A judge for the US District Court for the Southern District of New York refused Wednesday to issue a preliminary injunction blocking congressional subpoenas of President Donald Trump’s financial records from two banks connected with the president.
The ruling allows subpoenas of Deutushe Bank and Capital One to move forward next week, requiring the banks to release financial information concerning Trump’s interactions with the companies and to disclose any potential money laundering activities that had been detected by the banks. The subpoenas were issued by the House Financial Services and Intelligence committees. Trump sued the banks in April to prevent the release of the information. In statements made from the bench and reported by the Associated Press, District Judge Edgardo Ramos said that the subpoenas had “a legitimate legislative purpose” in furthering the government’s efforts to crack down on financial crimes, and that “the power of Congress to conduct investigations is inherent in the legislative process.” Lawyers representing Trump have already vowed to appeal the ruling.
The decision comes only two days after a judge for the US District Court for the District of Columbia refused to block a congressional subpoena of Trump’s accounting firm, Mazars USA. On Wednesday New York state lawmakers also passed a bill authorizing the release of Trump’s state tax returns. As a resident of New York and with many of his businesses incorporated in the state, the state tax returns will share substantial similarities to the federal returns that the Trump administration has steadfastly refused to release.