Senate Democrats plan to launch an investigation into JPMorgan Chase’s banking relationship with disgraced sex offender Jeffrey Epstein once they take control of Congress next year. The probe, organized by Democratic staffers on the Senate Finance Committee, aims to examine how high-ranking executives handled Epstein. The inquiry will focus specifically on decisions made by Mary Erdoes, the chief executive of the bank's Asset & Wealth Management division. Expected incoming committee chairman Sen. Ron Wyden of Oregon has indicated that he plans to fully utilize the panel's majority subpoena powers.
Key points
Democrats will use their upcoming Senate majority to scrutinize JPMorgan Chase's historic…: Democrats will use their upcoming Senate majority to scrutinize JPMorgan Chase's historical handling of Jeffrey Epstein.
Senior leadership within JPMorgan's wealth management division will face targeted congres…: Senior leadership within JPMorgan's wealth management division will face targeted congressional oversight regarding Epstein-related decisions.
The Senate Finance Committee is prepared to issue subpoenas to compel information from th…: The Senate Finance Committee is prepared to issue subpoenas to compel information from the nation's largest bank.
Sources checked by our analysis pipeline: 1
Senate Democrats are gearing up to investigate JPMorgan Chase's banking relationship with disgraced sex offender Jeffrey Epstein once they take control of Congress early next year.
Democratic staffers on the Senate Finance Committee, which is likely to be chaired in the next Congress by Sen. Ron Wyden, D-Ore., intend to home in on how high-ranking executives at the nation's largest bank handled Epstein, a source familiar with the committee's thinking told CNBC on Thursday. The person spoke on condition of anonymity because the probe has not been announced.
They aim to focus in particular on the Epstein-related decisions made by Mary Erdoes, CEO of the bank's Asset & Wealth Management business, according to the source.
JPMorgan did not immediately respond to CNBC's request for comment.
Democrats are openly preparing to put a spotlight back on Epstein as they plan to launch sweeping investigations following their wipeout victories in Tuesday's midterm elections.
Wyden, who is currently the committee's ranking member, has made clear he plans to make full use of the subpoena powers that committee majorities wield.
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