Just when officials at the politically connected community lender ShoreBank thought they were rescued from near-certain failure by a consortium of Wall Street firms, a top Republican lawmaker is investigating why the firms were so generous with their money, FOX Business has learned.

Spencer Bachus, the ranking Republican on the House Financial Services Committee, wrote President Obama this morning asking for "all records of communication - including emails, phone logs and meeting records- related to the ShoreBank negotiations that exist between the Administration and representatives of ShoreBank, and executives of the banks involved in the bailout."

EXCLUSIVE: Spencer Bachus' Letter to President Obama

The Bachus investigation could pose problems not just for the White House, but also the firm involved in the bailout, among the most prominent is Goldman Sachs (GS). As reported by FOX Business, Goldman and several large banks have agreed to pitch in about $140 million, which when combined with probable federal aid, would prevent the FDIC from taking over the troubled lender.

But people at the big banks say they received what they described as political pressure to make the contributions; Shorebank is based in Chicago, President Obama's hometown, and has been singled out by the president for praise because of its lending activities in poor communities. In addition, President Obama's senior adviser, Valerie Jarrett, has served on a Chicago civic organization with a Shorebank director.

Jarrett has denied any involvement in pressuring the banks to make the donations, but Bachus is examining why Goldman would be interested in saving a community bank in Chicago that many financial analysts believe would have failed without its political ties because of its soured business model.

Bachus is keenly interested in the Goldman connection, since the big firm not only received federal bailout money but is also under investigation by the Securities and Exchange Commission and the Justice Department over its business practices, and has been looking to burnish its image. Goldman CEO Lloyd Blankfein even took the step of enlisting other CEOs in the bailout effort; one of the final contributors to the deal was GE Capital, which also received federal bailout money.

"What communications has the Administration had with Mr. Blankfein regarding ShoreBank," Bachus wrote. "What role did Administration officials play in coordinating, supervising, or encouraging Mr. Blankfein's efforts?"

Goldman Sachs officials have told FOX Business that they received no pressure from the White House to raise money for the bank, but rather the money is part of a broader program Goldman started earlier in the year to give money to small businesses.