US House Democrats seek info from Deutsche Bank on Trump accounts
- Author: Zachary Reyes May 24, 2017,
May 24, 2017, 20:46
Congressional Democrats on the House Financial Services Committee are asking Deutsche Bank (DB) to release information it may have on President Trump's financial accounts and any evidence that may show ties to Russian Federation.
While the Democrats may be digging for evidence on whether Trump has any financial ties to Russia, Deutsche Bank does not have to comply with their request because they are the minority in the House.
One of which is looking into the 2011 Russian mirror scandal, which the bank has already agreed to pay $628 million in fines after regulators determined the bank helped to covertly move $10 billion out of Russia through a process known as "mirror trading".
"It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews", they continued. The committee has the power to subpoena the documents, but that would require cooperation from committee Republicans who make up the majority of the panel because the party has control of the House.
The mirror-trading scheme allowed some of the bank's wealthy clients in Moscow to convert rubles into western currency through the simultaneous purchase and sale of publicly traded shares, investigators have found.
The same group of Democrats demanded in March that Hensarling hold a hearing to explore the bank's conduct in the Russian mirror-trading scandal, as part of an effort to ensure that the Justice Department investigation wasn't influenced by the lender's relationship with Trump.
The lawmakers also called on the bank to appoint an independent auditor to review the Trumps' accounts.
It was the latest twist in the high-stakes investigation of Trump's relations with Moscow, and whether there was any collusion between his campaign and an alleged Russian bid to tilt the U.S. election in the Republican's favor.
Trump has denied allegations that he colluded with the Russian government to affect the United States election.
"At a time when almost all other financial institutions refused to lend to Trump after his businesses repeatedly declared bankruptcy, Deutsche Bank continued to do so-even after the President sued the Bank and defaulted on a prior loan from the Bank - to the point where his companies now owe your institution an estimated $340 million", the letter said.