April 08, 2020

Brown Statement Regarding The Fed’s Decision To Lift Wells Fargo’s Asset Cap

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 following the news that the Federal Reserve intends to lift the cap on growth placed on Wells Fargo after their fake account scandal:

“The Federal Reserve’s decision to lift Wells Fargo’s asset cap is troubling. Wells Fargo has demonstrated it is too large to manage, and time and time again that it can’t be trusted to do right by their customers and employees. If the Fed wants Wells to focus on community lending, and if Wells is truly committed to its communities and customers, the bank could instead have given up other risky lines of business in order to serve small businesses,” said Senator Brown.