Sen. Warren Escalates Campaign Against Wells Fargo CEO
The Massachusetts Democrat asked Fed Chairman Jay Powell to maintain growth limits on the bank earlier this year to ensure that real changes are made.
Senator Elizabeth Warren is opening a new front in a campaign against a familiar foe — demanding that the Federal Reserve keep its restrictions on Wells Fargo & Co. until Chief Executive Officer Tim Sloan is removed.
The Massachusetts Democrat escalated her criticism of the San Francisco-based bank in a letter Thursday to Fed Chairman Jay Powell, requesting that he maintain growth limits imposed earlier this year to ensure that real changes are made to made fix oversight gaps that allowed consumer abuses including opening millions of accounts without customers’ knowledge.
“The Federal Reserve should not remove the growth cap on WFC until the Board replaces Mr. Sloan with a new CEO who has not contributed to the very problems the Federal Reserve is seeking to fix,” Warren wrote.
Wells Fargo continues to be a favorite target of Warren amid speculation that she will seek her party’s nomination to run for president in 2020.
In the latest sign that she may be running, Warren released a video this week meant to counter President Donald Trump’s contention that she falsely claims Native American heritage.
That move by Warren backfired when groups including the Cherokee Nation accused her of making a “mockery” out of DNA tests and for dishonoring tribal citizens.