Congressional Democrats, led by Senator Elizabeth Warren and Representative Robert Garcia, are introducing the Epstein Wall Street Records Act to investigate Wall Street's role in enabling Jeffrey Epstein's sexual abuse crimes. The bill would require federal financial regulators, including the Federal Reserve, to investigate banks and executives who did business with Epstein and release related records. Several committees plan to interview bankers and hold hearings if Democrats gain control of Congress.
The main focus shifts from Epstein's associates to the big banks—JPMorgan Chase, Deutsche Bank, and Bank of America—that facilitated thousands of wire transfers used to pay victims. These banks have paid over $437 million in settlements, but only Deutsche Bank has been fined ($150 million) by a U.S. regulator. The legislation, backed by 20 House Democrats and three Senate Democrats, is unlikely to pass this year but signals a potential shift in congressional scrutiny.
The bill responds to regulatory inaction and builds on prior investigations, including a Senate report by Ron Wyden on banks' failure to report suspicious activity.
Source: New York Times Business · Summarized by HeadlinesBriefing