The U.S. Senate Committee on Banking, Housing and Urban Affairs published details of bipartisan legislation led by Ranking Member Elizabeth Warren that would require federal financial regulators to disclose supervisory records concerning Jeffrey Epstein and his associates and investigate potentially culpable financial institutions and executives. The bill follows congressional inquiries into whether banks complied with anti-money laundering requirements when handling Epstein’s transactions. The Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Securities and Exchange Commission would have to provide relevant records to Congress and the public and investigate possible banking, securities or illicit financing violations. Executives found to have assisted Epstein’s financial operations could face industry bars and civil penalties, with potential criminal referrals to the Department of Justice. Warren also released responses from regulators and major banks concerning their handling of Epstein related activity. The regulatory responses did not confirm that investigations had been opened, while Warren characterized responses from Barclays, Goldman Sachs and JPMorgan Chase as unsatisfactory and noted that Goldman Sachs did not respond to the latest congressional letter.
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member leads bill requiring disclosure and investigation of Epstein related banking activity
U.S. Senate Banking Committee Ranking Member Elizabeth Warren led bipartisan legislation requiring federal financial regulators to release Epstein related supervisory records and investigate connected banks and executives. The bill would mandate industry bars and civil penalties where warranted and allow potential criminal referrals to the Department of Justice. Regulatory responses released alongside the bill did not confirm that investigations had been opened.