Fed would remove Wells Fargo board if ‘appropriate’, says Yellen
Fed chair asked why stricter penalties had not been imposed after bank opened millions of fake accounts
The chair of the Federal Reserve has been urged by a member of the US Senate to take action to remove 12 board members of one of the country’s largest banks, claiming inadequate penalties have led to executives believing they are “bullet proof”.
The Fed’s Janet Yellen, who appeared for a second day of Senate hearings on July 13, said the US central bank would take action against Wells Fargo – currently embroiled in an accounts scandal – if the results of its own investigation warranted such a
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