House Democrat Pushes for Epstein Financial Records from Major Banks
Rep. Jamie Raskin (D-Md.), the ranking member of the House Judiciary Committee, has formally requested detailed financial records from four leading banks—JPMorgan Chase, Deutsche Bank, Bank of America, and BNY Mellon—related to the late financier and convicted sex offender Jeffrey Epstein. This move advances ongoing congressional scrutiny following the failure of a previous subpoena attempt blocked by Republican members of the committee. In letters sent on October 8, 2025, obtained by CNBC, Raskin pressed the CEOs of the banks to clarify how Epstein and his associates were able to conduct approximately $1.5 billion in suspicious financial transactions over many years without detection or intervention.
Context and Background of the Investigation
Jeffrey Epstein died by suicide in 2019 while in federal custody, facing child sex trafficking charges. His extensive financial dealings have since come under intense scrutiny by lawmakers and law enforcement agencies seeking to unravel the scope of his criminal enterprise. The investigation has gained renewed momentum amid bipartisan pressure on the Trump administration’s handling of Epstein-related matters, especially regarding the transparency and responsiveness of financial institutions implicated in facilitating Epstein’s illicit activities.
Raskin’s Letters to Bank CEOs: Key Demands
Raskin’s letters, addressed respectively to JPMorgan CEO Jamie Dimon, Bank of America’s Brian Moynihan, Deutsche Bank’s Christian Sewing, and BNY Mellon’s Robin Vince, call for comprehensive disclosure of all transactions linked to Epstein, his known accomplice Ghislaine Maxwell, and their victims. The requests include:
- All Suspicious Activity Reports (SARs) filed or identified for further review.
- Internal communications regarding Epstein-related activities.
- Correspondence with federal authorities concerning Epstein.
- Risk assessments and due diligence documents related to Epstein and associates.
The timeframe for the requested records spans from 1998 to the present. Raskin has set a deadline of 5 p.m. ET on October 22 for compliance.
Banks’ Responses and Past Legal Settlements
Deutsche Bank acknowledged its past association with Epstein and expressed regret, stating it has cooperated with regulatory agencies and strengthened internal controls. However, it stopped short of committing to comply explicitly with Raskin’s requests. JPMorgan declined to comment on the inquiry but has previously indicated willingness to comply with subpoenas. Both JPMorgan and Deutsche Bank have paid substantial settlements related to Epstein’s sex trafficking operations—JPMorgan settling for nearly $365 million across multiple suits in 2023, and Deutsche Bank agreeing to a $75 million settlement. Bank of America and BNY Mellon have not publicly responded to the requests.
Political Dynamics and Subpoena Blockade
The subpoena effort to compel the banks’ cooperation was defeated in a nearly party-line vote within the House Judiciary Committee, with only Republican Rep. Thomas Massie supporting the subpoenas alongside Democrats. This vote followed a contentious hearing with FBI Director Kash Patel, where Democrats criticized the agency for failing to adequately “follow the money” in relation to Epstein’s suspicious financial transactions.
Allegations of Bank Failures to Report Suspicious Activity
Raskin’s letters highlight notable lapses by the banks in filing Suspicious Activity Reports (SARs), which are mandated for potentially illegal financial conduct:
- Deutsche Bank reportedly ignored multiple red flags, including large payments to women with Eastern European surnames.
- JPMorgan did not file any SARs until after Epstein’s death despite evidence of suspicious activity.
- Bank of America filed only two significantly delayed SARs relating to $170 million in Epstein-related transactions.
- BNY Mellon’s SAR filings reportedly occurred years after Epstein’s death, involving $378 million in payments.
These findings are corroborated by an ongoing Senate Finance Committee investigation led by Sen. Ron Wyden (D-Ore.), which identified at least $1.5 billion in Epstein-related transactions.
Next Steps in the Investigation
Rep. James Comer (R-Ky.), chairman of the House Oversight Committee, is conducting a parallel probe and has secured commitments from the Treasury Department to share relevant documents. Raskin’s initiative seeks to hold financial institutions accountable and prevent future facilitation of illicit trafficking networks through the banking system.
FinOracleAI — Market View
The renewed congressional pressure on major financial institutions to disclose Epstein-related transactions underscores ongoing regulatory and reputational risks for banks implicated in facilitating illicit activities. Compliance with subpoenas and transparency will be critical in managing these risks and restoring public trust.
- Opportunities: Enhanced compliance frameworks could mitigate future legal exposure and improve risk management.
- Risks: Potential for significant financial penalties and reputational damage remains high if investigations uncover further lapses.
- Increased regulatory scrutiny may lead to stricter oversight and reporting requirements for large financial institutions.
- Investor confidence could be affected by ongoing legal proceedings and public perception of bank complicity.
Impact: The investigation elevates reputational and regulatory risk for implicated banks, likely prompting heightened compliance efforts but also potential financial liabilities.
