Bipartisan Bill Would Probe Banks’ Ties to Jeffrey Epstein
The proposal would require financial regulators to investigate firms and executives, disclose records and penalize those found to have aided Epstein.
Key takeaways
- The Epstein Wall Street Records Act was introduced by a bipartisan group led by Elizabeth Warren and Robert Garcia.
- The bill would require regulators to investigate financial firms and executives with ties to Epstein.
- Warren said Barclays had not adequately answered questions about its vetting of former CEO Jes Staley.
A bipartisan group of US lawmakers introduced a bill Thursday that would require financial regulators to investigate banks and executives with ties to Jeffrey Epstein. The Epstein Wall Street Records Act is led by Senator Elizabeth Warren and Representative Robert Garcia.
The proposal would direct agencies including the Federal Reserve, the FDIC, the Treasury’s Office of the Comptroller of the Currency and the Securities and Exchange Commission to investigate potential breaches of banking, investment or illicit funding laws. It would also require regulators to disclose records related to Epstein and refer potential criminal violations to the Justice Department.
The bill would allow civil penalties and bans from the US financial sector for those found to have aided Epstein. Republican Representative Thomas Massie is among its backers.
Warren also criticized Barclays over its response to questions about how it vetted former chief executive Jes Staley and his ties to Epstein. Barclays told lawmakers that Staley had concealed information about the relationship and that it relied on outside executive search firms when recruiting him in 2015. Warren said the response was insufficient; Barclays declined to comment.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
