Waters Tells Wells Fargo a New Board Chairman is Not Enough

On Wednesday, Congresswoman Maxine Waters (D-CA) told Wells Fargo that a change in its board chairmanship was not a sufficient enough response to address the continued scandals that have been unearthed at the bank. Waters has vowed to introduce legislation that will break up banks like Wells Fargo that she says routinely break the law and harm consumers. “This superficial change in leadership at Wells Fargo isn't enough to restore the trust and confidence of the American public. WhileElizabeth Duke is replacing Stephen Sanger as Chairman, Duke was a member of the Wells Fargo Board during numerous scandals and failed to rein in the bank's rampant consumer abuses. It is time that Congress recognize Wells Fargo for what it is -- a recidivist institution that has committed millions of crimes and shows no remorse,” Waters said. More here.