Democrats send letter to Capital One requesting Trumps financial records.

In a letter to Capital One CEO Richard Fairbank, three Democratic committee chairs — Oversight Chairman Elijah Cummings, Intelligence Chairman Adam Schiff and Financial Services Chairwoman Maxine Waters — requested financial information related to the Trump International Hotel in Washington, including possible suspicious activity identified by Capital One, documents related to anti-money laundering reviews and documents related to “any real estate transactions.”

The new demand is the latest development in the growing number of investigations launched by subpoena-wielding House Democrats over all aspects of Trump’s presidency, business life and financial ties.

Politico reported that in the letter, Oversight Chairman Elijah Cummings (D-Md.), Financial Services Chairwoman Maxine Waters (D-Calif.) and Intelligence Chairman Adam Schiff (D-Calif.) wrote that their investigations pertained to “potential foreign conflicts of interest, compliance with the foreign and domestic Emoluments Clauses of the U.S. Constitution, and any counterintelligence threats arising from links or coordination between U.S. persons and other foreign entities, including any financial or other compromise or leverage over the president and his business interests.”

Brent M. Timberlake, Vice President, Senior Associate General Counsel Card Litigation, Subpoena and Intake at Capital One, responded to the demands saying:

“As requested, we are preserving the documents and materials listed in the request attached to your letter,” said Timberlake in a letter. “Given the confidentiality obligations we have as a financial institution, including under state and federal law, we respectfully request that any production of materials be made pursuant to a subpoena rather than an informal request.”

Republican members were not consulted on the Democratic inquiry Trump’s financial institution, according to a letter sent by Ranking member Rep. Jim Jordan, R-Ohio and Rep. Mark Meadows, R-NC.

The letter sent by Meadows and Jordan stressed concerns that over the Democrats exceeding their authority in gaining access to the private financial documents.

“We write to express to you our concerns with the inquiry as it exceeds the Committee’s legislative authority under House Rule X,” said Meadows and Jordan, in a letter sent April, 3, 2019 to Capital One Financial Institution. “As we understand the focus of the request, it broadly seeks 15 separate categories and subcategories of material relating to the finances and holdings of business entities previously associated with President Trump.”

The Republican members noted that this type of “derivative request is not a best practice and has the veneer of a fishing expedition. Probes aimed simply at harming the electoral prospects of a future candidate for office are improper on their face.”

More importantly, the Meadows and Jordan state that the Democrats appear to be requesting “information solely for the improper purpose of exposure and embarrassment.”

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