Warren Says Fed Must Break Up 'Irredeemable' Wells Fargo

By Jon Hill (September 14, 2021, 10:41 PM EDT) -- Sen. Elizabeth Warren has called for the Federal Reserve to break up Wells Fargo in the wake of its latest run-in with regulators, pressuring Fed Chairman Jerome Powell to flex some enforcement muscle as the Biden administration considers whether to keep him for a second term.

In a Monday letter to Powell, the Massachusetts Democrat argued the California-based Wells Fargo & Co. is an "irredeemable repeat offender" that has proven itself unable to get its house in order after years of scandals and will continue to put consumers at risk of harm unless more drastic action is taken.

"The Fed has...

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