The United States Senate Judiciary Committee recently convened a full committee hearing as part of its bipartisan investigation into Credit Suisse’s (now UBS) conduct related to Holocaust-era Nazi accounts and records. At a time when Holocaust distortion and denial are increasing, Chairman Grassley’s efforts reinforce a simple but important principle: truth matters, and accountability endures.
We submitted a letter for the record to the Committee in support of its effort to correct the historical record regarding Holocaust-era accounts and financial transactions. Revisiting this history is not symbolic. It demonstrates that institutions cannot outlast scrutiny through obfuscation or concealment. The Committee’s bipartisan approach underscores that the pursuit of historical accuracy and justice still commands broad agreement.
The Committee’s findings to date are significant. Among them are UBS records documenting hidden and insufficiently disclosed accounts and financial transactions for Nazis and Nazi-linked institutions during and after the war, including one that remained open as recently as 2020. Even more troubling, as Chairman Grassley noted during the interim hearing, the bank “knew it held Nazi accounts and yet withheld some information from the public record, including commissions examining the Holocaust.” He characterized the bank’s conduct as “absurd and a historic shame” that defined the hearing.
Despite clear concerns from the Committee, UBS’s response raised further questions by limiting inquiry into its records. Access to bank archival records is not abstract. For survivors and their families, it is often the only path to long-delayed answers about assets, identities, and histories that were disrupted or erased. When those records remain in the bank’s hands but out of reach to others, the historical record remains incomplete.
These developments raise concerns about transparency and about how seriously these longstanding commitments are being treated. More fundamentally, using Holocaust-era bank records as leverage denies victims and their families access to answers only UBS can provide.
At the same time, UBS recently obtained a national banking license granted by federal regulators, a status that carries requirements, not just privileges, including transparency and full cooperation with U.S. oversight.
This is not a technical dispute over documents or process. Commitments tied to the Holocaust retain force over time.
Full disclosure should not turn on convenience or timing. The commitments that followed the Holocaust were not temporary arrangements. They were meant to endure.
Historical truth is not optional. Accountability is not time-bound. The obligations that followed the Holocaust do not fade with time.
Congress is reasserting these principles. Regulators and the bank should take note. According to the Congressional Record on April 14, Chairman Grassley’s message to UBS’s senior leadership did not mince words: “Mr. Karofsky is president of UBS Americas. He literally failed to answer any questions posed directly to him. His disrespect for the Committee is noted. So be on notice, Mr. Karofsky.”
Engagement and transparency strengthen confidence. Delay and resistance only deepen the importance of the Committee’s investigation.
Accountability does not expire. It endures, even when it becomes inconvenient, and especially when it does.
The writers are Betsy Berns Korn, Chair, and William Daroff, CEO, of the Conference of Presidents of Major American Jewish Organizations, the recognized central coordinating body of the American Jewish community. The views expressed do not necessarily reflect the positions of the 50 member organizations of the Conference.
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