Senator Warren Urges U.S. Fed to Fire Wells Fargo Directors
U.S. Democratic Senator Elizabeth Warren on Monday urged the Federal Reserve to fire 12 directors who served on Wells Fargo & Co.'s board during the time thousands of bank employees opened phony accounts in customers' names without permission.
"I urge you to exercise your legal authority to remove the holdover Wells Fargo board members," Warren, who has championed consumer rights and is seen as a possible 2020 presidential candidate, wrote in a letter to the U.S. central bank.
Warren said the Fed, which regulates bank holding companies, had the right to take such action when a lender had assumed too much risk, which she said applied in the case of Wells Fargo, the third largest U.S. bank.
Warren is the ranking Democrat on the Senate Banking Committee.