6/6/2019, 6:28 PM (Source: TeleTrader)
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Senate Dems call on Fed to probe Trump's DB transactions

A group of Democratic United States senators sent a letter on Thursday to top Federal Reserve officials asking them to investigate reports that the Deutsche Bank tried to cover up a series of suspicious transactions involving legal entities controlled by US President Donald Trump and his son-in-law Jared Kushner in 2016 and 2017.

"Only by conducting a thorough review of the full range of this activity can we better understand what happened in these cases; what practices, procedures, or personnel may need to be changed at the bank; and what regulators should do to ensure the Federal Reserve’s ability effectively to monitor compliance with anti-money laundering laws," the senators wrote in a letter addressed to Fed Chairman Jerome Powell and President of the Federal Reserve Bank of New York John Williams, as quoted by the New York Times.

The letter, signed by seven Democrat senators including Maryland's Chris Van Hollen and 2020 presidential candidate Elizabeth Warren, also asks Fed officials to provide information on whether they had any previous communication with the bank regarding the allegations first mentioned in an earlier NYT report. Van Hollen claimed that "it would be gross negligence" if Fed did nothing about the money-laundering accusations against the Deutsche Bank, especially since the US central bank is one of the main regulators of Germany's largest lender's US operations.

Breaking the News / FH