s Finances Investigated by House Democrats

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In advance of the Mueller investigation release on Thursday, which apparently found no collusion between the Trump 2016 Presidential Campaign and the Russians, the House Intelligence and Finance Committee have escalated their investigation into President Trump’s finances.

On Monday, House Democrats, in a joint effort by both committees, subpoenaed Deutsche Bank, JP Morgan Chase, Bank of America and Citigroup in an attempt to find evidence of Russian money laundering. They are expected to serve additional subpoenas for access to President Trump’s personal finances soon.

“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 today issued subpoenas to multiple financial institutions in coordination with the House Financial Services Committee,” explained Rep. Adam Schiff (D-CA), “including a friendly subpoena to Deutsche Bank, which has been cooperative with the Committees. We look forward to their continued cooperation and compliance.”

Trump‘s attorneys have already advised the accounting firm Mazars USA not to comply with a House Oversight and Government Reform Committee subpoena for their Trump files.

Rep. Maxine Waters (D-Calif.), chairwoman of the Financial Services Committee, said in a statement Monday that the potential use of the U.S. financial system for illicit purposes was a “very serious concern.”

“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,” she said.

Deutsche Bank has continued to be a target of the House Democrats due to their extensive dealings with Trump Industries with regard to property development loans. The committee chairs claim they simply want to ensure that Russia has had no influence over the president due to these loans.

In a statement, Deutsche Bank assured, “We remain committed to providing appropriate information to all authorized investigations in a manner consistent with our legal obligations.”

Republicans expressed outrage and the continuation of what may be termed as a “witch hunt.”

“My colleagues across the aisle continue to politicize the banking industry and set out on partisan fishing expeditions,“ said Rep. Patrick McHenry (N.C.), senior Republican on the Financial Services Committee. “All while ignoring the issues the American people need our committee to be focused on. Republicans have repeatedly expressed our desire to work in a bipartisan manner, but today‘s actions seem driven solely by a political agenda.“

House Democrats assured they just want to “investigate as thoroughly as possible” and follow “where (the facts) may lead” them.

Sarah Morton

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