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December 3, 2019

An appeals court has rejected President Trump's attempt to prevent Deutsche Bank and Capital One from complying with a congressional subpoena for his financial records.

The House Intelligence and Financial Services issued subpoenas in April for financial records from Trump, his children, and his company, but after a district court judge said the banks can turn over the records and declined to issue a preliminary injunction, Trump filed an appeal, Axios reports.

Now, the Second Circuit Court of Appeals has ruled the banks have to turn over the documents, saying Tuesday that "the public interest in vindicating the committees' constitutional authority is clear and substantial." The New York Times reports, however, that Tuesday's decision came with a "caveat," as "the lower court must consider whether and how the banks disclose a limited set of sensitive personal information to Congress that would have no bearing on government investigations."

This comes as Trump is also seeking to prevent his accounting firm, Mazars USA, from handing over financial records to Congress, with the Supreme Court recently halting a subpoena temporarily. CNBC notes the Deutsche Bank and Capital One case will likely now also head to the Supreme Court. Brendan Morrow

August 30, 2018

Gun owners feel safe with President Trump by their side — a little too safe for firearm manufacturers' liking.

Thanks to what they feel are guaranteed Second Amendment rights under Trump, gun buyers aren't stocking up on AR-15s, The Wall Street Journal reports. The "Trump slump," as executives are calling it, has notably led to a 50 percent drop in long gun revenue for Smith & Wesson's parent company from 2016 to 2017.

Americans never used to love AR-style rifles, the Journal points out. But Democratic proposals to ban the gun after mass shootings turned former President Barack Obama into "the best AR-15 salesman there was," gun dealer Chris Waltz tells the Journal. An even bigger spike came as a Hillary Clinton presidency loomed in 2016, leading to the production of about 2.3 million rifles and nearly 12 million total firearms. A 2017 marketing report even encouraged manufacturers to target "anxious buyers" worried about a government that supported gun control.

During the Obama years, Waltz saw a business boom that helped him afford a boat and an RV. But Trump's presidency caused an immediate drop in sales, he told the Journal. While there is no data on sales for the whole industry, background checks are down 11 percent, per FBI analysis. As a Maine gun manufacturer put it, there's just no "fear-based market" pushing gun lovers to stock up anymore.

Read more about dwindling gun sales at The Wall Street Journal. Kathryn Krawczyk

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