Judge refuses to block subpoenas asking for financial information about Trump, his family

A federal judge in New York on Wednesday refused to block Congressional summons for financial information about President Donald Trump and his family at Deutsche Bank and Capital One.

The lawyers for the president, his children and his eponymous company argued Wednesday in court that subpoenas lacked legislative purpose and asked for a court order preventing banks from complying.

Trump's lawyer, Patrick Strawbridge, said the subpoenas, which request financial information dating back to 2010 about Trump and his company, children, grandchildren and in-laws, "transgress the limits "of congressional investigative power and violate their right to privacy.

The subpoenas were issued to harass the president and "search every aspect of his personal finances, his business and private information of the president and his family" to cause him political harm, wrote Trump's lawyers in court documents.

Complaining on behalf of the US House of Representatives, who issued the subpoenas, attorney Douglas Letter stated that Congress was not content to review Trump, but that he was conducting a extensive survey of the entire banking sector. This survey will help Congress draft new laws to combat bank fraud, money laundering, foreign influence in the US political process, and security risks for foreign powers with leverage. argue House's lawyers.

"This is a fundamental and fundamental misunderstanding between Mr. Trump and Congress," Letter said.

A question that the House hopes to answer: "Why were you [Deutsche Bank] lending to Trump when no other bank would touch him, "the letter asked.

Thomas Lohnes / Getty Images, DOSSIER

The Chamber also wants to know if the Russian oligarchs are pouring money into the United States and if the Russians are exerting an influence on our government "at the highest level" because of a possible financial leverage, has declared Letter in court.

Letter defended the broad scope of the subpoenas to Trump's children, step-parents and grandchildren by highlighting the practice of criminals, including drug lords, to "hide assets … on behalf of". children and grandchildren ".

In addition, "we're not talking about Ford Motor Company, we're talking about a family business," Letter said of Trump's son-in-law, Jared Kushner.

Although the House can not prosecute any criminal activity found during her investigation, she could potentially hand over evidence to a prosecution agency, said Letter.

The House could also vote to dismiss Trump.

Judge Edgardo Ramos is on the side of congressional lawyers and ruled that the subpoenas "were inscribed in a seemingly legitimate government purpose", although they are "undeniably vast".

Trump's lawyers have announced that they will appeal Wednesday's decision to the second circuit court of appeal and ask the court to suspend its proceedings immediately.

The courts, Deutsche Bank and Capital One, wrote to the court that they took "no position" on the subpoenas and that the dispute was between Trump and the House.

A Deutsche Bank representative told ABC News on Wednesday: "We remain committed to providing the appropriate information to all authorized investigations and will comply with a court order regarding such investigations."

A Capital One representative declined to comment.

Christina Carrega of ABC News contributed to this report.