Chairman Whitehouse: Floor Remarks on Committee’s Bipartisan Investigation of Credit Suisse’s Nazi Ties
Washington, D.C.—Today, U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, spoke on the Senate floor about the Committee’s ongoing bipartisan investigation into Credit Suisse’s Nazi ties. The investigation has exposed new details about Credit Suisse’s historical servicing of Nazi clients and Nazi-linked accounts, which in some cases continued until as recently as 2020, and has raised new questions about the bank’s role in supporting Nazis fleeing justice following World War II via so-called “Ratlines.”
Chairman Whitehouse’s remarks, as prepared for delivery:
This year, with full bipartisan support, the Senate Budget Committee issued its first subpoena since 1991.
As Ranking Member Grassley just recounted, after his office received credible information about Credit Suisse’s historical servicing of Nazi clients and their enablers, the Budget Committee issued a subpoena compelling the production of relevant documents.
Senator Grassley brought this request to me, and I thank him for his commitment to pursuing justice for Holocaust survivors and their families.
I said this when we first launched this investigation, and I’ll say it again: When presented with credible evidence of Credit Suisse’s Nazi ties, the Budget Committee had an obligation to investigate.
The subpoenaed records shined new light on the extent of Credit Suisse’s Nazi ties, uncovering nearly 100 previously undisclosed Nazi-linked accounts and related information. Our investigation revealed the servicing of many of those accounts until as recently as 2020.
For all that this investigation revealed, it also raised new questions about Credit Suisse’s role in supporting Nazis fleeing justice following World War II via so-called “Ratlines.”
Because of the Budget Committee’s investigation, Credit Suisse has expanded the scope of its internal investigation to look into those questions. The bank has committed to producing follow-up reports prepared by its forensic accountants, ombudsperson, and the bank itself in the coming weeks. We stand ready to pursue whatever information will fully shine light into this dark history.
I will take this opportunity to talk about the importance of strong congressional oversight. Many see Congress only as our nation’s legislative body. And while legislating is certainly its most recognizable function, its oversight and investigatory functions should not be overlooked.
As the Supreme Court recognized in 1927, “The power of inquiry with process to enforce it is an essential and appropriate auxiliary to the legislative function.... A legislative body cannot legislate wisely or effectively in the absence of information respecting the conditions which the legislation is intended to affect or change.”
And in 2020, in Trump v Mazars, the Supreme Court again affirmed the importance of Congressional oversight, observing that “[w]ithout information, Congress would be shooting in the dark, unable to legislative wisely or effectively.”
Investigations like ours demonstrate what good congressional oversight can achieve: advancing transparency, pursuing justice, and ensuring corporate accountability.
Whether it’s holding companies responsible for their involvement with Nazis, as in this case, or shining light on companies that are poisoning our planet while making hardworking Americans foot the bill, or promoting good, transparent corporate citizenship, I pledge as Chairman of the Budget Committee to determine who is complicit in the looming systemic risks to the federal budget and the U.S. economy.
Especially where we work together across the aisle, we can accomplish those goals on behalf of the American people. That is why I partnered with Ranking Member Grassley on this investigation, and it’s why our staffs continue to work together on other investigations.
Senator Grassley, thank you for again bringing this matter to the committee. I share your commitment to leaving no stone unturned.
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