Produce Epstein Treasury Records Act

Mr. President, late last week, when I first scheduled this consent request that is relating to Jeffrey Epstein's bank records, I was not expecting it to be set against the backdrop of Donald Trump dragging America into yet another war in the Middle East.

I will address the horrific crimes and worldwide financial network of Mr. Epstein in a minute. Right at the outset, I need to address the actions of the Trump administration this past weekend.

This is a war the American people do not want, a war that has already cost American lives, a war the President and his scheming advisers have not even tried to justify, a war Donald Trump kicked off at his private club minutes before stepping out to celebrate at a glitzy fundraiser where attendees spent $1 million per plate.

Now, I remember the debate about the Iraq war 20 years ago, including the bad faith attacks against those of us who opposed it from the start.

No doubt there will be a replay of that debate. There will be some who say: War is on. It is time for everybody to line up behind the President and every other issue has got to go by the wayside. That is wrong.

It has been clear from the beginning that the core principle for this administration is that Donald Trump gets to do what he wants, no matter the cost, when he wants to. It doesn't matter to him how many American soldiers die as a result of the war. It doesn't matter how many people lose their health insurance or their livelihoods as a result of his policies.

And in the case of Mr. Epstein, it doesn't matter how many pedophiles and sex traffickers continue to walk the streets and prey on the vulnerable while the Trump administration hides essential Epstein files from the public.

The position of this administration is that Donald Trump can't do anything wrong. He gets to do what he wants, and everybody else has to obey. Ultimately, the American people aren't going to have it. I won't either, and that was the message in my town meetings this past weekend.

The last thing that I am going to do is to slow down or walk away from our 4-year investigation into Epstein's trafficking network because Donald Trump decided to kick off another open-ended war in the Middle East. So I am going to take just a few minutes to lay out why the Senate needs to pass my legislation demanding the release of the Epstein bank records that are at the Treasury Department.

Here is what Americans needs to know. Four years ago, my investigators on the Finance Committee began digging into the so-called tax planning that Jeffrey Epstein performed for one of the titans of Wall Street. That man was Leon Black. That relationship spawned sprawling financial ties, and Black had a curious story about their relationship. Here was a guy worth billions and billions of dollars, really a money-making machine.

He already employed the best tax and estate planning experts in the Nation.

But over the course of several years, Mr. Black paid Jeffrey Epstein $170 million for what he claimed was tax and estate planning advice.

Keep in mind that Jeffrey Epstein wasn't a tax lawyer or an accountant. The rates Black paid him were astronomical compared to what he was paying the experts that he already employed. So my investigators kept digging. What we found and what has been confirmed in more recent Epstein reports is that this story is a sham.

Jeffrey Epstein wasn't really doing serious tax and estate work, and Black's lawyers had to keep tabs on the advice he did give, which was often shoddy.

Our investigation grew. In late 2023, we reached out to the Biden Treasury Department and sought copies of the bank records that it had on Mr. Epstein. The Biden Treasury Department wouldn't give us the files, but they allowed my investigators to review them in-person and to take notes.

That is how I am aware today that there is a massive file of Epstein records at the Treasury Department. These are detailed bank records, a roadmap of Epstein's financial history.

In fact, they are filings made by banks specifically to alert Federal law enforcement to suspicious payments--evidence of possible financial crimes. They are designed to help the Treasury investigators in the Justice Department root out crimes like money laundering and trafficking.

My investigators reviewed a large portion of them on Valentine's Day 2024. We learned that Jeffrey Epstein made 4,725 wire transfers adding up to more than $1 billion in and out of his JPMorgan bank accounts in the decade after 2003.

We learned that he moved hundreds of millions of dollars more through accounts at Bank of New York Mellon and Deutsche Bank. We learned that he used Russian correspondent bank accounts to process hundreds of millions in payments associated with trafficking in Russia and Eastern Europe.

In the portion of the Epstein bank records that my investigators saw, there could be more than $1.5 billion in suspicious Epstein transactions laid out for law enforcement to review.

Mr. President and colleagues, this is a staggering amount, and it is inexplicably high based on what is currently known about Epstein's sources of income. These Epstein records are not among the files the Justice Department has released over the last few months.

The bill Congress passed requiring the release of the DOJ Epstein files doesn't affect the records at the Treasury Department at all. And the kicker, Treasury Secretary Scott Bessent is hiding these bank records from Senate investigators.

The Secretary refused repeatedly to turn them over, and he has refused to let us see what we already know is there. The administration came in with a whole lot of bluster about whether they were going to release the Epstein files. So I wanted to give them a chance to make good on their word.

I requested the complete set of files from the Treasury multiple times last spring and summer. Both times, I got denials. Secretary Bessent has even gone out in public and downplayed their significance. He has denied the Treasury has any investigative role with the Epstein files at all.

