A federal judge in New York on Wednesday ruled Deutsche Bank and Capital One can comply with subpoena requests made by congressional Democrats to turn over President Trump’s financial and business records, despite objections from the Trump family.
Lawyers representing Trump, his family and his organization were asking for the subpoenas to be nullified and had sued the financial institutions to block them from handing over the documents, but U.S. District Judge Edgardo Ramos said Congress has the authority to investigate.
"The power of Congress to conduct investigations is inherent in the legislative process," Ramos, who was appointed during President Barack Obama's tenure, said. He added that while the requests are broad," they are also "clearly pertinent."
Lawyers for President Trump said it is a "safe bet" they would appeal.
A spokesperson for Deutsche Bank said the company would "abide by a court order" regarding the investigation.
House Democrats are looking to obtain more information about Trump’s financial affairs, potential dealings with Russia, and to look into possible connections to interference in U.S. elections.
A couple of congressional committees subpoenaed Deutsche Bank, and other financial institutions, last month as they sought to procure Trump’s financial records. Lawyers representing the president and his family claim that the requests violate the Trump’s privacy and serve no legislative purpose – arguments that were struck down on Wednesday.
Earlier this week, the president was dealt a blow in a D.C. court, after a federal district judge ruled that his former accounting firm – Mazars – will be required to turn over his financial records and documents.
Democrats are also asking for Trump’s financial records from the IRS. The Treasury Department, under Secretary Steven Mnuchin, has so far failed to comply.
In a press conference in the Rose Garden earlier on Wednesday, Trump told reporters that it was not possible to work with Democrats on policy while these investigative issues lingered.
FOX Business reached out to Capital One for comment and will post an update if the company replies.