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Floor Speech
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Mr. WHITEHOUSE. Mr. President, this year, with full bipartisan support, the Senate Budget Committee issued its first subpoena in more than 30 years.
Ranking Member Grassley has just recounted how his office received credible information about Credit Suisse's historical servicing of Nazi clients and their enablers, and the Budget Committee responded by issuing a subpoena compelling the production of relevant documents.
Senator Grassley and his team brought this request to me and my team, and I thank him for bringing this to the committee and for his commitment to pursuing justice for Holocaust survivors and their families.
When we first launched this investigation, I said and I will 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 followup reports prepared by its forensic accountants, ombudspersons, and the bank itself in the coming weeks. We stand ready on the committee to pursue whatever information will fully shine light into this dark chapter.
I will take this opportunity to talk about the importance of strong congressional oversight. Many see Congress only as our Nation's legislative body. While legislating is certainly our most recognizable function, our oversight and investigative functions are not to 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.''
Recently, in the case of Trump v. Mazars, the Supreme Court said of Congress that ``[w]ithout information, Congress would be shooting in the dark, unable to legislate wisely or effectively.''
So investigations like ours demonstrate what good congressional oversight can achieve: advancing transparency, pursuing justice, ensuring corporate accountability.
Whether it is holding companies responsible for their involvement with the Nazis, as in this case, or shining light on companies that are poisoning our planet while making hard-working Americans foot the bill or just 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 big goals on behalf of the American people. That is why I partnered with Ranking Member Grassley on this investigation, and that is why our staffs continue to work together on other investigations.
Senator Grassley, thank you again for bringing this matter to the committee. Thank you for your passionate pursuit of this issue. I share your commitment to leaving no stone unturned.
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