At an appearance last summer, he said the Epstein files were ``sitting there'' at the Treasury Department and that the Department's job was only to ``collect them.''

He said ``there were no files, per se, just hundreds and thousands of reports'' and ``our job is simply to collect the reports.''

Let me be clear on this: Secretary Bessent is not telling the American people the truth. A person with his background in finance absolutely knows perfectly well what the Financial Crimes Enforcement Network is all about. That is the law enforcement office within the Treasury Department that collects the bank records.

And the Secretary hasn't shied away from getting involved in other investigations. He has the Treasury Department launching all kinds of efforts to help the Trump administration's deportation campaign in Minnesota.

So the Secretary wants to have it both ways. When it comes to investigating people in communities the Trump administration considers to be adversaries, the Treasury Department and Mr. Bessent are totally aggressive. When it comes to investigating pedophiles with connections to Donald Trump, the files remain locked away.

So let me explain why it is important to break the Bessent hold on these documents. They would help investigators learn who funded and who enabled Epstein. They would help us see where his payments went. They would help us identify any connections to organized crime. They would help us learn more about Epstein's patterns, for example, how he controlled women and girls by controlling their accounts.

They would help reveal how Epstein's henchmen, including those who still control his estate, assisted in his crimes. That is the kind of information the Treasury Secretary's stranglehold on these documents is hiding from investigators. We have waited long enough.

But a week ago, there was a stunning news report that prompted my decision to come to the Senate floor with the unanimous consent request I will make today. CBS News reported on the existence of a mystery Epstein investigation going back to 2010, an investigation the public knew nothing about until now. It was spearheaded by the Drug Enforcement Administration, and its targets were Epstein and 14 others. It dealt with drug trafficking and money laundering in New York and the Virgin Islands.

The existence of this probe was revealed by a long memorandum prepared by one of the law enforcement agencies involved. That is an agency that specialized in breaking up transnational organized crime. Most of the 69-page memo was redacted, but the outlines are there. This was a major investigation that began in 2010 and ran at least into 2015.

So now, I am working on obtaining an unredacted copy of this memorandum from the Drug Enforcement Administration. There is no reason for the Trump administration to withhold it. It literally says ``unclassified'' at the top of every page. I have got several other questions about the investigation's conclusion and its findings.

One obvious takeaway is that the Senate cannot allow the Treasury Secretary to keep the Epstein bank records hidden any longer. The evidence out in public is clear. This wasn't some small-time operation run by Epstein and Maxwell. It is a miscarriage of justice that they are the only two persons who face prosecution in the United States.

Epstein's network spanned the globe. It involved extraordinarily powerful and wealthy people. It involved serious financial crimes and huge flows of money. And now, based on the revelation of a Drug Enforcement Administration investigation, we now know as we stand here today it may have involved drugs and drug cartels.

The Treasury Secretary in an administration that was interested in justice would have a team of highly skilled investigators digging through the Epstein bank records to assist with prosecutions.

Instead, Mr. Bessent, Pam Bondi, the entire Trump group in Congress, and the administration is covering up for pedophiles, sex traffickers, and, quite possibly, drug cartels.

If they are not going to do any investigating, the Senate ought to be able to step in. That is what my bill is all about. It mandates that the Treasury turn over these Epstein bank records to Senate investigators.

We will do the job the Trump administration should have started on day one. And there is an important new reason to pass the bill. There is a lot of Epstein-related news that breaks nearly every day.

I would wager that a lot of banks where Epstein and his network did business are following the news, maybe following this discussion, and taking a second look at his transactions.

It is entirely possible that there are new bank filings coming in today, and they are flagging a new set of suspicious transactions that deserve investigation. The Treasury Secretary is blocking that investigation from happening.

Before I wrap up, I just want to note this: I first sought these documents in 2023, and that was under a Democratic administration. I requested copies of

them again in 2024 after my investigators reviewed a portion of them in-person at the Treasury Department.

I am still frustrated that the Biden administration didn't provide them. So nobody has a right to claim that we didn't come out on this issue in a bipartisan way.

My investigation will move forward in other directions as well. I continue to believe that some of the biggest banks on Wall Street were among Epstein's biggest enablers. JPMorgan, BNY Mellon, Deutsche Bank, and others had opportunity after opportunity to blow the whistle, and they just kept looking the other way.

These aren't itty-bitty banks in Utah or Oregon. These were big Wall Street banks, and they looked the other way.

And particularly in the case of JPMorganChase, the evidence shows they knew what Epstein was up to, and they looked the other way because he brought in mountains of cash. They waited until after he died to flag more than 99 percent of his suspicious payments. By then, it was too late to do any good in terms of stopping him.

So now, Congress must change the rules, and I intend to push this to make sure that this kind of bank reporting to prevent this kind of horrendous situation where so many young women and families were hurt-- I am going to make sure that this situation doesn't happen again.

