A group of U.S. lawmakers led by Senator Elizabeth Warren and Representative Robert Garcia have introduced legislation aimed at investigating the role of financial institutions and executives who did business with Jeffrey Epstein, the convicted sex offender who died in jail in 2019 while awaiting trial on federal sex-trafficking charges. The measure, known as the Epstein Wall Street Records Act, calls for federal financial regulators to examine potential breaches of banking laws and hold accountable those who may have enabled Epstein’s criminal activities.
The bill, introduced Thursday ahead of next month’s midterm elections, would require agencies such as the Federal Reserve and the Securities and Exchange Commission to publicly disclose any records related to Epstein and his associates, and refer possible criminal conduct to federal prosecutors. Lawmakers also plan to question bankers connected to Epstein and potentially hold congressional hearings if Democrats gain control of one or both chambers of Congress.
Warren and Garcia, who serve as top Democrats on the Senate Banking and House Oversight committees respectively, are positioned to chair these panels if their party wins majority control. The measure has the backing of three other Senate Democrats and 20 House Democrats, along with Representative Thomas Massie, the sole Republican supporter. Massie has been a vocal critic of the Justice Department’s handling of Epstein-related investigations.
Until now, congressional probes have largely focused on Epstein’s employees and close associates rather than the financial institutions that managed his accounts. Epstein’s banking activities involved thousands of wire transfers, which facilitated payments to many victims. Lawsuits on behalf of Epstein’s victims have accused JPMorgan Chase, Deutsche Bank, and Bank of America of overlooking warning signs in pursuit of profit. These banks settled class-action suits for over $437 million. However, only Deutsche Bank has faced regulatory penalties, paying $150 million in 2020 to New York authorities for failing to adequately monitor Epstein’s accounts.
Separately, Warren has criticized Barclays, a major UK bank, for its handling of the case of its former CEO Jes Staley, who maintained a close relationship with Epstein. Staley resigned in 2021 amid regulatory investigations in the United Kingdom that found his ties to Epstein went beyond a professional relationship. In 2023, the UK’s Financial Conduct Authority banned Staley from the financial industry, a decision he unsuccessfully challenged in court. Details revealed during the legal proceedings included Staley’s admission to a consensual encounter with one of Epstein’s staff members.
Warren and other Democrats questioned Barclays’ vetting process for hiring Staley, pointing to deficiencies in the bank’s oversight. Barclays responded by emphasizing that it had relied on external firms during the executive search and that Staley had concealed key information about his relationship with Epstein. Warren called this response inadequate and used it to underline the need for U.S. regulators to formally investigate how Wall Street banks and executives may have enabled Epstein’s activities.
Barclays declined to comment on the matter, and Staley’s legal representatives did not respond to requests for comment. Meanwhile, the proposed legislation is not expected to pass before the end of the current congressional session but signals lawmakers’ intent to intensify scrutiny of financial sector involvement in Epstein’s crimes.