A bipartisan group of federal lawmakers has introduced legislation that would require financial regulators to release records concerning Jeffrey Epstein's banking relationships and investigate whether banks and their executives violated federal laws while handling his accounts. The proposal could lead to additional disclosures about financial transactions connected to Epstein's operations in the U.S. Virgin Islands, where the government previously secured a $75 million settlement from JPMorgan Chase over allegations that the bank facilitated his sex-trafficking activities.
The legislation, titled the Epstein Wall Street Records Act of 2026, was introduced October 15 in both chambers of Congress. Senator Elizabeth Warren of Massachusetts sponsored the Senate version, S. 5685, while Representative Robert Garcia of California introduced the House version, H.R. 10820. The proposal has drawn support from lawmakers in both parties, including Republican Representative Thomas Massie of Kentucky.
Under the legislation, four federal agencies would be required to disclose regulatory records involving Epstein, his companies, convicted accomplice Ghislaine Maxwell and their associates. Those agencies are the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Securities and Exchange Commission.
The bill would require regulators to provide the records to designated congressional committee leaders within 90 days of enactment and make them publicly available in a searchable, downloadable format within 120 days. Personally identifiable information and personal or medical records of trafficking survivors would be protected from disclosure, with agencies required to explain any redactions or withholding.
The documents subject to disclosure would include bank examination reports, notes from federal examiners, communications between regulators and financial institutions, internal regulatory correspondence, investigative filings and records documenting deficiencies identified during examinations.
The requirements would apply to supervisory records the agencies already possess concerning financial institutions with known or alleged connections to Epstein and his associates.
Proposed Investigations Could Lead to Penalties Against Bank Executives
Beyond requiring disclosure of records, the legislation would compel federal regulators to investigate financial institutions and senior executives for possible violations of banking, securities and anti-money-laundering laws.
The investigations would examine the extent of banks' financial relationships with Epstein, the value of those relationships, communications between the institutions and his associates, and whether internal safeguards were used to identify suspicious transactions.
Regulators would also be required to determine whether employees helped Epstein evade compliance requirements and whether any relevant records were destroyed, including who authorized their destruction and why.
If investigators establish qualifying violations, the legislation would require regulators to impose or seek penalties against responsible senior executives, subject to the applicable notice and hearing procedures. Those penalties could include prohibitions on working in the banking or securities industries and civil fines.
The bill would also require regulators to refer suspected federal criminal violations to the Department of Justice and report the results of their investigations to designated congressional committees within 180 days of enactment.
The legislation would not automatically establish that any financial institution or executive committed a crime. Findings of wrongdoing would have to emerge from the proposed investigations and applicable enforcement proceedings.
Virgin Islands Previously Secured $75 Million Settlement From JPMorgan
The legislation has a direct connection to the Virgin Islands through Epstein's financial dealings and the territory's previous litigation against JPMorgan Chase.
In September 2023, the bank agreed to pay $75 million to settle a civil lawsuit brought by the Government of the Virgin Islands, which alleged that JPMorgan facilitated Epstein's sex-trafficking operation by maintaining his accounts, processing suspicious transactions and failing to respond adequately to warning signs.
The Consortium reported at the time that the settlement included $30 million for organizations supporting trafficking survivors and related prevention efforts, $25 million for law enforcement initiatives and approximately $20 million in legal fees.
JPMorgan did not admit liability in reaching the settlement.
The territorial government's lawsuit alleged that Epstein used the bank's services to finance activities associated with his trafficking operation, including payments to women and girls. It also examined relationships between Epstein and senior banking officials during the years he maintained accounts at the institution.
Epstein owned Little St. James, a private island off St. Thomas, where victims alleged that he sexually abused and trafficked women and girls. His Virgin Islands business entities also maintained financial relationships with institutions outside the territory.
The proposed federal disclosure requirements could provide additional information about how financial regulators monitored those relationships, what warning signs were identified and whether enforcement authorities acted on information available to them.
However, the legislation does not specifically identify the Virgin Islands or guarantee that new territorial records will be released. Any disclosures would depend on the contents of the supervisory records maintained by the four agencies.
Lawmakers Seek Answers From Major Financial Institutions
Senator Warren, the ranking Democrat on the Senate Banking, Housing and Urban Affairs Committee, has separately sought information from financial regulators and major banks concerning their relationships with Epstein and possible failures to detect suspicious activity.
In announcing the legislation, her office said a Senate Finance Committee investigation had identified evidence suggesting that JPMorgan Chase, Deutsche Bank and Bank of America failed to adequately screen or report suspicious financial transactions associated with Epstein.
The allegations described by congressional investigators have not resulted in findings of liability against all three institutions.
Ms. Warren also released correspondence involving Barclays, Goldman Sachs and JPMorgan Chase, criticizing what she characterized as insufficient responses to questions about their Epstein-related activities.
"Since they have failed to act, Congress must," Ms. Warren said in announcing the proposal.
Mr. Garcia, the ranking Democrat on the House Oversight and Government Reform Committee, said financial institutions and their executives must account for what they knew about Epstein's activities.
"We need to know what financial institutions and their executives knew about Epstein," he said.
Representative Massie, who has supported broader congressional efforts to release Epstein-related records, said the proposal would extend disclosure requirements to federal financial regulators.
The legislation is separate from the Epstein Files Transparency Act, which addresses records maintained by the Justice Department and other federal law enforcement authorities.
The House measure has been referred to the Committee on Financial Services, while the Senate version was referred to the Committee on Banking, Housing, and Urban Affairs.
Neither bill has been enacted. The proposed disclosure deadlines, investigations and enforcement requirements would take effect only if the legislation becomes law.
