A bipartisan bill aims to force regulators to investigate and disclose records related to Jeffrey Epstein's financial ties, as Senator Warren criticizes Barclays.
Key facts
- •The Epstein Wall Street Records Act would force the Federal Reserve and SEC to investigate Epstein-connected financial firms.
- •Senator Elizabeth Warren and House representative Robert Garcia are leading the introduction of the bipartisan bill.
- •Jes Staley was banned from the UK financial sector in 2023 for playing down his ties to Jeffrey Epstein.
- •Barclays stated that Staley concealed information about his relationship with Epstein during his recruitment in 2015.
- •A court case revealed Staley admitted to having sex with a member of Epstein's staff in New York.
US lawmakers are introducing the Epstein Wall Street Records Act on Thursday to compel regulators to investigate financial firms and executives with ties to the late sex offender Jeffrey Epstein. The bipartisan bill is led by Senator Elizabeth Warren and House representative Robert Garcia, with support from House Republican Thomas Massie. If passed, the legislation would require the Federal Reserve and the Securities and Exchange Commission to probe potential breaches of banking and investment laws, potentially resulting in fines or bans from the US financial sector.
Bill Requirements and Goals
The bill mandates that regulators publicly disclose records relating to Epstein and his associates and refer potential criminal violations to the US justice department. Warren stated that Congress must act to force transparency because large banks and the Trump administration have not held themselves accountable for enabling Epstein's crimes.
Barclays and Jes Staley
The announcement coincided with Warren's condemnation of UK bank Barclays for failing to adequately vet its former boss Jes Staley. Staley resigned from Barclays in November 2021 after UK regulators investigated his relationship with Epstein, whom he met in 2000. The Financial Conduct Authority concluded their relationship went beyond professional bounds, leading to Staley being banned from the UK financial sector in 2023.
Court Revelations and Bank Response
A court battle revealed intimate details of the friendship, including Staley admitting to consensual sex with an Epstein staff member in New York and a 2010 email referencing Disney princesses. In July, Warren and House Democrats wrote to Barclays chair Nigel Higgins regarding the bank's vetting process. Barclays responded via its head of US government relations, Lance Williams, stating that Staley had concealed information about his relationship with Epstein and that the bank had relied on external search firms for his 2015 recruitment.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Guardian Business.
