Press "Enter" to skip to content

Elizabeth Warren Urges Federal Reserve to Break up Wells Fargo

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

Sen. Elizabeth Warren (D-Mass.) sent a letter to the Federal Reserve on Monday urging them to break up Wells Fargo and take “immediate action” regarding its “unethical and anti-consumer conduct”. In a letter to Fed Chairman Jerome Powell, Warren noted that widespread corruption within the scandal-plagued bank poses “substantial risks” to both consumers and the financial system, and asked that the Fed revoke Wells Fargo’s status as a financial holding company and require the company to separate its traditional banking activities from its other financial activities. “I write to urge the Federal Reserve Board of Governors to take immediate action in response to the repeated, ongoing, and inexcusable failure of Wells Fargo & Company to eliminate abusive and unlawful practices that have cost consumers hundreds of millions of dollars,” Warren wrote. The Fed, under the leadership of Janet Yellen, placed Wells Fargo under an asset cap of below $1.95 trillion in 2018 until it had improved its …

To continue reading this news article, follow the link to the news website.

For any inquiries, contact Amnon Free Press (Amnon Jobi Jakony) by writing to editor [at] Discover a world of hyper-local news below.

Other News:   Oklahoma Pushes Back 7 Executions Due to Notice Requirement

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *