Deutsche Bank and Capital One must give financial records for President Donald Trump, his children, and his company to Congress, an appeals court ruled on Dec. 3.
A three-judge panel of the Second Circuit Court of Appeals issued the ruling after Trump filed an appeal in August after a district judge in New York declined to block subpoenas issued by two congressional committees.
Judge Jon Newman, 87, an appointee of President Jimmy Carter, said the appeal “raises an important issue concerning the investigative authority” of the House Intelligence and Financial Services committees.
The case doesnt concern a dispute between the Legislative and Executive branches of the government, Newman said, because the documents Congress is seeking have to do with Trump acting in his personal capacity. The ruling said Trumps case didnt meet the standard for a preliminary injunction, though they did establish that the plaintiffs would suffer irreparable injury if the financial records were released to Congress.
Trumps lawyers said that the subpoenas are invalid because of the Right to Financial Privacy Act, which prohibits financial institutions from disclosing a customers financial records to “any government authority,” but the congressional committees have claimed that they are not a “government authority.” The judges agreed with that claim.
Trumps team also said that Congress didnt meet Section 6103 of the Internal Revenue Code, which makes tax returns confidential with several exceptions. Congress didnt dispute the claim but contended the provision didnt apply to tax returns held by Deutsche Bank if the bank didnt get the returns from the IRS. The ruling said the section was ambiguous but said that Congress appeared to be correct. If tax returns of Trump himself were held by the bank, then the information might be legally held back, but the bank said on Aug. 27 the returns it has dont include the presidents.
While the subpoenas were broad, the ruling stated Congress can inquire into private affairs if theyre related to a valid legislative purpose. The records the panels are seeking are from 2010 to 2016. Read More – Source