President Donald Trump, his children Donald Jr., Erik and Ivanka started legal proceedings in New York's Southern District against Deutsche Bank and Capital One to prevent them revealing the family's finances to members of Congress who issued subpoenas for the information.
The congressional subpoena requested Deutsche Bank and Capital One to reveal all the financial information related to Trump's and his business, including parents, subsidiaries, branches, partnerships, divisions, real estates, joint ventures, and more.
Trump's attorneys, Will Consovoy, Patrick Strawbridge and Marc Mukasey, confirmed that Deutsche Bank and Capital One have been working together with President Trump to provide his family with business and personal banking services.
According to the complained filed Monday, the subpoenas aimed to cause political damages to the President and his family members. The statement also read that the subpoenas were unlawful and illegitimate as they were seeking financial information going back decades from anyone with a brief connection to the President, noted the lawyers.
It was an invasion of privacy, the attorneys claimed to highlight that every American citizen should be concerned about that.
In response to the subpoenas, Deutsche Bank issued an official statement to confirm it would comply with the court orders and would provide the necessary information to all authorized investigations. The bank already informed the President of the subpoenas on April 17 and was already preparing to submit all the requested information by May 6.
The House of Financial Services Committee and the House of Intelligence Committee are also investigating Deutsche Bank for controversial loans to the Trump organizations in recent years.
According to public filings and financial disclosures, Deutsche Bank has loaned Trump's related businesses more than $300 million from 2012 to 2-15. Reportedly, the companies related to the President used the money to fund the development of a golf course in Florida and hotels in Chicago and Washington.
Capital One's chairpersons, Waters and Schiff called also responded to the lawsuit calling it ''merit less.'' In their view, it was not meant to succeed, but it was supposed to put off meaningful accountability as long as possible. Waters and Schiff pointed out that ''the American people deserved better.''
The Monday lawsuit is the latest move of the President to try to avoid Democratic scrutiny of his business and personal finances. Earlier in April, Trump started legal actions against his accounting firm, Mazars USA and the chairman of the House oversight committee, Elijah Cummings after Cummings issued a subpoena to the accountants to give access to the President's finances.
Talking to journalists last week, President Trump said he was determined to fight all the subpoenas.
What do you think? Do you support or oppose the release of the President's financial records?