President Donald Trump lost a bid Tuesday to block congressional committees from obtaining financial records from Deutsche Bank, his longtime lender.

The 2nd Circuit Court of Appeals ruled that the subpoenas from the House’s Financial Services Committee and Intelligence Committee were well within Congress’ authority. The committee also served subpoenas seeking Trump-related records from Capital One Bank.

“The public interest in vindicating the Committees’ constitutional authority is clear and substantial. It is the interest of two congressional committees … to obtain information on enforcement of anti-money-laundering/counter-financing of terrorism laws, terrorist financing, the movement of illicit funds through the global financial system including the real estate market, the scope of the Russian government’s operations to influence the U.S. political process, and whether (Trump) was vulnerable to foreign exploitation,” Judge Jon Newman wrote for the majority in the 2-1 decision.

Trump sued Deutsche Bank and Capital One in his personal capacity, seeking to block them from complying with the subpoenas. He has seven days to appeal to the Supreme Court before the banks must turn over the records, which do not include Trump’s tax returns.

“We believe the subpoena is invalid as issued. In light of the 2nd Circuit decision, we are evaluating our next options including review at the Supreme Court of the United States,” Trump attorney Jay Sekulow said in a statement.

Democrats in Congress have said they need the documents as part of an investigation into Russian oligarchs using U.S. banks to launder money. The probe could also reveal whether Russians have leverage over Trump, they say.

Douglas Letter, an attorney for the House of Representatives, previously said Deutsche loaned Trump roughly $2 billion “when no other bank would touch him.”

The ruling did slightly narrow the scope of the subpoenas to avoid disclosure of the Trump family’s “sensitive personal information.” But the decision largely upholds a lower court ruling that found Trump’s legal arguments were “not sufficiently serious.”

Judge Debra Livingston dissented, writing the subpoenas were so broad that Congress and Trump’s legal team should be ordered to narrow the demand for documents.

“The legislative subpoenas here are deeply troubling. Targeted at the President of the United States but issued to third parties, they seek voluminous financial information not only about the President personally, but his wife, his children, his grandchildren, his business organizations, and his business associates,” Livingston wrote.

The decision represents another court defeat for Trump as he tries to keep his financial records under wraps. The 2nd Circuit ruled last month that Manhattan District Attorney Cy Vance could demand Trump’s tax returns in connection with an investigation into hush money payments during the 2016 election. Last month the D.C. Circuit Court of Appeals upheld a ruling allowing Congress to subpoena eight years of Trump’s tax returns.

Trump has appealed both of those cases to the Supreme Court.


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