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Supreme Court will hear disputes on Trump's financial records

Supreme Court to rule on Trump's financial record
Supreme Court will hear arguments over Trump's financial records 01:38

The Supreme Court will hear arguments in March over whether President Trump must turn over his financial records in several different investigations. The president and his legal team have been trying to shield his financial records from investigators in New York and Congress. 

A lower court had decided the president's financial records must be turned over, but that decision will be stayed until the Supreme Court reaches a decision. Manhattan District Attorney Cyrus Vance Jr. is attempting to enforce a grand jury subpoena for the president to turn over eight years of tax returns from the president's accounting firm, and congressional committees are attempting to obtain a broad range of the president's past financial records. 

The president's legal team has argued that the Mr. Trump has extensive authority to exert privilege over his records. 

"We are pleased that the Supreme Court granted review of the President's three pending cases," said Jay Sekulow, counsel to the president. "These cases raise significant constitutional issues. We look forward to presenting our written and oral arguments."

Any decision by the Supreme Court is likely to come in the heat of the 2020 presidential campaign and well after a Senate trial to determine whether he stays in office. 

Reporting contributed by CBS News' Jan Crawford, Major Garrett, Clare Hymes and Kathryn Watson

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