Here’s the Thing About That Wells Fargo Testimony
At the end of his thorough roasting in front of the Senate Banking Committee on Tuesday morning, Wells Fargo CEO John Stumpf found himself on the business end of some tough questions from Senator Jeff Merkley, Democrat of Oregon. Merkley cited the accounts given by a number of Wells Fargo employees—the kind of
Merkley Demands Accountability From Wells Fargo CEO at Senate Banking Committee Hearing
Washington, DC—Oregon’s Senator Jeff Merkley today demanded accountability and answers from Wells Fargo at a Senate Banking Committee hearing investigating the recent revelations that the bank had illegally created millions of bank and credit card accounts without customers’ knowledge. Merkley told CEO John Stumpf, “All these people were fired because
Merkley Calls on SEC to Investigate Wells Fargo for Failures of Internal Controls
WASHINGTON, D.C. – In the wake of Wells Fargo’s scandal in which bank employees created millions of unauthorized accounts, Oregon’s Senator Jeff Merkley today called on the Securities and Exchange Commission (SEC) to open an investigation into whether the bank violated internal controls provisions of Sarbanes-Oxley by not recognizing and
Job-Creating Water Infrastructure Bill Passes Senate
Washington, DC – Oregon’s Senators Jeff Merkley and Ron Wyden announced today that the full Senate has passed the Water Resources Development Act (WRDA), which includes key job creation and funding opportunities for Oregon communities. The legislation previously passed the Environment and Public Works Committee in April; it must now be
Merkley Calls for Action Following Report Recommending Limits on Banks’ Ownership of Physical Commodities
Oregon’s Senator Jeff Merkley released the following statement after the Federal Reserve issued a new report that recommends Congress scrap the loophole that has allowed big banks to own physical commodities: “It is common sense that big banks that are placing bets on the prices of commodities shouldn’t also be
Wells Fargo Offers Regrets, but Doesn’t Admit Misconduct
Wells Fargo was flowing with regrets on Friday, taking out ads in nearly a dozen newspapers saying the bank took “full responsibility” for creating sham bank accounts without its customers’ permission. The bank’s chief executive officer, John Stumpf, even called one prominent Democrat in Congress to express his willingness to assume
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