Waters to Wells Fargo: Changing Your Chairman Is Not Enough
Following the announcement that Elizabeth Duke will replace Stephen Sanger as Chairman of the Board of Directors of Wells Fargo, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement:
“This superficial change in leadership at Wells Fargo isn't enough to restore the trust and confidence of the American public. While Elizabeth Duke is replacing Stephen Sanger as Chairman, Ms. Duke was a member of the Wells Fargo Board during numerous scandals and failed to rein in the bank's rampant consumer abuses. It is time that Congress recognize Wells Fargo for what it is--a recidivist institution that has committed millions of crimes and shows no remorse.
Earlier this month, Ranking Member Waters and other committee Ranking Members wrote to Committee Chairman Jeb Hensarling requesting a public hearing to review the ongoing violations of consumer rights by Wells Fargo. In July, Ranking Member Waters released a Democratic staff report documenting the successes of the Consumer Financial Protection Bureau, including the $100 million fine they charged to Wells Fargo for secretly opening fraudulent accounts. Additionally, Ranking Member Waters sent a letter to Timothy J. Sloan, Chief Executive Officer of Wells Fargo, regarding the refusal of Wells Fargo executives to be interviewed by Democratic Committee staff regarding the bank's fraudulent account scandal. To date, Wells Fargo executives have not submitted to interviews with Democratic staff.