The appeals court put a seven-day hold on the legal effect of its ruling, which will give Trump's lawyers time to appeal. U.S. District Court Judge Victor Marrero earlier Monday was unsparing toward the president's legal team as he dismissed Trump's lawsuit seeking to block the subpoena. Options include a request for the appeal to be heard "en banc" or, possibly, taking it to the Supreme Court.
The president is also embroiled in lawsuits with the House Ways and Means Committee, which is trying to get six years of Trump tax records from the U.S. Internal Revenue Service and has the standing right to request similar information from the state of NY.
All three members of an appeals panel in Washington, D.C., lobbed hard questions at a Justice Department lawyer who was defending the policy Friday at a hearing.
In sum, we detect no inherent constitutional flaw in laws requiring Presidents to publicly disclose certain financial information. "And that is enough", the opnion states. The Committee on Oversight and Reform has consistently maintained that it seeks to determine whether the President broke the law, but it has not invoked Congress's impeachment power to support this subpoena.
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"While we are reviewing the court's lengthy decision, as well as Judge Rao's dissent, we continue to believe that this subpoena is not a legitimate exercise of Congress's legislative authority", Sekulow said in a statement to ABC News. When Congress seeks information about the President's wrongdoing, it does not matter whether the investigation also has a legislative goal.
In her dissent, Rao said the court's opinion blurred the "consistent line" between Congress' legislative powers and its impeachment powers.
Attorney Robert Wood discusses President Trump ongoing battle with the release of his tax returns.
"There's a lot of speculation, but it seems that the accounting firm has tax returns and other documents that will show President Trump and his family and associates involved in all sorts of deals", Washington lawyer David Dorsen, who served as assistant chief counsel to the U.S. Senate's Watergate Committee in the 1970s, said in an interview before the ruling was issued.
A judge in that case ruled this week the president's claim to immunity while in office was "repugnant". Financial disclosures can help paint a fuller picture of a candidate's business positions and interests by providing information about financial dealings, such as investments, donations, business relationships, assets and possible conflicts of interests.
Trump has argued to in that case that he is immune from being investigated as a sitting president.