UPDATE 1-U.S. House panel chairman subpoenas Trump's tax returns

U.S. House Ways and Means Committee Chairman Richard Neal on Friday issued subpoenas for six years of President Donald Trump's individual and business tax returns.

Neal, a Democrat, announced the move four days after Treasury Secretary Steven Mnuchin refused his formal request for the tax records. Trump broke with decades of precedent by not releasing his returns as a presidential candidate and has continued to withhold them as president. Neal issued subpoenas to Mnuchin and Internal Revenue Service Commissioner Charles Rettig, giving them until May 17 at 5 p.m. EDT (2100 GMT) to produce Trump's tax records.

"While I do not take this step lightly, I believe this action gives us the best opportunity to succeed and obtain the requested material," Neal said in a statement. "I sincerely hope that the Treasury Department will furnish the requested material in the next week so the committee can quickly begin its work," he added. (Reporting by David Morgan Editing by Chizu Nomiyama and James Dalgleish)