Trump's financial records could be released within seven days: CNN reporter
President Donald Trump (Photo: Screen capture)

On Monday, New York-based federal district judge Edgardo Ramos ruled that President Donald Trump's businesses must comply with congressional subpoenas for their financial records, stating that their arguments for keeping the information concealed from House investigators was baseless and refusing to grant them a stay.

In conversation with CNN's Wolf Blitzer, reporter Kara Scannell outlined how significant a loss this was for the president.

"It's the second setback for the president in just three days," said Scannell. "He said that the subpoenas are valid, that Congress, particularly the House Financial Services Committee and the House Intelligence Committee, had a right to these documents, even though the subpoenas were very broad. In fact, the judge said that 'The power of Congress to conduct investigations is inherent in its legislative process. That power is broad.' He is ruling, unequivocally, that Congress has a right to the documents that the banks have, both Deutsche Bank and Capital One, banks that Donald Trump and his family members have done business with for years," said Scannell. "These subpoenas also apply to his family members, his companies. And all of that documentation is now valid for Congress."

"He also said that he would deny their stay pending appeal," Scannell added. "That is, he would not put these decision aside, so that the Trump organization and the president could appeal this case. Instead, he's saying that they really have no — they're unlikely to succeed on the merits, and therefore, that they will not get this stay ... He also said the scope of the investigation was also worthy, that Congress had the right to investigate whether there was foreign leverage, financial leverage over the president and whether his company was engaged in any money laundering."

"How quickly do you think they'll be released?" asked Blitzer.

"Well, under an agreement that they had before today's ruling, there are seven days," said Scannell. "Now, in the accounting firm case that was decided on Monday, the Trump Organization and the president said they would appeal and they notified the court of that in D.C. Now, the judge asked the lawyer for the president if what he was going to do in this matter, and he said that he would consult with his client. So he is not yet announced that they're going to appeal this decision, but it could go into effect within seven days, Wolf."

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