February 21, 2020

Brown Statement on Wells Fargo Settlement

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) announced the settlement with Wells Fargo following the company’s failure to detect millions of fraudulent accounts opened in customers’ names.

“Today’s announced settlement sends a clear message to Wall Street banks: you can defraud Americans, abuse your employees, and walk away with a slap on the wrist. The American people deserve justice and instead the Trump administration is betraying them once again.”