Produce Epstein Treasury Records Act
This Senate bill, titled the Produce Epstein Treasury Records Act, would compel the Secretary of the Treasury to hand unredacted copies of all Suspicious Activity Reports (SARs) connected to Jeffrey Epstein, his co-conspirators, and any third parties that transacted with Epstein or entities he owned or controlled. The records would be provided within 30 days of enactment to the chairs and ranking members of two Senate committees: Finance and Banking, Housing, and Urban Affairs. The bill also requires two Treasury-led reports: (1) within 30 days, a list of the financial institutions that filed these SARs, the individuals/entities flagged, and the total value of related transactions (organized by institution); and (2) within 60 days, a summary of Treasury investigations (including by FinCEN) into violations by financial institutions related to accounts identified in the SARs. The list of individuals and entities covered is broad, extending beyond Epstein to many financial institutions, trusts, investment entities, and a wide array of individuals, including prominent banks, funds, and well-known figures. In short, the bill would open confidential money‑crime records maintained by Treasury to congressional oversight, with the aim of increasing transparency around Epstein-related financial activity and investigations. It would be a significant departure from typical SAR confidentiality, and could raise legal and privacy concerns about disclosing sensitive financial information and the status of ongoing investigations.
Key Points
- 1Mandatory production of SARs: Within 30 days of enactment, the Secretary of the Treasury must provide physical copies of all SARs related to Epstein, his co-conspirators, and any third parties that transacted with Epstein or his entities, including through intermediaries.
- 2Broad scope of covered subjects: The SARs would cover Epstein, Ghislaine Maxwell, numerous associates, and a long list of financial institutions, funds, trusts, and other entities (as well as high-profile individuals and entities such as major banks, luxury brands, and well-known financiers and collectors).
- 3Specific reporting requirements for Congress:
- 4- Within 30 days, Treasury must deliver a report listing all financial institutions that filed the SARs, all individuals/entities flagged, and the total value of related transactions, organized by institution.
- 5- Within 60 days, Treasury must detail all Treasury investigations (including FinCEN and other components) into violations of federal law by financial institutions in handling accounts identified in the SARs.
- 6Confidentiality concerns and potential legal questions: SARs are normally confidential under the Bank Secrecy Act and related rules. This bill would require unredacted disclosures to congressional committees, raising questions about law enforcement confidentiality, ongoing investigations, and privacy protections for individuals and entities named in the records.
- 7Status and scope in this session: The bill is introduced in the 119th Congress (S. 2746) by Senator Wyden and is at an early stage. There is no House companion text provided here, and it has not been enacted.