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House Democrats Subpoenaed Nine Banks in Trump Finance Probe -- 2nd Update

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04/17/2019 | 11:08pm EDT

By Andrew Ackerman and Lalita Clozel

WASHINGTON -- House Democrats have subpoenaed nine large banks as part of an inquiry into President Trump's financial interests, according to people familiar with the matter, including six U.S. firms and three foreign lenders.

The list includes U.S. giants JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, Wells Fargo & Co. and Bank of America as well as Capital One Financial Corp. It also includes Deutsche Bank, Royal Bank of Canada and Toronto-Dominion Bank.

The total number of lenders targeted by the lawmakers hasn't been previously reported, nor have most of their identities.

The subpoenas come after House Financial Services Committee Chairwoman Maxine Waters (D., Calif.) last week pressed the heads of several of the banks testifying at a hearing on whether the lenders had uncovered accounts tied to illicit Russian businesses or individuals.

Investigators on the House Financial Services Committee and House Intelligence Committee have focused their early efforts on Deutsche Bank, which has said it in engaged "in a productive dialogue" with the committees.

Deutsche Bank's relationship with Mr. Trump goes back decades. Since 1998, the bank has led or participated in loans of at least $2.5 billion to companies affiliated with Mr. Trump, The Wall Street Journal has reported.

The other banks declined to comment or couldn't immediately be reached Wednesday.

Mr. Trump has denied any wrongdoing and has called the probes launched by House Democrats earlier this year "presidential harassment."

Republican lawmakers have criticized the subpoenas, saying they were sent without input from GOP members and were unduly political in nature. "Oversight should not be partisan," Rep. Patrick McHenry (R., N.C.) said in a letter late Wednesday to Ms. Waters. Mr. McHenry is the ranking Republican on the financial services panel.

A spokesman for Ms. Waters declined to comment beyond a statement released earlier this week on the subpoenas.

"The potential use of the U.S. financial system for illicit purposes is a very serious concern," she said. "The Financial Services Committee is exploring these matters, including as they may involve the President and his associates, as thoroughly as possible pursuant to its oversight authority, and will follow the facts wherever they may lead us."

A spokesman for House Intelligence Committee Chairman Adam Schiff (D., Calif.) also referred to an earlier statement: "As part of our oversight authority and authorized investigation into allegations of potential foreign influence on the U.S. political process, the House Intelligence Committee issued subpoenas to multiple financial institutions in coordination with the House Financial Services Committee, including a friendly subpoena to Deutsche Bank, which has been cooperative with the Committees. We look forward to their continued cooperation and compliance."

Write to Andrew Ackerman at andrew.ackerman@wsj.com and Lalita Clozel at lalita.clozel.@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA 0.79% 26.93 Delayed Quote.8.44%
CAPITAL ONE FINANCIAL CORPORATION 0.94% 86.02 Delayed Quote.13.80%
CITIGROUP INC. -0.27% 63.25 Delayed Quote.21.49%
DEUTSCHE BANK AG 1.01% 6.415 Delayed Quote.-8.88%
FIRST FINANCIAL CORP 1.66% 41.57 Delayed Quote.1.84%
JP MORGAN CHASE & COMPANY 0.28% 107.61 Delayed Quote.10.23%
MORGAN STANLEY 0.10% 39.94 Delayed Quote.0.73%
TORONTO-DOMINION BANK 0.49% 72.48 Delayed Quote.6.29%
WELLS FARGO & COMPANY 0.72% 45 Delayed Quote.-2.34%
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