A federal judge in New York City on Wednesday ruled that Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from House Democratic lawmakers after the administration attempted to block the move.
Judge Edgardo Ramos’s ruling came after a hearing at which lawyers for Trump, his three older children, Donald Jr. Eric and Ivanka, and the Trump Organization argued for the federal court in New York to issue a preliminary injunction to block the subpoenas for documents claiming that there would be “irreparable harm” if the financial records were given to House Democrats.
Trump had sued the financial institutions to try and block them from handing over the documents in response to subpoenas issued by House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) and House Intelligence Committee Chairman Adam Schiff (D-Calif.).
Ramos said that their arguments “are not sufficiently serious as it relates to Supreme Court precedent” dealing with the question of turning over documents to Congress.
The judge also disagreed with the argument by the Trump legal team that the demand for the documents lacks a legitimate legislative purpose. Ramos found that there is such a purpose.
The subpoenas, Ramos said, are “undeniably broad but are clearly pertinent.”
In a statement to CNBC after the ruling, Deutsche Bank spokeswoman Kerrie McHugh said, “We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations.”
This is the second setback for Trump this week in his fight to stop lawmakers from gaining access to his financial records. A federal judge in D.C. ruled on Monday that Trump accounting firm Mazars could hand over requested financial records to the House Oversight and Reform Committee.