Warren calls on Fed to break up 'ungovernable' Wells Fargo

Warren calls on Fed to break up 'ungovernable' Wells Fargo


Sen. Elizabeth Warren called on the Federal Reserve to break up Wells Fargo , one of the largest banks in the world.

In a Tuesday letter sent to Fed Chairman Jerome Powell , the Massachusetts Democrat urged the Federal Reserve’s leadership to use its authority to revoke Wells Fargo’s status as a financial holding company and separate its banking subsidiary from its financial services business.

In the six-page letter to Powell, which details several instances of the bank’s “misconduct” over the past decade or so, she made the case that Wells Fargo, which is currently led by CEO Charlie Scharf, must be reined in.

Trending: Tennessee teen fatally shot mom after she took his phone

SEC CHIEF TELLS WARREN AGENCY SHOULD HAVE MORE AUTHORITY TO REGULATE CRYPTO

“Continuing to allow this giant bank with a broken culture to conduct business in its current form poses substantial risks to consumers and the financial system,” she wrote.

Warren pointed out that in

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend