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Bill would break up Wells Fargo and other megabanks for misdeeds

Joe Mont | October 4, 2017

There was an awkward moment this week, Sen. Elizabeth Warren (D-Mass.) told Wells Fargo CEO Timothy Sloan, to his face, that he should be fired. Things became even worse for the bank executive later that day when a top Democrat set the stage for shuttering the bank.

Sloan was appearing before the Senate Banking Committee on Oct. 3 for a hearing entitled, “Wells Fargo: One Year Later.” In recent months, Wells Fargo has been under attack for opening 3.5 million unauthorized customer accounts and credit cards. In a separate scandal, as many as 800,000 customers were charged for car insurance that they did not need; some had their vehicles wrongfully repossessed as a result. 

Later in the day, Rep. Maxine Waters (D-Calif.) announced the Megabank Accountability and Consequences Act.

The legislation would demand that federal banking regulators (including the Federal Reserve, Federal Deposit Insurance Corporation, and...

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