ASX set to jump as Wall Street steadies

A new bill has been introduced by US lawmakers to hold Wall Street's "Epstein-connected" executives accountable for their roles in financing the late sex offender's crimes. The bill, known as the Epstein Wall Street Records Act, was proposed by Senator Elizabeth Warren and Representative Robert Garcia. It follows a months-long investigation into financier Jeffrey Epstein, who died in prison in 2019 while awaiting trial on child sex-trafficking charges.

If passed, the bill would require regulators to investigate financial firms and executives associated with Epstein for potential breaches of banking, investment, or illicit funding laws. The bill would also force regulators to publicly disclose records relating to Epstein and his associates, and refer potential criminal violations to the US justice department.

Warren criticized Barclays for "dodging responsibility" over its failure to properly vet former CEO Jes Staley and his ties to Epstein. Staley was banned from the UK's financial sector in 2023 after regulators uncovered evidence of his close relationship with Epstein. Warren wrote to Barclays' chairman, Nigel Higgins, asking about the bank's vetting process and whether it had investigated potential "deficiencies" in its executive hiring.

Barclays responded with a letter from its US government relations head, Lance Williams, which Warren deemed insufficient. The bank's lack of transparency has sparked calls for formal investigations into Wall Street's connections to Epstein.