Sen. Elizabeth Warren (D-MA) urged the Federal Reserve to break up Wells Fargo, pointing to the persistent stream of scandals pouring forth from America’s third largest bank by assets.
Warren, who sits on the Senate Committee on Banking, Housing, & Urban Affairs, sent a letter Monday to Federal Reserve Chairman Jerome Powell asking him to revoke one of the key operating licenses to force a split between Wells Fargo’s banking and Wall Street businesses.
“Every single day that Wells Fargo continues to maintain these depository accounts is a day that millions of customers remain at risk of additional negligence and willful fraud,” Warren said in her letter. “The only way these consumers and their bank accounts can be kept safe is through another institution—one whose business model is not dependent on swindling customers for every last penny they can get.”
This is my shocked face that @WellsFargo is cheating their customers again.