There is a lot more to come from my investigation. From the beginning, I have welcomed participation from both sides, and that still stands. And my colleagues here in the Senate, Democrats and Republicans, know that my door is open to all of them.

We are going to stay at it until we have all the facts because they are not blue and red. And then I am going to have a major reform effort so the Wall Street banks can never, never, never hurt the American people the way they have by handling the Epstein investigation.

I strongly hope my colleagues will support my request to pass my bill, the Produce Epstein Treasury Records Act. There is no excuse for the Secretary of the Treasury to continue blocking our access to the Epstein bank records.

So, therefore, Mr. President, notwithstanding rule XXII, I ask unanimous consent that the Committee on Finance be discharged from further consideration of S. 2746 and the Senate proceed to its immediate consideration; that the Wyden substitute amendment, which is at the desk, be considered and agreed to; that the bill, as amended, be considered read a third time and passed; and that the motions to reconsider be considered made and laid upon the table.

Mr. President, I am going to be very brief.

First of all, as my colleague knows, we are talking about a different set of files. I am concerned about the Treasury Department. What my colleague is talking about is essentially the Justice Department.

And what is needed here is more investigations rather than less, and nobody has the expertise that we have on the Senate Finance Committee. The Treasury Secretary knows that, and that is why his strategy is just to slow-walk this. He is just hoping this disappears.

Well, I have said it at home, and I have said it again at a townhall meeting: I want everybody to know that we are not going anywhere on this. We are going to stay at it until all the information comes out. We are going to have a bank reform proposal.

My colleague is on the Banking Committee. I look forward to him seeing my bank reform proposal because these Wall Street banks behaved abominably.

They saw what was going on. I happen to think one of the reasons they did it is because they liked the fact that Epstein was giving them referrals.

So my colleague and I agree on a number of issues. Pharmaceutical benefit managers would be one. But we couldn't disagree more on this. And until the slow-walking ends, the investigation that I have launched and has taken place over 4 years and has blown the whistle on a lot of important steps, it is a beginning. We will stay at it until we have got real reform.

I yield the floor.

Mr. President, we will make this really brief.

I have made a number of requests specifically for the information that my colleague has now described as something that is going to come out.

I will believe it when I see it.

What I do know is the Treasury Department has stonewalled us every single day through the Trump administration.

I yield the floor.

Mr. President, reserving the right to object, there is no debate that Jeffrey Epstein's crimes of sexual abuses and other crimes are appalling. And the investigation there is, ongoing, must focus on bringing those who participated to justice.

The Justice Department already has been tasked and has tasked about 500 lawyers to publicly release over 3 million pages, 180,000 images, and 2,000 videos in response to President Trump having signed the Epstein Files Transparency Act into law on November 19, 2025.

According to one New York Times article, the current pile of pages would reach to the top of the Empire State Building.

Since the House of Representatives took the lead on moving the Epstein Files Transparency Act, it is not surprising that the House Committee on Oversight and Government Reform and the House Judiciary Committee are now leading the congressional review of the millions of pages of documents from the Justice Department. The House Oversight Committee is particularly busy reviewing documents relating to corporate, nonprofit, academic, and governmental entities with known or alleged ties to Epstein's web of financial networks that were turned over by the U.S. Justice Department on January 31, along with documents turned over earlier by the Epstein estate.

The House Oversight Committee also specifically requested these Treasury documents that have been talked about here today from the Department of Treasury and requested that the Department provide all suspicious activities reports, or SARS, and accompanying material filed relating to the investigation and prosecution of Jeffrey Epstein for its independent review.

That is these very files that the Treasury Department was asked to release and provide. Treasury replied that it would fully cooperate with the committee and that it will work alongside other relevant Federal Agencies to deliver on the request as thoroughly as possible.

The subpoenas, depositions, and SAR requests made between the two House committees are part of a very robust investigatory process, one which deals with massive amounts of information and patterns of activity collected over a 20-year period.

The Finance Committee has one of the broadest committee jurisdictions in the Senate, but it is the Banking Committee, not the Finance Committee, which has specific subject matter jurisdiction over bank suspicious activity reports and a more particular expertise with reading and handling of those documents.

At this stage, while the House committees are pursuing the same exact information from the same Agencies and the Agencies have agreed, by law passed in the House and Senate, to release those materials, it would not be helpful for either the Senate Finance or the Senate Banking Committee to confound the process by attempting to duplicate or compete with their work while adding more stress to the Department struggling to keep up with the pace of congressional demands.

Mr. President, for these reasons I object to my colleague's request.

Mr. President, just to make one quick clarification, I am not just talking about the Justice Department. The Treasury Department has agreed to release the exact files that have been demanded and has said that they will provide them as thoroughly and as quickly as possible to the House Oversight Committee.