President Donald Trump is expected to file for restraining orders against Deutsche Bank and Capital One by this Friday to prevent the banks from complying with Congressional subpoenas to turn over the president's financial records, according to a new filing in Manhattan federal court.
Trump wants the banks who have demanded documents as part of investigations in the private business transactions of the Republican.
Trump's attorneys responded that accepting the House committee's arguments would mean "Congress can issue a subpoena on any matter, at any time, for any reason, to any person, and there is basically nothing a federal court can do about it".
Ramos' ruling came just two days after a federal judge in Washington ruled against the president in a similar case, finding that Trump's accounting firm, Mazars, must comply with a congressional subpoena for Trump's financial records.
Democrats have a number of ongoing investigations into the president, his allies and his business entities, which have sparked a feud with the administration.
Ramos issued his ruling after hearing arguments from lawyers representing the Trump and the Democratic-controlled congressional committees.
Tensions hit a fever pitch Wednesday morning when House Speaker Nancy Pelosi of California accused Trump of "engaging in a cover up", though she continued to pump the brakes on growing support for impeachment among her caucus.
President Trump on the political fallout from the Mueller report. He also brushed aside the argument made by Trump's lawyers that the demand for the documents lacks a legitimate legislative objective.
Ahead of Wednesday's hearing, lawyers for two congressional committees wrote in a submission that Trump's attempts to block subpoenas were "flatly inconsistent with almost a century of Supreme Court precedent". He also refused to delay his ruling to allow the President, three of his children and several of his companies to pursue an appeal to the U.S. Court of Appeals for the Second Circuit.
"I am very pleased but not surprised" by the latest ruling, said Representative Elijah Cummings, chairman of the Oversight Committee.
Democrats are also asking for Trump's financial records from the IRS.
Letter said there is a "massive fundamental misunderstanding by Mr. Trump about Congress. that we're a nuisance and we can't investigate him".
The banks are the only defendants in the case, but the House committees have intervened to oppose Trump's effort to block the subpoenas.
Prior to the hearing before Judge Edgardo Ramos, Trump's lawyers say the judge should temporarily block Congress from obtaining the records.
Ramos ruled the same day that the NY legislature passed a bill allowing Congress to obtain Trump's state tax returns.