Democratic senators are urging the Federal Reserve to investigate a series of Deutsche Bank transactions tied to Donald Trump after reports that bank executives ignored warnings about potential suspicious activity.
Specialists at the bank had flagged transactions made in 2016 and 2017 by legal entities controlled by Trump and his son-in-law Jared Kushner as bearing the hallmarks of potential money-laundering activity, but bank executives overruled them and declined to notify government officials of the activity. The letter to Fed chairman Jerome Powell and John Williams, president of the Federal Reserve Bank of New York, came in the wake of reporting about the matter from the New York Times.
Led by Sen. Chris Van Hollen of Maryland, the senators stressed that a thorough examination of what happened will enable lawmakers to determine which policies, procedures, personnel, and/or laws need to be changed in order to prevent further oversights, such as what happened at Deutsche Bank. Deutsche Bank employees have complained that the incidents were part of a recurring pattern by bank executives.