If you look up “cheating” in the dictionary, the first thing you should see is a Wells Fargo logo.

They’ve been caught red-handed ripping off consumers in not one, not two, not three, not four, not five, not six, not seven, but eight major scandals in recent history. That we know of.

Creating millions of fake bank and credit card accounts. Falsifying signatures. Illegally transferring customers’ funds. Sticking hundreds of thousands of customers with fraudulent fees. Charging people for auto insurance they never asked for. The list goes on and on.

Just last week, federal regulators hit them with a $250 million fine for not following through on promises they made to be able to reimburse consumers for the last time they cheated them. Another astonishing failure in a long chain of lawlessness and incompetence.

Over, and over, and over, and over again, Wells Fargo has shown that we can’t trust them to play by the rules. When you make a business model out of cheating the American public that much, it's time for regulators to step in and say enough is enough.

Wells Fargo’s scandals aren’t just bad for the people they’re cheating — they could put our whole economy at risk because of Wells Fargo’s status as a financial holding company. The Federal Reserve has the power to break them up. I’m calling on them to use that power.

Add your name if you agree: It’s time to break up Wells Fargo. [[link removed]]

This isn’t the first time I’ve called out Wells Fargo. I have called for their CEO to be fired not once, but twice. And it has happened not once, but twice.

Their latest CEO came in with a bunch of promises about how his “top priority” would be cleaning up their act — but he’s still sitting on a huge mess. It’s been two years, he’s been paid $50 million, and Wells Fargo still can’t follow the law. So I’m demanding answers from their board of directors about how they’re going to straighten things out.

The way I see it, we can’t just nibble around the edges of a systemic risk like Wells Fargo — a fine here, a slap on the wrist there. It’s time for real accountability.

One of the lessons we should have learned from the 2008 financial crisis is that when giant banks break the rules to pad their own profits, they ultimately put every American at risk. It’s our regulators’ job to step in and shut that down.

So here’s my message for Wells Fargo: Enough is enough.

I’ll keep up the fight in Washington to hold them accountable. Add your name if you’re with me. [[link removed]]

Thanks for being a part of this,

Elizabeth




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