Trump appeals ruling allowing banks to hand his financial records to Congress

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A judge is poised to hear oral arguments Wednesday over President Donald Trump's effort to block congressional subpoenas seeking financial records from two banks.

The action comes amid a legal struggle between the Trump administration and congressional Democrats who are seeking access to sensitive files about the president's financial records and dealings.

In asking Ramos to block the subpoenas on Wednesday, a lawyer for the Trumps argued that they exceeded the authority of Congress. Ramos, however, found that they were allowed under the broad authority of Congress to conduct investigations. On Wednesday, the two sides in that dispute filed a formal request that the appeal be put on an expedited schedule, with written legal arguments to be completed by July 12, with a hearing by a Circuit Court panel soon after that date.

U.S. President Donald Trump speaks to reporters on a range of issues during an event devoted to "America's farmers and ranchers" in the Roosevelt Room of the White House in Washington, U.S., May 23, 2019.

Deutsche Bank and Capital One said in court filings on May 10 they are not taking a position on whether the subpoenas should be blocked.

The lawyers for the House Financial Services and Intelligence committees say they need access to documents from the banks to investigate possible "foreign influence in the US political process" and possible money laundering from overseas.

In a written submission prior to Wednesday's hearing, lawyers for two congressional committees wrote that Trump's effort to block the subpoenas was "flatly inconsistent with almost a century of Supreme Court precedent".

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The Trump family lawyers signaled that they will appeal the ruling, but they did not comment after the hearing.

The main bill, clearly aimed at Trump, requires New York State Commissioner of Taxation and Finance Jerry Boone to provide New York state tax returns to Congress upon request from the House Ways and Means Committee, the Senate Finance Committee or the Joint Committee on Taxation.

"We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations", said Deutsche Bank spokeswoman Kerrie McHugh. Capitol One is among the banks that houses Trump's personal accounts.

"What country are we living in now?" said radio host Wayne Dupree, a member of Project 21, a black leadership network, as well as a regular contributor to The Political Insider, Headline Politics, Townhall.com, NewsmaxTV and the One America News Network.

Michael Stern, who served as senior House counsel from 1996 to 2004, said in an interview on Tuesday that Trump and the other plaintiffs faced an uphill battle.

Ramos' ruling came two days after a federal judge in Washington ruled that Trump's accounting firm, Mazars LLP, must comply with a congressional subpoena for Trump's financial records.

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