Here’s what happened…
Sen. Elizabeth Warren demanded the Federal Reserve to take immediate action and break up Wells Fargo after several scandals resulted in hard working Americans being put at risk.
According to CNBC, Senator Warren wrote to Fed Chair Jerome Powell demanding that the central bank use its board of governors to break up Wells Fargo’s banking unit from its financial services businesses.
“The Fed has the power to put consumers first, and it must use it,” Warren said in a statement. “By invoking its full authority to protect consumers and the financial system and requiring Wells Fargo to separate its consumer-facing banking arm from the rest of its financial activities, the Fed can ensure that Wells Fargo faces appropriate consequences for its longstanding ungovernable behavior.”
Well Fargo did not respond to Warren’s recent statements but did recently say, “we are a different bank today than we were five years ago because we’ve made significant progress.”