WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs responded over the weekend to the Federal Reserve’s decision to restrict the growth of Wells Fargo until it sufficiently improves its governance and controls in response to recent and widespread consumer abuses and other compliance breakdowns.  Concurrently with the Board's action, Wells Fargo will replace three current board members by April and a fourth board member by the end of the year.

“This action to punish Wells Fargo’s scams against consumers is a good step, but long overdue,” Brown said.  “Scandals at Wells Fargo demonstrate why Congress and the new leadership at the Fed shouldn’t weaken the rules for Wall Street.”

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