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When #WellsFargo’s former CEO Tim Sloan testified before @FSCDems, it was clear he needed to resign. Now that he’s gone, we'll hear from the new CEO, Charles Scharf, on his plans to prevent the wrongdoing that harmed so many working people.
Tune in:https://www.youtube.com/watch?v=Sf5D9BprcXg …
Charles Scharf's answers at @FSCDems today did not reassure me. #WellsFargo's endless acquisitions and mergers are dangerous. That’s why I introduced the Bank Merger Review Modernization Act @SenWarren to stop the rubberstamping of bank mergers.
Between 2006 and 2017 the Fed reviewed 3,819 bank merger applications.
It approved all of them.
As banks get larger and larger, they become more difficult to manage, regulate, and enforce existing rules on.
They risk becoming #TooBigToFail. @TakeOnWallSt @FSCDems
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