Meeting. Madame clerk, would you please call the roll . Thank you, mr. President. Supervisor fewer present. Han haney . Well return. Mandelman present. Mar present. Peskin present. Preston well return. Ronen present. Safai. Stefani present. Walton present. Yee present. Haney present. Safai okay. I received a message that supervisor preston is having trouble signing in. So we will make a note of that, mr. President. And the minute on which he arrives. President yee thank you, madame clerk. Please place your right hand over your heart. Recite the pledge of allegiance. I pledge allegiance to the flag of the United States of america, and to the republic, for which it stands, one nation, under god, indivisible, with liberty and justice for all. Thank you very much. On behalf of the board, i would like to acknowledge the staff at sfgovtv. Who records each of the meetings and make the transcripts available to the public online. Madame clerk, are there any communications . Yes, mr. President.
Peskin present. Preston well return. Ronen present. Safai. Stefani present. Walton present. Yee present. Haney present. Safai okay. I received a message that supervisor preston is having trouble signing in. So we will make a note of that, mr. President. And the minute on which he arrives. President yee thank you, madame clerk. Please place your right hand over your heart. Recite the pledge of allegiance. I pledge allegiance to the flag of the United States of america, and to the republic, for which it stands, one nation, under god, indivisible, with liberty and justice for all. Thank you very much. On behalf of the board, i would like to acknowledge the staff at sfgovtv. Who records each of the meetings and make the transcripts available to the public online. Madame clerk, are there any communications . Yes, mr. President. The minutes reflect that due to the covid19 pandemic, members of the board of supervisors will participate remotely through Video Conference to the same extent as ph
Also, the Capital Management founder as well. We still waiting for world bank headlines, which i dont think in the meantime we are working it out. We are chatty, trying to figure this out with the delay. We will bring you them as they cross. Now we want to bring in michael spence. Spence, it is a pleasure to have you here. You have written quite extensively over recent weeks about what covid and the recovery of the pandemic looks like. Now in the u. S. , streets are literally burning how do these to reconcile themselves as they we try to recover . It certainly wont help on two counts it wont help with economic recovery, and secondly, although i am no scientist or epidemiologist, a number of them are saying we could, as a result of the very large demonstrations, have an additional outbreak which would require policy action to contain that, and that, in turn, would have an adverse effect on economic recovery. That is not the main event of these protests, obviously, but the side effect mi
Thank you for your patience, without objection the chair is authorized to declare recess of the committee at any time. This hearing is entitled holding wells fargo accountable, examining the role of the board of directors in the banks egregious pattern of consumer abuses i now recognize myself for four minutes to give an Opening Statement. Today we receive testimony from ms. Elizabeth duke and mr. James quigley who until earlier this week served as chair of the board of directors of wells fargo and company and Wells Fargo Bank respectively. Both have resigned after our call for their resignations following the release of a scathing majority staff report on wells fargos compliance failures and their individual failures as Board Members. But their resignations do not absolve them of their failures. Directors at wells fargo and institutions across this country must understand that they are the last line of defense when it comes to protecting their companys shareholders, employees and cust
The committee will come to order. The gentleman from texas, mr. Green, who is also the chair for subcommittee and oversight for investigations is recognized for five minutes. Thank you, madam chair. Madam chair, as a practitioner, i once represented a recipient of welfare who was charged with a crime because she made more money at a job and received some benefits from the federal government. She had to be prosecuted. A crime was alleged. If this bank, where its mu was smaller, had maybe ten employees, had engaged in this type of activity, opening fraudulent accounts, creating fraudulent credit cards, someone would be prosecuted. A small bank would have had prosecutions take place within the ranks of the person within the bank. Evidence shows that small banks have had persons prosecuted. But wells fargo created 1. 5 million fraudulent accounts. Wells fargo had over 500,000 credit cards created, fraudulently. Is it the case that if you become so big and you create such a grand scheme, th