US Supreme Court agrees Friday to consider President Trump's appeal of lower court orders, now on hold, that require his banks and accountants to turn over financial records to the US House and local prosecutors in New York.
Trump's lawyers, who asked the court to take up the case, contended that the House had no authority to subpoena records unless it seeks information for the purpose of writing laws. In this case, they said, the House was improperly acting as an investigative body in an action that implicates the president.
"There is no need for this court to make definitive pronouncements on the scope of Congress's power in a case in which its ruling will be so limited in application and consequence," they said in court filings. The Financial Services Committee subpoenaed a broad range of records from two banks that have done business with the president and members of his family — Deutsche Bank and Capital One. Democrats said both banks have paid fines for deficiencies in their programs to fight money laundering, and they cited news reports indicating that"several Trump properties were purchased using anonymous shell companies and funded by Russian oligarchs.
"These 'dragnet' subpoenas look nothing like a legislative inquiry," the president's lawyers said, and are beyond the power of Congress to issue.
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