Trump sues Deutsche Bank and Capital One against Democrats subpoenas

US President Donald Trump sued two banks to prevent them from filing his financial statements in Congress.

The lawsuit against Deutsche Bank and Capital One was filed after democrat-led committees issued subpoenas to obtain information about his finances.

His three eldest children and the Trump organization have joined the lawsuit, which states that there is no legitimate reason to investigate his affairs.

The leading Democrats said that they would not be deterred by the attempt to block.

A spokeswoman for Deutsche Bank told The New York Times: "We remain committed to providing the appropriate information to all authorized investigations."

There was no immediate comment from Capital One.

What does the Trump suit say?

The lawsuit was filed Monday in New York and aims to prevent banks from complying with subpoenas issued by the Democrat-controlled Congress, which is investigating the Trump family's financial dealings.

Both banks are involved in Mr. Trump's real estate projects.

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The filing says that subpoenas "do not have any legitimate or legal purpose".

"[They] were issued to harass President Donald J. Trump, to delve into all aspects of his personal finances, his business and private information of the president and his family, "he alleged.

He adds, "There is no reason to set a goal other than a political one."

The record also indicates that Democrats hope to "come across something that they can publicly expose and use as a political tool against the president."

Why were the banks summoned to appear?

The House's intelligence and financial services committees have issued subpoenas to German Deutsche Bank, one of the Trump Organization's leading lenders, and to several other financial institutions earlier this month.

The committees would be looking for documents and documents relating to the bank's longstanding relationship with Mr. Trump and his family.

Democrat representative Adam Schiff, chairman of the House's intelligence committee, said the subpoenas were part of an investigation "on allegations of potential foreign influence on the US political process."

Schiff and Democratic colleague Maxine Waters, chair of the Financial Services Commission, called the trial "unfounded".

"[It shows] the depths to which President Trump will stand in the way of the congressional power of constitutional control, "they said in a joint statement.

"He will find that Congress will not be dissuaded from fulfilling its constitutional responsibilities," the text adds.

In 2017, the bank rejected requests from Democrats in the House of Representatives to provide details on the president's finances, citing privacy laws.

That year, it was also reported that special advocate Robert Mueller, who was leading the investigation into allegations of collusion between Trump's presidential campaign and Russia, had ordered Deutsche Bank to provide records of Mr. Trump's accounts.