Wall Street Banks Face Epstein Subpoenas: What Happens in January
Democrats will subpoena Wall Street banks over Jeffrey Epstein in January, after a House report faulted banks for missing trafficking red flags.
Image: Wikimedia Commons / Noclip
WASHINGTON — Democrats who take control of Congress in January plan to subpoena Wall Street banks over their dealings with Jeffrey Epstein, turning a congressional inquiry centred on the Justice Department into an examination of the financial system that moved his money.
The push follows a 136-page House Oversight Committee report released on Tuesday, closing a 15-month investigation into the federal handling of the Epstein case. It urged the Treasury Department to examine whether banks reported suspicious activity linked to trafficking, and singled out American Express.
- Democrats take control of Congress in January; Garcia chairs Oversight, Wyden chairs Finance.
- Democrats plan hearings and bank-record subpoenas; Deutsche Bank and JPMorgan Chase are named targets.
- A Senate Finance report found significant evidence that three banks broke anti-money laundering laws.
- The Epstein Wall Street Records Act would force regulators to disclose supervisory records on Epstein.
Which Banks Face Subpoenas Over Jeffrey Epstein?
Garcia is expected to take the Oversight gavel in January. Democrats plan to recall witnesses, hold public hearings and subpoena bank records, and Yassamin Ansari has named Deutsche Bank and JPMorgan Chase as targets.
Wyden is expected to chair the Finance Committee, with subpoena power. His staff spent four years examining the money behind Epstein's trafficking operation, reviewing Treasury records and lawsuit material. The findings are congressional allegations, not court findings. JPMorgan Chase told Warren it 'did not facilitate or knowingly enable illegal activity'.
What the Epstein Wall Street Records Act Would Force Banks to Disclose
The bill was introduced on October 15 by Warren and Garcia, with Ro Khanna, Thomas Massie, Raja Krishnamoorthi, Richard Blumenthal and Wyden. The House version, H.R. 10820, sits in the House Financial Services Committee, where it stalled.
It would require the Federal Reserve, the Federal Deposit Insurance Corporation, the Comptroller of the Currency and the Securities and Exchange Commission to disclose supervisory records on Epstein to Congress and the public, while protecting survivors' identities. Regulators would have to investigate Epstein-connected banks and executives, who could face civil penalties or industry bans.
How Much Money Did Banks Move for Jeffrey Epstein?
The Senate Finance Committee report, 'Looking the Other Way', concluded that the three banks failed to conduct due diligence on money flowing through Epstein's accounts and flagged most of it after his arrest in July 2019.
| Bank | Committee finding | Amount |
|---|---|---|
| Bank of America | Missed Leon Black payments | $170 million |
| Deutsche Bank | Late reporting of suspicious wires | Over $250 million |
| JPMorgan Chase | Delayed reporting of transfers | Over $1 billion |
Leon Black paid Epstein $170 million between 2012 and 2017 for tax advice. Bank of America held the accounts and filed suspicious activity reports on the payments in February 2020, years after the transfers and months after Epstein died in prison in 2019.
Bank of America agreed in March to a $72.5 million settlement with about 60 women who said its services helped sustain Epstein's trafficking operation, while denying it facilitated sex trafficking; Judge Jed Rakoff in Manhattan granted final approval on August 27. It was the third bank settlement in the Epstein cases, bringing the total to $437.5 million. Epstein was a JPMorgan client from 1998 until 2013, and banks face a wider sell-off in financial stocks.
The Justice Department released nearly 3.5 million pages of Epstein-related records on January 30 under the Epstein Files Transparency Act. Garcia has said the department still withholds more than 2.5 million pages. The new Congress convenes in January, when Garcia takes the Oversight gavel and Wyden the Finance gavel.
Frequently Asked Questions
Which banks are being investigated over Jeffrey Epstein?
The three banks named in a Senate Finance Committee report are JPMorgan Chase, Deutsche Bank and Bank of America. Democrats plan to subpoena Deutsche Bank and JPMorgan Chase in January.
What is the Epstein Wall Street Records Act?
Warren and Garcia introduced it on October 15, 2026. It would force four federal regulators to disclose supervisory records on Epstein.
How much did Bank of America pay Epstein victims?
Bank of America agreed to pay $72.5 million to about 60 women who said its services helped sustain Epstein's trafficking operation. A federal judge in Manhattan granted final approval on August 27, 2026. The bank denied the claims.
When will Democrats take control of Congress and investigate the banks?
Democrats take control of both chambers in January after winning the November midterm elections. Garcia is expected to chair House Oversight and Wyden the Senate Finance Committee.
