A U.S. House of Representatives committee announced Thursday it had reached an agreement with former President Donald Trump and accounting firm Mazars USA on acquiring many of the former president’s financial records.
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“After numerous court victories, I am pleased that my committee has now reached an agreement to obtain key financial documents that former President Trump fought for years to hide from Congress,” stated Representative Carolyn Maloney, chairwoman of the Committee on Oversight and Reform.
The agreement ends all related litigation by Trump, the panel’s statement noted.
A U.S. appeals court largely upheld a congressional subpoena seeking financial records from Trump’s accounting firm in July, but said some of the lawmakers’ requests were out of the question.
The U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled that the Democratic-controlled House committee is permitted to obtain records from a period directly preceding and following Trump’s 2016 campaign as well as his time in office.
In April 2019, the committee issued a subpoena seeking eight years of accounting and other financial records as part of its investigation into what Maloney called Trump’s “unprecedented conflicts of interest, self-dealing, and foreign financial ties.” She said the agreement includes the transfer of “critical documents” that will assist the panel in its investigation.
The committee’s subpoena came in response to the testimony of Michael Cohen, Trump’s former lawyer. Cohen testified that Trump had intentionally inflated and deflated certain assets on financial statements between 2011 and 2013 in part to reduce his real estate taxes. The panel said it wanted to discover if, and to what extent, illegal actions had taken place. Cohen was sentenced to prison after pleading guilty to charges including violating campaign finance law, bank fraud, tax evasion and lying to Congress.
The July court ruling allowed the panel to gain access to records connected to the Trump hotel lease, as well as records related to allegations that Trump violated financial disclosure laws and may have breached the U.S. Constitution’s “emoluments” clause, which prevents federal officeholders from accepting payments from foreign governments without congressional approval.
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