US lawmakers unveil bill to hold Wall Street’s ‘Epstein-connected’ bosses to account
Summary
US lawmakers, led by Senator Elizabeth Warren and Representative Robert Garcia, introduced the Epstein Wall Street Records Act to investigate and hold accountable Wall Street executives connected to Jeffrey Epstein. The bill requires financial regulators to review these executives and firms for illegal actions and share findings publicly, with possible fines or bans in the financial sector.Key Facts
- The bill aims to investigate Wall Street bosses linked to Jeffrey Epstein, who was charged with child sex trafficking before he died in 2019.
- If passed, regulators like the Federal Reserve and Securities and Exchange Commission must examine the financial firms and executives’ possible law violations.
- The law would allow fines or bans for those who helped Epstein’s crimes financially.
- Senator Elizabeth Warren criticized Barclays bank for not properly checking Jes Staley, a former CEO with close ties to Epstein.
- The UK’s Financial Conduct Authority found that Staley and Epstein had a relationship that went beyond professional work.
- Staley resigned from Barclays in 2021 and was banned from the UK financial sector in 2023 after a failed legal challenge.
- The bill encourages transparency by requiring public reports and criminal referrals related to Epstein’s financial connections.
- The bill has bipartisan support, including from Republican Representative Thomas Massie.
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