Statement by Senator Warren on the Federal Reserve Board Decision to Lift Wells Fargo's Asset Cap

Statement by Senator Warren on the Federal Reserve Board Decision to Lift Wells Fargo's Asset Cap

Washington, DC - U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, released the following statement on the announcement by the Federal Reserve Board that it is lifting Wells Fargo's asset cap:

"The Fed's decision to lift Wells Fargo's asset cap and declare victory despite overwhelming evidence to the contrary is an outrageous giveaway to one of Wall Street's most derelict banks. The entire Federal Reserve Board, including appointees of both parties, should be embarrassed. Wells Fargo has a long history of violating the law, and there's no evidence that it has changed. In just the past nine months, Wells Fargo has been caught violating laws related to anti-money laundering and financial crimes and failing to act in the best interests of its investment clients. Whistleblowers have repeatedly exposed how the bank is bringing back its old, dangerous sales practices.

"If the Fed is confident that Wells Fargo has turned over a new leaf, then it must release the bank's exam reports for the last five years to the Senate Banking Committee so that Congress can review them. The Fed's descriptions of Wells Fargo are wildly out of step with public law enforcement actions and whistleblower claims. It is stunning that the Fed couldn't wait until the company went even a full year without breaking the law before wiping its slate clean."

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