Supreme Court rules on Trump's financial records

By Meg Wagner and Melissa Macaya, CNN

Updated 2018 GMT (0418 HKT) July 9, 2020
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11:16 a.m. ET, July 9, 2020

We will not see President Trump's tax returns in 2020, CNN analyst says

From CNN's Aditi Sangal

Following the Supreme Court ruling on a New York prosecutor's request for Trump's financial records, CNN legal analyst Jeffrey Toobin said that President Trump’s tax returns will not be public in 2020.

“He’s kept his tax returns secret far longer than any presidential candidate in the modern history of presidential elections. That record will be intact in 2020,” Toobin says. "“That is something that was the calamity that was potentially at the end of this case for the President. It will not happen."

“The public will not see his tax returns in 2020. That’s a victory," he added.

What this is about: The justices ruled President Trump is not immune from New York’s subpoena, but that doesn't mean prosecutors will not get documents now.

Despite a second Supreme Court ruling that blocks Congress from getting Trump’s records for now, Toobin says that the President still has reason to worry.

“If I’m Donald Trump, I’m also going to be thinking ‘You know win or lose, the Manhattan DA is not going away. This investigation is going to continue and I might get indicted in Manhattan.’”

“The decision in the [New York prosecutor] Cyrus Vance case really does suggest that these documents will be produced to the Grand Jury. Not immediately but eventually. If I’m the President, I’m not going to be happy about the idea that my financial documents will be before a grand jury, even if it's not until after the 2020 election,” Toobin adds.
12:01 p.m. ET, July 9, 2020

Pelosi: These rulings are "not good news for President Trump"

From CNN's Lauren Fox and Manu Raju

Drew Angerer/Getty Images
Drew Angerer/Getty Images

Speaker of the House Nancy Pelosi said the Supreme Court's rulings related to President Trump's financial records are "not good news" for the President.

“A careful reading of the Supreme Court rulings related to the President’s financial records is not good news for President Trump," she said in a statement.

About the rulings: Justices ruled President Trump is not immune from New York’s subpoena — but prosecutors will not get documents now.

They also blocked Congress from getting the President's records for now, sending a controversial case back down to the lower court for further review.

WATCH:

11:09 a.m. ET, July 9, 2020

Bank holding some of Trump's financial records reacts to SCOTUS decision

From CNN’s Erica Orden

President Trump’s financial documents will remain blocked for now, the Supreme Court ruled this morning, sending a controversial case back down to the lower court for further review.

The House had argued that it was seeking the President's financial records from Mazars USA, Deutsche Bank and Capital One for the purpose of investigating whether Congress should amend federal conflict-of-interest and financial disclosure laws, as well as laws regulating banks.

Deutsche Bank reacted to the decision in a statement:   

“Deutsche Bank has demonstrated full respect for the US legal process and remained neutral throughout these proceedings. We will of course abide by a final decision by the courts," Daniel Hunter, Deutsche Bank spokesperson, said.
12:22 p.m. ET, July 9, 2020

Here are some of Trump's first tweets after the rulings

Following the Supreme Court's decisions on his financial records, including one that said that the President is not immune to a New York prosecutor's subpoena, Trump said the court gave him a "delayed ruling" that they "never would have given" to another president.

The President also tweeted that the Supreme Court's decision to send the case back to lower courts for further review was "not fair to this Presidency or Administration!"

Read the President's tweets:

10:53 a.m. ET, July 9, 2020

Biden responds to SCOTUS ruling on prosecutor's request for Trump's financial records

From CNN’s Sarah Mucha

After the Supreme Court ruled on a New York prosecutor's request for Trump's financial records, Joe Biden quote-tweeted a video of himself addressing President Trump in 2019.

"Mr. President, release your tax returns or shut up," he said in the video from 2019, comparing his record to the President's and touting that he'd released 21 years of his tax returns. 

Biden quoted the video this morning, writing, "As I was saying." 

Remember: While the justices ruled President Trump is not immune from New York’s subpoena, prosecutors will not get documents now.

11:39 a.m. ET, July 9, 2020

SCOTUS ruling on prosecutor's request legal defeat for Trump, but may be a practical victory, CNN analyst says

From CNN's Aditi Sangal

In the Supreme Court ruling on whether a New York prosecutor can obtain the President's financial documents, all nine justices say that the President does not have absolute immunity from a subpoena, CNN legal analyst Jeffrey Toobin explains. But here’s why it might take time to get the documents anyway.

“The idea that the President can't be subpoenaed is completely rejected by the Supreme Court, and that even the two dissenting justices agree on,” CNN legal analyst Jeffrey Toobin explains. “All nine also agree that the case should go back to the district court. The practical victory for the President is that the legal proceedings will continue.”

