Published On: Wed, Sep 15th, 2021

Elizabeth Warren Urges Federal Reserve to Break up Wells Fargo

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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 …

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