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Top Republican rebukes Democrats on bank subpoenas
By: Zachary Warmbrodt, Politico Pro


Washington, April 17, 2019 -

The top Republican on the House Financial Services Committee today accused Democrats of playing politics by using their investigative powers to subpoena nine big banks as part of probes into President Donald Trump and Russians' illicit use of the financial system.

In a letter to Financial Services Chairwoman Maxine Waters (D-Calif.), Rep. Patrick McHenry (R-N.C.) said he was concerned the panel was "moving away from the shared goals of oversight towards bending to the political whims of others."

"Oversight should not be partisan," he said.

The banks targeted with subpoenas, sources familiar with the matter said, were JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Morgan Stanley, Capital One, Royal Bank of Canada, Toronto-Dominion Bank and Deutsche Bank.

McHenry did not identify the banks in the letter, and Democrats had only publicly revealed Deutsche Bank by name. The German lender has long been a target for Democrats because of its role as a go-to lender for Trump and because of its involvement in money laundering scandals.

McHenry said the bank subpoenas sought documents "related to the banks' dealings with the president and the president's family and businesses."

Spokespeople for Waters and House Intelligence Chairman Adam Schiff (D-Calif.), who is also investigating Trump's finances and Deutsche Bank, declined to comment. Spokespeople for the banks either declined to comment or did not immediately respond to requests for comment.

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