House Democrats’ investigations into President Donald Trump’s finances and potential money laundering tied to Russia have prompted them to demand documents from nine banking giants, according to people familiar with the matter.
The House Financial Services Committee, led by Representative Maxine Waters, has issued subpoenas to U.S. lenders JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, Bank of America Corp., Wells Fargo & Co., and Capital One Financial Corp., said the people.
Foreign banks that received information requests included Deutsche Bank AG, Royal Bank of Canada and Toronto Dominion Bank, according to the people, who asked not to be named because the subpoenas aren’t public.
The financial services panel’s requests were made in collaboration with Representative Adam Schiff’s House Intelligence Committee, which is focused on probing whether Russia sought to influence the 2016 presidential election.
Waters’ investigation is broader, digging into whether banks are illegally helping Russian clients move money out of the country, people familiar with the matter have said.
That nine banks have received subpoenas was revealed in a letter that was made public Wednesday from Representative Patrick McHenry, the top Republican on the Financial Services Committee, to Waters. Previously, the identities of only four of the firms, including Deutsche Bank, had been publicly divulged.
The Wall Street Journal earlier Wednesday reported the number of banks subpoenaed and their names, as well as McHenry’s letter.