Warren urges Fed to break up Wells Fargo

Sen. Elizabeth Warren, D-Massachusetts, this week called on the Federal Reserve to break up Wells Fargo & Co.

In a letter to Fed Chair Jerome Powell, Warren asked for Wells Fargo's traditional consumer-facing banking business to be separated from its banking business. She said the bank continues to harm customers.

“By invoking its full authority to protect consumers and the financial system and requiring Wells Fargo to separate its consumer-facing banking arm from the rest of its financial activities, the Fed can ensure that Wells Fargo faces appropriate consequences for its longstanding ungovernable behavior," Warren said.

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