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Powell Says Fed Will Take Appropriate Supervisory Action on Banks

FED

Q: Elizabeth Warren's letter to you to break up Wells Fargo, what factors would cause you to do so?

- A: We're closely monitoring Wells Fargo to fix its problems. They present a serious problem to us and the firm is required to remediate.

  • We'll take appropriate supervisory action if they fail to meet expectations. We should them accountable with an asset cap which will stay in place until problems are fixed.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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