A group of US lawmakers has introduced a bill aimed at holding Wall Street executives connected to Jeffrey Epstein accountable for their roles in financing his crimes. The initiative, known as the Epstein Wall Street Records Act, was announced by Senator Elizabeth Warren and Representative Robert Garcia, and comes in the wake of concerns about Barclays' oversight of former CEO Jes Staley, who had ties to Epstein.

Read More

The legislation, set to be discussed on Thursday, follows a comprehensive investigation into Epstein, who died in prison in 2019 while facing child sex-trafficking charges. If enacted, the bill would require regulatory bodies such as the Federal Reserve and the Securities and Exchange Commission to scrutinize financial firms with Epstein connections, identifying potential breaches of banking and investment laws. It could result in fines or exclusions from the US financial sector for wrongdoers.

Warren criticized Barclays for its inadequate response regarding the vetting of Staley, who resigned in November 2021 amid investigations into his relationship with Epstein, established during the banker’s tenure at JP Morgan. The Financial Conduct Authority’s investigation found that Staley and Epstein had a relationship that surpassed mere professional interaction, based on over 1,200 emails exchanged between them.

Staley was banned from the UK financial sector in 2023 for downplaying his connections to Epstein, a decision he failed to challenge successfully in court. Subsequent revelations about their relationship included Staley admitting to a consensual sexual encounter with a member of Epstein’s staff. He also faced scrutiny over a 2010 exchange referencing Disney princesses, which he later denied knowing about.

Warren and other House Democrats had previously requested information from Barclays regarding the vetting process for Staley, accusing the bank of allowing the hiring of an executive with significant ties to a convicted sex offender. Barclays responded with a letter stating that Staley had concealed crucial information about his relationship with Epstein. The response did not satisfy Warren, who emphasized the necessity of formal investigations into Wall Street’s connections to Epstein.

Barclays has declined to further comment, while inquiries directed to Staley's legal representatives are ongoing.