Federal Reserve Board Chairman Jerome Powell told Sen. Elizabeth Warren Thursday that he would hold a public vote by the Federal Reserve Board of Governors on Wells Fargo’s remediation plans.
Warren, D-Mass., called on Powell in early April to formally commit to a Board of Governors vote on whether Wells Fargo has satisfied its “remediation” plans that were set in motion by former Fed Chair Janet Yellen.
In an April 3 letter to Powell, Warren noted the Feb. 2 consent order between the Fed and Wells Fargo prohibiting the bank from growing until it makes certain improvements.
Under the order’s terms, “Wells Fargo must submit a plan to make its board of directors more effective and a plan to improve its risk management policies to the Board by mid-April.”
In his Thursday letter to Warren, Powell also said he’d consider Warren’s request to release as much as possible of the third-party review on how the bank is implementing reforms.