March 01, 2018

MarketWatch: Warren says Fed should vote on whether to lift growth shackles on Wells Fargo

The Federal Reserve should vote rather than leave it to a staffer to determine whether to lift the growth restrictions on Wells Fargo over its customer account scandal, Sen. Elizabeth Warren said Thursday.

Warren made the call during the Senate Banking Committee hearing with Federal Reserve Chairman Jerome Powell. The Fed last month said the bank was not allowed to grow after opening millions of unauthorized customer accounts as well as charged hundreds of thousands of borrowers for unneeded guaranteed auto protection or collateral protection insurance for their automobiles.


“I don’t understand this,” Warren said. “The Fed has issued a major, unprecedented consent order against one of the biggest banks in the world, and the Fed board — the people who are actually appointed by the president and confirmed by the Senate — aren’t going to vote on whether the order is actually being followed?” 

Read the full article on the MarketWatch website here.

By:  Steve Goldstein
Source: MarketWatch