Deutsche Bank giving Congress Trump's financial records amid probe of president’s dealings
President is accused of inflating value of his real estate assets
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Deutsche Bank has been cooperating with the House Financial Services Committee’s investigation into Donald Trump’s finances, according to the top Democrat leading the probe.
Chairwoman Maxine Waters confirmed the bank was now providing its records of the president’s finances, after previously rebutting Democrats throughout 2017 and 2018.
The bank previously declined to cooperate with Democrats on the committee before they assumed majority power after sweeping the House in the 2018 midterm elections.
Confirming the bank’s cooperation to reporters on Capitol Hill, Ms Waters said on Tuesday the committee was probing “everything” involving Mr Trump’s financial dealings with the bank that was recently fined in a major Russian money laundering scheme.
The chairwoman added she was satisfied with its level of cooperation since Democrats took over the investigation, after Republicans previously rejected their efforts to probe Mr Trump’s ties to Deutsche Bank.
Mr Trump and Deutsche Bank were “deeply entwined” throughout his rise to prominence as a New York real estate mogul, according to a major New York Times report published earlier this month, which alleged the president inflated the value of his assets by as much as 70 per cent.
The extent of Mr Trump’s potential involvement in criminal misconduct with Deutsche Bank remains unclear, as investigators probe other possible financial crimes in addition to the bank’s money laundering.
The bank was previously accused of violating international sanctions, along with money laundering, market manipulation and other illegal practices. It was forced to pay $630m (£476) in fines to the Justice Department in 2017.
At least two congressional committees are currently looking into the president’s dealings with Deutsche Bank.
The House Intelligence Committee has also launched an investigation into the president’s finances, including his connections with the bank, which has been reported to have lent money to Mr Trump at a time when few other financial institutions were willing to work with him.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments