House Panel Questions Fed Chief on Wells Fargo Scandal

House lawmakers questioned Janet L. Yellen, the Federal Reservechairwoman, on Wednesday about the handling of the Wells Fargo accounts scandal, with some calling for tougher punishment of the biggest banks and their senior managers when they violate the law.

Ms. Yellen appeared before the House Financial Services Committee to discuss the agency’s supervision of the banking system, including revelations that thousands of employees at Wells Fargo had opened as many as two million unauthorized bank and credit card accounts to meet high-pressure sales goals. Ms. Yellen faced a number of tough questions during the hearing about how regulators are responding to the issue, with some lawmakers asking whether banks had simply grown too big.

Read on.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s