Photo: U.S. Senate/Dan Rios
Sen. Ron Wyden says he plans to press Wall Street bankers for answers about their dealings with Jeffrey Epstein when Democrats take control of the Senate, putting JPMorgan Chase’s past relationship with the financier back in the congressional spotlight.
“I have a list of Wall Street bankers who need to answer questions,” Wyden said in a Thursday statement reported by POLITICO. “As Finance Committee chair, every tool will be on the table to get answers.”
Wyden is currently the Senate Finance Committee’s top Democrat and is expected to lead the panel in the next Congress. He plans to build on an inquiry he has led for four years.
JPMorgan executives face closer scrutiny
CNBC reported Thursday, citing a person familiar with the committee’s thinking, that Democratic staffers intend to focus on decisions made by senior JPMorgan executives, including Mary Callahan Erdoes, who leads its asset and wealth management division. CNBC said that specific probe had not been formally announced.
In an August 4 report announcement, Wyden’s office said its staff had spent four years reviewing suspicious-activity reports, court records and information sought from banks and the Treasury Department. The senator’s report alleged failures by banks to report suspicious transactions and called for changes to federal anti-money-laundering rules.
Bank rejects allegations it assisted crimes
JPMorgan disputes that it helped Epstein commit crimes. In a statement reported by POLITICO and the New York Post, the bank said the government possessed information about Epstein that it had not shared with banks, adding: “We regret any association we had with him, but we did not help him commit his crimes.”
For the banking industry, Wyden’s planned oversight raises the prospect of congressional testimony, document demands and renewed scrutiny of anti-money-laundering controls.
JBizNews Desk | Washington & Wall Street
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
