House Intelligence Committee Chairman Adam Schiff, D-Calif., on Monday said the subpoenas were related to potential “foreign influence in the U.S. political process,” including whether Russians laundered money through the Trump Organization.
The banks include JPMorgan Chase &Co., Citigroup Inc., Morgan Stanley, Wells Fargo & Co., Bank of America, Capital One Financial Group, Deutsche Bank, Royal Bank of Canada and Toronto-Dominion Bank, The Wall Street Journal reported.
The House Financial Services Committee and House Intelligence Committee have already been in a “productive dialogue” with Deutsche Bank, which has loaned the president and his companies more than $2 billion over the years.
The number of and specific banks subpoenaed has not been previously reported. In a statement Monday, Eric Trump called the subpoenas an unprecedented “abuse of power.”