House Democrats question Deutsche Bank over Trump link

By FinancialsFOXBusiness

Trump-Deutsche Bank connection in Rep. Maxine Waters' potential crosshairs

FBN's Charlie Gasparino on the potential impact of Rep. Maxine Waters, (D-Calif.), chairing the House Financial Services Committee.

Two top House Democrats are honing in on Deutsche Bank, a lender that has faced scrutiny over past loans to President Trump and his businesses, as part of the chamber’s expanding investigation into the White House.

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On Thursday, House Intelligence Chairman Adam Schiff and Financial Services Chairwoman Maxine Waters – both Democrats from California – sent an initial request for information to the German bank, a spokesman confirmed.

"Deutsche Bank is engaged in a productive dialogue with those Committees to determine the best and most appropriate way of assisting them in their official oversight functions. We remain committed to providing appropriate information to all authorized investigations,” she said in an emailed statement.

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In a statement, Waters and Schiff said the panels "are engaged in productive discussions with Deutsche Bank, and look forward to continued cooperation.”

Waters had previously attempted to seek information on Trump’s accounts with the lender but was rebuffed by Deutsche Bank, which cited customer privacy protections. As head of the panel with authority over Wall Street matters, she now holds subpoena power and could force the company to disclose the materials should it again resist.

Trump’s ties to Deutsche Bank go back to 1998, when the lender’s real estate division – then in its early stages of operation – loaned him millions to renovate an existing property. Financial disclosures in 2018 showed that a division of Deutsche Bank loaned Trump $130 million to construct properties including the Trump International Hotel in Washington D.C.

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On top of the congressional investigation, the lender is also reportedly facing a separate examination from the Federal Reserve over suspicious transactions. 

Apart from Trump’s financial ties, the House Oversight Committee on Wednesday said it would probe how the White House’s dealt with security clearance, targeting current and former officials including national security adviser John Bolton and senior adviser Jared Kushner, Trump’s son-in-law.