President Donald Trump has not only struggled to keep Epstein files under wraps, but he’s also called federal watchdogs off banks with ties to the deceased convicted sex-trafficker. But Trump’s power is waning, reports Bloomberg, and the people who want to reveal Epstein’s connections to the U.S. banking industry are coming for them — regardless of Trump’s protective hand.
“Key Democrats on Thursday unveiled legislation that would force federal regulators to disclose financial records related Jeffrey Epstein and his associates,” reports Bloomberg, which takes a monitoring eye toward business events. “The measure also would require regulators to investigate banks and their executives for potential related legal violations.
The convicted financier conducted substantial business during his career with JP Morgan Chase & Co., Deutsche Bank AG and Bank of America Corp, reports Bloomberg. But Republicans currently control the congressional agenda, and the U.S. president has seen fit to stall investigations into his long-time friend Epstein since re-entering the White House for his second term.
Despite this, a smattering of Republicans defied their powerful MAGA boss and joined Democrats in enacting legislation related to Epstein. Trump grudgingly signed a bill requiring the Justice Department to release the Epstein files after Republicans joined Democrats in demanding transparency related to Epstein, even though critics say Trump’s personal lawyer Todd Blanche has labored to keep certain names in the files under wraps.
From begging a judge presiding over the files for an extension to First Lady Melania Trump delivering a confusing and angry speech denying her proved connections to Epstein, Trump world has done its best to downplay everything Epstein-related.
“[But] if Democrats win control after November midterms — an increasingly likely outcome — elections would give them more power over what legislation moves forward,” reports Bloomberg. “In that case, bill author Senator Elizabeth Warren of Massachusetts would likely be the next chairman of the Banking Committee and co-author Robert Garcia is in line to head the House Oversight panel which has broad subpoena powers. Other sponsors include Democrats Ron Wyden of Oregon, who would likely head the Senate Finance Committee, and Connecticut’s Richard Blumenthal who may head up the Senate’s investigative subcommittee.”
With Trump’s reliable Republican buffer jettisoned to minority status, the resulting Epstein Wall Street Record Act would force federal regulators including the Securities and Exchange Commission, Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation “to make public within 120 days any supervisory records, including internal communications, related to Epstein or his former girlfriend Ghislaine Maxwell, who was convicted of sex trafficking offenses,” Bloomberg reports.
Additionally, Bloomberg said the law would require regulators to investigate any violations of banking, securities or anti-money laundering laws revealed in the files. Senior executives found in violation of the law could be barred from the banking industry, hit with fines or referred to the Justice department for possible criminal prosecution.
