US lawmakers unveil bill to hold Wall Street’s ‘Epstein-connected’ bosses to account

Key points

• US lawmakers introduced the Epstein Wall Street Records Act on Thursday to investigate Epstein-connected financial firms and executives.
• The bill would force regulators like the Federal Reserve and SEC to investigate potential breaches and disclose records.
• Senator Elizabeth Warren condemned Barclays for dodging responsibility over vetting former CEO Jes Staley's ties to Epstein.

US lawmakers have unveiled a new bill aimed at holding Wall Street's Epstein-connected bosses accountable for helping finance the late sex offender's crimes. The bill, known as the Epstein Wall Street Records Act, was introduced on Thursday by a bipartisan group led by Democratic Senator Elizabeth Warren and House representative Robert Garcia, with backing from House Republican Thomas Massie.

The legislation follows a months-long investigation into Jeffrey Epstein, who died in prison in 2019 while awaiting trial on child sex-trafficking charges. If passed, it would force regulators including the Federal Reserve and the Securities and Exchange Commission to investigate Epstein-connected financial firms and executives for potential breaches of banking, investment or illicit funding laws, and to fine or even ban wrongdoers from the US financial sector.

What the bill would do

The bill would require regulators to publicly disclose any records relating to Epstein and his associates, and to refer any potential criminal violations to the US justice department. Warren said: "Since the big banks won't hold themselves accountable – and the Trump administration won't either – Congress must act to force real transparency and accountability for them and their executives who enabled Jeffrey Epstein's crimes."

Barclays continues to dodge responsibility over its apparent failure to vet its former CEO Jes Staley's close professional and personal ties to Epstein.

— Elizabeth Warren

Barclays and Staley scrutiny

Warren also condemned Barclays bosses for failing to adequately answer questions about former chief executive Jes Staley and his links to Epstein. Staley resigned from Barclays in November 2021 after UK regulators began investigating his relationship with Epstein, whom he met in 2000 during his three-decade stint at JP Morgan.

A Financial Conduct Authority investigation, triggered by more than 1,200 emails between Staley and Epstein, concluded the pair were "indeed close" and had a relationship that "went beyond one that was professional in nature". Staley was banned from the UK's financial sector in 2023 for playing down those ties and failed to overturn that decision in court last year. Barclays responded to Warren's July letter with a letter from its head of US government relations, Lance Williams, who said Staley had "concealed information about his actions and the nature of his relationship with Mr Epstein". Warren said the response was not sufficient. Barclays declined to comment, and Staley's legal representatives were contacted for comment.