Two powerful House committee chairs are planning a joint investigation into German lending giant Deutsche Bank, which is under scrutiny from Democrats over its business dealings with President Trump.
House Intelligence Chairman Adam Schiff and Financial Services Chairwoman Maxine Waters coordinating oversight of the bank, which also faces questions about its role in money laundering schemes.
The two California Democrats have been talking about areas of interest for each committee and where there’s common ground, Schiff said in an interview.
“We’re going to work jointly,” he said. “We think we’ll be more effective doing it that way.”
The investigation into Deutsche Bank will be one of the most closely watched probes launched by the new Democratic-controlled House because it could provide a glimpse into Trump’s finances and ties abroad.
Waters, who has called for the president’s impeachment, has vowed to follow the “Trump money trail” starting with Deutsche Bank.
Before she became chairwoman, she asked the bank for details on its handling of Trump’s accounts and involvement in Russian money laundering schemes.
The bank declined her request, citing concerns for customers’ privacy.
She now has subpoena power to get some answers.
Schiff, whose committee has been investigating Russia’s interference in the 2016 election, has said Deutsche Bank is “one obvious place to start” as he looks into possible money laundering by The Trump Organization.
He has said he plans to probe Trump’s connections to Russia, Saudi Arabia and countries.
Rep. Jim Himes (D-Conn.), a member of both committees, said Financial Services will be interested in “domestic questions” such as whether Deutsche Bank extended loans at favorable rates.
“The interesting thing about Deutsche Bank is they seem to be pretty much the only entity out there willing to lend to The Trump Organization,” Himes said.
For the Intelligence Committee, Himes said, “there has to be some sort of international, national security nexus” such as Russian involvement.
The House is preparing to investigate Deutsche Bank as regulators reportedly raise questions about how it handled suspicious transactions from Denmark’s Danske Bank, which is at the center of a massive money laundering scandal.
Bloomberg News reported Wednesday that the Federal Reserve was examining the issue.
Deutsche Bank spokesperson Kerrie McHugh said there were “no probes,” but the bank had received several requests for information about the matter from regulators and law enforcement agencies around the world.