Congress Proposes to Require Regulators to Investigate Epstein's Wall Street Ties
Commentary by Steven Lofchie
Lawmakers introduced a bill that would require the Federal Reserve Board, FDIC, OCC, and SEC to release their supervisory records on Jeffrey Epstein and open investigations into financial institutions tied to him.
Under the Epstein Wall Street Records Act of 2026, each agency would give its records (examination reports, examiner notes, and supervisory and internal communications) to congressional committee leaders within 90 days. Within 120 days, each would post them publicly in searchable form, with victims' personal information redacted and each redaction explained. The bill covers institutions with known or alleged ties to Mr. Epstein, Ghislaine Maxwell, or their associates.
The agencies would immediately investigate whether an institution or senior executive violated banking, securities, or anti-money laundering laws. They would examine (i) the value of the business relationship, (ii) whether controls were adequate and used, and (iii) whether documents were destroyed.
Agencies would have to act if they find, after notice and a chance for a hearing, that a senior executive violated or aided a violation of those laws involving Mr. Epstein's accounts or transactions. The FRB, FDIC, or OCC would have to impose an industry ban or civil penalty under Federal Deposit Insurance Act Section 8 ("Termination of status as insured depository institution"). The SEC would have to seek or impose an industry bar or a court-ordered civil penalty under the Exchange Act or the Advisers Act. Agencies would refer possible crimes to the Attorney General and report findings to Congress within 180 days.
Senator Elizabeth Warren (D-MA) and Representative Robert Garcia (D-CA), Ranking Members of the Senate Banking and House Oversight Committees, led the sponsors, including Representative Thomas Massie (R-KY). Senator Warren said the regulators could not confirm they had opened investigations and "have failed to act." She also released a few banks' responses that she called unsatisfactory. Representative Massie said the bill does for bank regulators what the Epstein Files Transparency Act did for DOJ files.
Commentary
Any time that Congress considers a bill with "Wall Street" in the title, you know Congress is looking for scalps. If the bill has "Main Street" in the title, you know it's good stuff.