Lawyers for President Donald Trump have reached an agreement with the House Intelligence and Financial Services committees to hold off for now on enforcing the subpoenas for Trump’s financial records from Deutsche Bank and Capital One, according to a court document and a source familiar with the agreement.
Similar to a deal reached earlier this week with the House Oversight committee, the agreement allows for an expedited appeal schedule.
“The parties have reached an agreement regarding compliance with and enforcement of the subpoenas during the pendency of Plaintiff’s appeal,” the court document filed Saturday reads.
The agreement comes days after a federal judge rejected efforts by Mr. Trump, his children and the Trump Organization to block these subpoenas.
Earlier this week, Judge Edgardo Ramos in New York had refused to block the subpoenas, setting off a one-week clock for the Trump team to find a way to prevent extensive financial information from being released. The agreement blocks the subpoenas for now until an appeals court can weigh in.
The motion requests a stay on the subpoenas while the appeal on that decision is pending.
At a hearing in federal court Wednesday in Manhattan, U.S. District Judge Edgardo Ramos sided with congressional Democrats and declined to prevent the banks from complying with the subpoenas, saying they were “likely lawful.” Another federal judge in Washington, D.C., also ruled in favor of the House Oversight Committee, which is seeking records from Mr. Trump’s longtime accounting firm.
The motion filed by the counsels for the committees and for Mr. Trump, his children and the Trump Organization argued that a stay was needed because “conducting simultaneous proceedings in this Court and the appellate court would not be an efficient use of the parties’ or the Court’s resources.”
Mr. Trump has been a client of Deutsche Bank for decades, and owes the bank at least $130 million through his various business entities, according to his 2019 financial disclosure form.
Deutsche Bank has also been subpoenaed by New York Attorney General Letitia James, who is investigating the president’s business dealings. The subpoenas in that investigation, to Deutsche Bank and Investors Bank, seek records related to financing for four projects by the Trump Organization, as well as Mr. Trump’s unsuccessful attempt to buy the Buffalo Bills several years ago.