Democrats, joined by Massie, unveil bill targeting banks that served Jeffrey Epstein

A group of congressional Democrats, along with one Republican, introduced legislation on Thursday that would require federal regulators to disclose what they know about banks that did business with Jeffrey Epstein.

Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Senate Banking Committee, and Rep. Robert Garcia of California, ranking Democrat on the House Oversight Committee, lead the Epstein Wall Street Records Act, according to a Senate Banking Committee minority release. Kentucky Republican Rep. Thomas Massie is among the lead sponsors.

What the bill would do

The measure would direct the Federal Reserve, the FDIC, the Office of the Comptroller of the Currency and the SEC to:

• Release supervisory records on Epstein and his associates to Congress and the public
• Investigate connected banks and executives for possible violations
• Fine and bar executives who aided his finances, with possible Justice Department referrals

American Banker reported that 25 lawmakers back the bill, all Democrats except Massie. The release says regulators would not confirm to Warren whether they had opened investigations.

Banks and the midterms

JPMorgan Chase, Deutsche Bank and Bank of America were sued by Epstein's victims and together agreed to pay more than $437 million to settle, The New York Times reported in a story carried by The Boston Globe. JPMorgan told American Banker it did not knowingly enable illegal activity.

The bill is unlikely to pass this year, the Times reported. Democrats hope to win at least one chamber in November. If they do, Warren and Garcia would likely lead committees that plan to examine Epstein's finances.

Both chambers are in recess until November.