‘A Very Serious Concern’: House Committees Subpoena German Bank for Trump’s Financial Records

With the Democrats in charge of the House of Representatives, they have been putting heat on the Trump administration and their latest move is to try to shed some light on the president’s personal finances.

On Tuesday, the House Intelligence and Financial Services Committees confirmed to NBC that they have subpoenaed a number of financial institutions, trying to get President Donald Trump’s records. Intel Chairman Adam Schiff told NBC that the subpoena is part of an investigation into “allegations of potential foreign influence on the U.S. political process.”

Schiff also named Deutsche Bank as one of the institutions subpoenaed but he called it a “friendly subpoena” and noted that the German bank “has been cooperative with the Committees.”

Meanwhile, House Financial Services Chair Maxine Waters said, “The potential use of the U.S. financial system for illicit purposes is a very serious concern. The Financial Services Committee is exploring these matters, including as they may involve the President and his associates … ”

Trump has a long history with Deutsche Bank that hasn’t always been the most easy-going relationship. In 2008, the then-real estate developer was trying to put up a property in Chicago and refused to pay the bank back on about $40 million that he owed them. He blamed the recession and the bank eventually sued him.

The relationship between Trump and Deutsche stretched over two decades. In some ways, he was reliant upon the European financial institution because other banks wouldn’t do business with him, according to The Guardian.

The 2008 issue wasn’t even the first time that Trump defaulted on a loan from Deutsche. In 2004, he defaulted as well. The New York Times reported that in 2016, the bank’s board even commissioned a report, trying to figure out how they got so entangled with the New York real estate mogul who had balked on their loans. That report allegedly found that senior executives overlooked other reports flagging Trump’s problems.