Senate Democrats are preparing to investigate JPMorgan Chase’s banking relationship with Jeffrey Epstein after taking control of Congress early next year, CNBC reported Thursday, citing a source familiar with the matter. The reported inquiry is expected to examine how senior executives at the bank handled the convicted sex offender.
Democratic staff on the Senate Finance Committee, which is expected to be led by Senator Ron Wyden, plan to scrutinize decisions by JPMorgan executives, CNBC reported. The inquiry is expected to focus particularly on actions involving Mary Erdoes, chief executive of the bank’s Asset & Wealth Management business, according to the report.
JPMorgan said the government had information about Epstein’s crimes that it did not share with the bank. “We regret any association we had with him, but we did not help him commit his crimes,” a spokesperson said.
A representative for Wyden did not immediately respond to a Reuters request for comment. Democrats won control of both the Senate and House of Representatives in Tuesday’s midterm elections, marking gains in Republican strongholds. A senior Democratic Senate aide said last week that the party planned investigations into issues including private equity’s effect on living costs, data center taxation and concerns about artificial intelligence.
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