Bank executives could face industry bans, fines and criminal referrals under legislation proposed by Sen. Elizabeth Warren, D-MA.
Sen. Elizabeth Warren, D-MA, and Rep. Robert Garcia, D-CA, introduced legislation Thursday that would require federal financial regulators to publicly disclose supervisory records, including internal communication, concerning late financier and sex offender Jeffrey Epstein and his associates.
The legislation would also compel agencies such as the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Securities and Exchange Commission to investigate Epstein-connected banks and executives.
Senior executives could be banned from the banking industry, fined or referred to the Justice Department for possible criminal prosecution, according to the legislation.
Warren had expressed dissatisfaction with answers she received from regulators this year as to whether agencies had opened investigations into various banks’ connections to Epstein.
“I cannot confirm the existence of or otherwise comment on specific investigations,” Michelle Bowman, the Fed’s vice chair for supervision, wrote in a June response to a letter from Warren on the matter.
“While it would be inappropriate for me to comment on any specific ongoing supervisory matter, I take any allegation of wrongdoing or abuse by banks or bank executives very seriously,” Comptroller of the Currency Jonathan Gould wrote to Warren in March.
“I have spent the last year calling on Donald Trump’s financial regulators to launch investigations into the big banks and executives who may have enabled Jeffrey Epstein’s horrific crimes,” Warren said in a statement Thursday .
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