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WASHINGTON – Former President Donald Trump provided “misleading information about the financial situation” of his Washington hotel while in office, according to the House Oversight and Reform Committee.
The committee, which recently obtained documents from the General Services Administration, found that Trump said his downtown DC hotel generated $ 150 million in revenue while serving in the White House, but that the hotel had actually suffered more than $ 70 million in losses.
“By filing these misleading public disclosures, President Trump has grossly exaggerated the financial health of the Trump Hotel,” the committee said in a press release on Friday.
The Trump organization did not immediately return NBC News’ request for comment.
When Trump first requested the lease of the old post office building in 2011 for his hotel, he also provided the federal government with information that the committee said “appeared to be covering up some debt.” Records show that Trump specifically did not show outstanding balances for properties he owned in other major cities like New York, Chicago and Las Vegas, the panel said.
The committee also said that the newly obtained documents show that from 2017 to 2020, the Trump International Hotel in DC received approximately $ 3.7 million in payments from foreign governments, which it said raises “concerns about d ‘possible violations of the constitutional clause on foreign emoluments’.
While serving in the White House, Trump also received “a significant financial benefit” from Deutsche Bank that allowed him to defer payment of the $ 170 million loan for the hotel, the committee said.
“Sir. Trump did not publicly disclose this significant advantage of a foreign bank while he was president,” the committee said.
Representative Carolyn Maloney, DN.Y., chair of the committee, said on Friday that her panel would continue its investigation into Trump’s lease of the property. The committee has been investigating the matter since Trump took office.
“For too long the president has used his complex network of companies to hide the truth about his finances,” said Maloney. “The committee will continue to vigorously pursue its investigation until the truth is revealed so that Congress can resolve the unresolved ethical crisis left by Trump and prevent future presidents from profiting from the presidency.”
Anna schecter contributed.
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