Democrats set to use new powers in probe of Trump’s Deutsche Bank ties
Representative Maxine Waters reiterates concern about loans
Chances are growing thinner by the day of bipartisan cooperation between US President Donald Trump and a House of Representatives that will for the first time in his presidency be controlled by the opposing party.
It was clear on Wednesday, the morning after Democrats regained control of the House, that Trump will have little patience for investigations undertaken by lawmakers, which he said would force a “warlike posture.”
Cue the investigators.
It did not take long for future Democratic leadership to preview intent to probe the president, with likely House Financial Services Committee chairwoman Representative Maxine Waters saying on Thursday that was “one piece of business” that would be on the agenda. Specifically, she reiterated concern regarding Trump’s ties to Deutsche Bank.
Speaking during an interview with Bloomberg, she acknowledged that subpoenas would be on the table.
“We have requested information from the Treasury on everything from sanctions to Deutsche Bank and we know that Deutsche Bank is identified as one of the largest money-laundering banks in the world perhaps. And they are the only ones that were amenable to providing loans to the president,” she said.
“It is just one piece of the business…. We will deal with that when we come to it. We have the power to deal with subpoenas,” Waters added.
Democrats on the Financial Services Committee requested information from Deutsche Bank as far back as in May of 2017, citing the bank’s “pattern of involvement in money-laundering schemes with primarily Russian participation, its unconventional relationship with the president, and its repeated violations of US banking laws.”
Once the party takes control of leadership positions in the chamber, it will gain subpoena powers, which could be used to obtain documents from the bank.
The fight between Democrats and Deutsche Bank doesn’t end there. The House Intelligence Committee is also poised to use subpoena powers and issued a lengthy report on Trump’s ties to Russia, which included questions about the involvement of the bank.
“Donald Trump’s finances historically have been opaque, but there have long been credible allegations as to the use of Trump properties to launder money by Russian oligarchs, criminals, and regime cronies. There also remain critical unanswered questions about the source of President Trump’s personal and corporate financing.
“For example, Deutsche Bank, which was fined $630 million in 2017 over its involvement in a $10 billion Russian money-laundering scheme, consistently has been the source of financing for President Trump, his businesses, and his family. We have only begun to explore the relationship between President Trump and Deutsche Bank, and between the bank and Russia.”
The warlike posture has been assumed. Prepare for battle.