Brown Statement on Wells Fargo's Board of Directors
WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) – ranking member of the Senate Banking, Housing, and Urban Affairs Committee – issued the following statement regarding the decision by Wells Fargo's shareholders to retain the bank's board of directors in the aftermath of the company's unauthorized accounts scandal.
"Wells Fargo's board failed to look out for shareholders' interests as the bank defrauded thousands of its customers over many years. The board members need to bear responsibility, even if shareholders spared them the same measure of accountability as the senior managers and 5,300 front-line employees who lost their jobs. Well-paid board members should earn their keep instead of just taking what they're spoon-fed from senior management."
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