Deutsche Bank's Trump Ties Will Get Scrutiny, Maxine Waters Says

(Bloomberg) -- Deutsche Bank AG’s lending to President Donald Trump is likely to be a focus of scrutiny for Democrats now that they’ve taken control of the House and have more power to launch investigations, Representative Maxine Waters pledged Wednesday.

Deutsche Bank was one of the few banks “amenable” to providing Trump with financing before he became president, Waters, who is in line to take over the House Financial Services Committee, said in an interview with Bloomberg Television. “We want to know some things about that,” she said.

Key Details
  • Democrats’ House majority gives them authority to issue subpoenas, a powerful investigative tool that Waters could use to get documents from Deutsche Bank.
  • California’s Waters said the Frankfurt-based lender is arguably “one of the biggest money laundering banks in the world.”
  • Waters said House Democrats plan to meet with the management of Wells Fargo & Co., a bank that has been grappling with scandals such as the revelation that it opened millions of accounts without customers’ approval.
  • Waters said among the executives she’d like to meet with is Wells Fargo Chief Executive Officer Tim Sloan.
  • Waters said other focuses for her should she take the gavel of the financial services panel are examining payday lenders, questioning Mick Mulvaney about his efforts to weaken the Consumer Financial Protection Bureau and scrutinizing bank products that can hurt consumers.