The announcement comes after several news reports that Stephen Moore would not back down from his anticipated nomination to serve on the Fed despite growing concerns from Republican senators.
The banks were ordered to submit records related to President Trump's businesses, but lawmakers have agreed to give the companies until seven days after a judge rules on the Trump family's request to block the subpoena.
Congress has broad subpoena powers to demand the president’s financial records, but no bank wants to disclose confidential information about a powerful client.
The suit seeks to block the banks from complying with congressional subpoenas targeting the president’s bank records, escalating his showdown with Democratic lawmakers investigating his finances.
The Fed wants to make it easier for investors to own big stakes in banks without triggering oversight; Shelley O’Connor has been named head of the firm's two regulated bank entities.
President Trump said he won't nominate Cain for a seat on the Federal Reserve Board after opposition from his own Republican party appeared to sink the former pizza company executive's hopes for Senate confirmation.
The special counsel’s long-awaited report describes three separate occasions in which Foresman, vice chairman of the Swiss company’s investment bank, had Trump-related contacts with Russians.
Congressional Democrats issued subpoenas to Deutsche Bank and other banks to obtain long-sought documents indicating whether foreign nations tried to influence U.S. politics.
A fourth Senate Republican said he'd vote against businessman Herman Cain joining the Federal Reserve Board, all but sinking any chances that he'd get through the confirmation process if Democrats stay united in their opposition.