“It seems unlikely given this opinion that the President will ultimately be able to stop the disclosure of these events to the grand jury in Manhattan, but it's going to take time,” Toobin adds.

Here’s what will happen now

Toobin: “This process will begin again. The district court will get briefings. They may hear evidence. That will be appealed to the second circuit court of appeals. And then the losing party will likely go back to the Supreme Court. All of this will take a while.”

Why will this have to go back?

Toobin: “Chief Justice Roberts' opinion says that like any other defendant, [President Trump] can go in the district court and say, ‘this is harassment. It is overbroad.’ They can't make the same arguments that they made in this case, but there are arguments that any defendant can make to try to stop a subpoena. They usually don't work, but they are arguments that are raised in court.”

A note on time:

“Federal courts don't work overnight,” Toobin says. “Here we are in the middle of July, the election is in November. It seems to be very unlikely that the actual documents will be turned over to the grand jury before November.”

Final note from Toobin: “There is no requirement or even permission for public disclosure of these documents at any point.”

WATCH:

10:55 a.m. ET, July 9, 2020

New York prosecutor calls Supreme Court ruling "tremendous victory"

From CNN's Elizabeth Joseph

Manhattan District Attorney Cy Vance Jr. issued a statement via his press office regarding the Supreme Court ruling this morning that President Trump is not immune from New York’s subpoena.

Remember: The documents, however, will remain blocked for now.

“This is a tremendous victory for our nation’s system of justice and its founding principle that no one – not even a president – is above the law. Our investigation, which was delayed for almost a year by this lawsuit, will resume, guided as always by the grand jury’s solemn obligation to follow the law and the facts, wherever they may lead,” the statement said.

WATCH:

10:48 a.m. ET, July 9, 2020

How the nine Supreme Court Justices ruled on these cases

Chip Somodevilla/Getty Images
Chip Somodevilla/Getty Images

The Supreme Court ruled on two cases related to President Trump's financial records.

In one, the justices ruled President Trump is not immune from New York’s subpoena — but prosecutors will not get documents now.

They also blocked Congress from getting the President's records for now, sending a controversial case back down to the lower court for further review.

Each of the two opinions were 7-2, with Chief Justice John Roberts and both of Trump's appointees — Neil Gorsuch and Brett Kavanaugh — joining the liberal justices.

Here are the seven justices on the majority opinion:

  • Stephen Breyer
  • John Roberts
  • Ruth Bader Ginsburg
  • Neil Gorsuch
  • Sonia Sotomayor
  • Elena Kagan
  • Brett Kavanaugh

And these are the two justices who dissented:

  • Clarence Thomas
  • Samuel Alito

WATCH:

4:14 p.m. ET, July 9, 2020

Supreme Court blocks Congress from getting Trump financial records

From CNN's Ariane de Vogue

House subpoenas for President Trump’s financial documents will remain blocked the Supreme Court said, sending a controversial case back down to the lower court for further review.

Chief Justice John Roberts also wrote this 7-2 opinion, and was joined again by Trump's two nominees, Justices Neil Gorsuch and Brett Kavanaugh, both of whom penned concurring opinions. Justices Clarence Thomas and Samuel Alito filed dissenting opinions.

uthe case: The case pitted the President's personal lawyers against House Democrats who say they need records from Trump's longtime accounting firm and two banks. The House argued that it was seeking the records from Mazars USA, Deutsche Bank and Capital One for the purpose of investigating whether Congress should amend federal conflict-of-interest and financial disclosure laws, as well as laws regulating banks.

Lawyers for the House stressed that the subpoenas are directed at third parties, not the President, and that the documents are unrelated to his official duties. Trump argued there is no valid legislative purpose for the documents, and instead the House is engaged in a fishing expedition to see if he broke the law.

Key moments from the oral arguments: In early May, Trump's attorneys argued that the House subpoenas were "unprecedented in every sense."

When a lawyer for the House argued in support of the subpoenas issued by three committees, several conservative justices zeroed in on whether the efforts by the Democratic-led house amounted to harassment of Trump.

For his part, Chief Justice John Roberts asked the lawyer about the limits of congressional powers and suggested that the House needed to take into consideration the fact that the subpoenas involved, not at an ordinary litigant, but the President.

The liberal justices, meanwhile, pounced on lawyers for Trump, suggesting that the court has long upheld Congress' power to investigate.

Justice Ruth Bader Ginsburg noted that every recent president has voluntarily turned over his tax returns. She pointed to past investigations concerning Watergate, Whitewater and Paula Jones.

"How do you distinguish all of those cases," she asked, adding that before Congress can legislate, it must investigate.

WATCH: