Trump Loses Appeal: Banks Must Turn Over Financial Statements

Democrats are probably grinning as President Trump took another legal hit with a federal appeals court ruling Tuesday that congressional subpoenas for Trump’s financial records from Deutsche Bank and Capital One would not be blocked.

Legitimate or Not?

Saying that there was “no legitimate or legislative purpose,” for House Democrats’ subpoenas on Trump’s personal finances, the president has been fighting in numerous lawsuits to block Democrats and lawyers from receiving his financial records.

The U.S. 2nd Circuit Court of Appeals, however, seems to disagree, as a decision was made Tuesday in another legal loss for Trump.

“[Trumps’] motion for a preliminary injunction was properly denied, except as to disclosure of any documents that might be determined to be appropriate for withholding from disclosure pursuant to our limited remand. … The serious-questions standard is inapplicable, the balance of hardships does not tip decidedly in favor of Appellants, and the public interest favors denial of a preliminary injunction,” some of the 100-page decision read.

One judge, however, does not fully agree with the decision, and filed her own separate opinion, saying that the “present record is insufficient” to support the ruling that Trump records “should at this time be produced.” She said that “serious questions on the merits” were raised by the Trumps and that they are “entitled to preliminary relief.”

The banks in question had similar reactions to the news, with Capital One welcoming the ruling, and Deutsche Bank saying they will comply and “provide appropriate information to all authorized investigations and will abide by a court order regarding such investigations.”

Jay Sekulow, one of Trump’s attorneys, however, was not happy with the result, and stated that an appeal to the Supreme Court is being considered:

“We believe the subpoena is invalid as issued. In light of the 2nd Circuit decision, we are evaluating our next options including seeking review at the Supreme Court of the United States,” Sekulow said, and the Trump legal team has been given 7 days by the court to do so.