Warren, Van Hollen Call for Senate Scrutiny of Deutsche Bank

Source: Bloomberg

Wall Street scourge Elizabeth Warren is joining with a fellow Senate Democrat in seeking a Banking Committee investigation of Deutsche Bank AG’s compliance with U.S. safeguards against money-laundering.

The Massachusetts lawmaker, widely seen as a potential 2020 presidential contender, signed onto a letter with Senator Chris Van Hollen asking Committee Chairman Mike Crapo to open a probe of the bank’s compliance history, “with a focus on its correspondent banking operations and vulnerabilities to money laundering.”

A Senate investigation, which Warren and Van Hollen want to see followed by a report and hearing, could put further pressure on the Frankfurt-based bank, which is also likely to face scrutiny from the House Financial Services Committee next year. Representative Maxine Waters, the California Democrat set to become chairman of the House panel, is planning to probe matters including the company’s ties to President Donald Trump, according to a memo obtained by Bloomberg News.

... snip...

Van Hollen, a Maryland Democrat, questioned the Federal Reserve earlier this year about how it would keep the White House from interfering with oversight of the lender, which had been a major lender to Trump’s real estate business.

Read more: https://www.bloomberg.com/amp/news/articles/2018-12-13/warren-van-hollen-seek-senate-probe-of-deutsche-bank-s-missteps