US bill would investigate banks’ links to Jeffrey Epstein
US lawmakers have introduced a bipartisan bill that would require regulators to investigate financial firms and executives suspected of helping Jeffrey Epstein, and impose penalties where laws were broken. The proposal seeks to bring greater transparency and accountability to banks and their leaders.
The Epstein Wall Street Records Act is led by Senator Elizabeth Warren and Representative Robert Garcia, with Republican Thomas Massie among its supporters. It would direct the Federal Reserve and Securities and Exchange Commission to examine possible legal breaches, disclose relevant records and refer suspected crimes to the Justice Department. Warren also criticised Barclays over its response to questions about former chief executive Jes Staley, who was banned from the UK financial sector in 2023 after regulators found he had played down his ties to Epstein.
- Bipartisan bill would investigate Epstein-linked financial firms.
- Regulators could disclose records and penalise wrongdoers.
- Warren says Barclays has not adequately addressed questions about Jes Staley.
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Jeffrey Epstein was a wealthy US financier who was convicted of sex offences and later faced federal charges involving the sexual abuse and trafficking of under-age girls. His connections included people in business and public life, and questions have been raised about how financial institutions dealt with him.
Banks can provide services such as accounts and payments, but they must follow laws against financial crime. The proposed law would ask US regulators, including the Federal Reserve and the Securities and Exchange Commission, to examine whether financial firms or their executives broke those laws, and to share relevant findings with law enforcement.
Elizabeth Warren, a Democratic senator, and Robert Garcia, a Democratic representative, are leading the proposal, which also has support from Republican Thomas Massie. The issue matters because any findings could clarify what banks knew about Epstein and whether their conduct met legal requirements.
Both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Supporters argue that regulators should investigate whether financial firms or executives enabled Epstein, disclose relevant records and refer suspected crimes for prosecution. They say this would strengthen accountability, help establish what institutions knew and deter firms from overlooking serious misconduct.
The case against
Critics could argue that a new, targeted investigation mandate risks duplicating regulators’ existing powers and turning a politically prominent case into a presumption of institutional wrongdoing. They may favour case-by-case inquiries under existing law, with disclosure limited where needed to protect privacy, due process and legitimate confidentiality.
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Originally published by The Guardian as “US lawmakers unveil bill to hold Wall Street’s ‘Epstein-connected’ bosses to account”.