Democrats and Republicans clash over federal indictment of NY AG Letitia James

Lawmakers reacted sharply Thursday to the indictment of New York Attorney General Letitia James on bank fraud charges, with Democrats calling it a politically motivated act of revenge by President Donald Trump.

A federal grand jury in Virginia charged James with bank fraud and making false statements to a financial institution. The indictment relates to James’ purchase of a house in Norfolk. Prosecutors allege she falsely declared it as a second home in order to obtain better loan terms before renting it to tenants. James has denied any wrongdoing, calling the accusations “political retaliation.”

“These accusations are baseless, and the president’s own public statements make it clear that his only goal is political vengeance at all costs,” James said in a statement.

James, a longtime Trump adversary, previously sued the president’s business empire for civil fraud and won a judgment for nearly $500 million.

Trump to expel Virginia prosecutor amid pressure to charge LETITIA JAMES

New York Attorney General Letitia James is accused of making false or misleading statements on property records to obtain better loan terms. (Spencer Platt/Getty Images)

Lindsey Halligan, U.S. Attorney for the Eastern District of Virginia, said James faces up to 30 years in prison per count, up to a $1 million fine on each count and forfeiture if convicted.

“No one is above the law. The charges in this case represent intentional criminal acts and enormous breaches of public trust,” Halligan said. “The facts and law in this case are clear, and we will continue to follow them to ensure justice is served.”

In a statement, U.S. Rep. Elise Stefanik, R-N.Y., said James weaponized his office to go after Trump and his allies.

“Her hypocrisy runs deep as she campaigned on the mantra that ‘no one is above the law,’ and yet she now faces allegations of committing the very type of financial misrepresentation that she baselessly pursued against President Trump,” Stefanik said.

“I have led Congressional efforts to expose James’ abuses over the past several years through ethics complaints, bar complaints, public demands for investigations and oversight revealing his corruption.”

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President Donald Trump and New York Attorney General Letitia James (ABC News/Screenshot/Brendan McDermid-Pool/Getty Images)

Rep. Majorie Taylor Greene, R-Ga., noted James’ past statement that “no one is above the law.”

“Today, Leti