"Although not required by the Supreme Court’s opinion, the Committee will voluntarily narrow its subpoena to those records that are absolutely necessary to satisfy the Committee’s investigative needs and to fulfill the Committee’s legitimate oversight and legislative objectives," Schiff said.
The Supreme Court ruled that Congress can subpoena a US president’s financial records for legitimate legislative and oversight purposes while returning the case to a lower court with a series of necessary legal tests needed for a subpoena to be valid, Schiff explained in a memorandum to members and an accompanying release.
The subpoena for records of Deutsche Bank is part of a long-running investigation by House Democrats of "efforts by Russia and other foreign actors to influence our political process before, during and since the 2016 election," the memorandum reads.
Russia has repeatedly denied allegations of meddling in the US political system. The statements have been further evidenced by the failure of Special Counsel Robert Muller investigation to validate allegations by Democrats that Trump campaign officials colluded with Moscow during the 2016 election campaign.
The Democratic-led House probe, however, casts a broader net in a search for evidence of presidential wrongdoing by exploring speculation that foreign actors used financial leverage against Trump to further policy goals, undermining US national security in the process.
"A full inquiry into the President’s foreign financial interests, and the US government’s response to any counterintelligence risks arising from them, remains urgent and outstanding," Schiff said.
Deutsche Bank, as well as Trump’s accounting firm Mazars, are at the centre of efforts to continue investigating Russia - a campaign that prompted multiple House of Representatives investigations after Democrats won a majority in 2018 elections.
Trump has repeatedly said the Democrats’ allegations are a hoax and a political witch hunt to reverse the results of the 2016 election.