Sen. Elizabeth Warren (D-Mass.) is requesting that the Federal Reserve Board of Governors hold a formal vote on whether to accept a plan from Wells Fargo & Co. to address consumer abuses.
In a letter to Fed Chairman Jerome H. Powell released Wednesday, Warren said it was important for Senate-confirmed central bank governors to vote on enforcement decisions so Congress and the public can hold them accountable.
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“The Fed’s consent order sent a powerful message to Wells Fargo and other big banks that there could be real consequences … if they break the law,” Warren wrote. “The public deserves to see that the [Fed] board is strictly enforcing its order.”
Read the full article on the LA Times website here.