Again. We will move as quickly as we can but should we not be able to accommodate every member in person today, we will be accepting statements for the record until thursday, april 30. This important hearing i want to mention the chairwoman has been in our thoughts and prayers we wish you nothing but the best as you recover. Small businesses and entrepreneurs play a Critical Role within the american economy. Not only do they employ half of the nations workers but created two out of every three new jobs in the nation. You only need to take the poll from main street america. It is demonstrated Small Businesses and employees and the Response Congress created with a Paycheck Protection Programs with as many Small Businesses as possible during emergency. A low interest loan can be forgiven if used for payroll and Small Businesses have a tool available to assist them as they weather the storm experiencing extremely high demand and within a two week span all the money was exhausted i devote m
Cspan2s book tv, moretelevision for serious readers. Good evening everybody. Weve got to try it one more time. I know you have greatenergy, we saw you coming in. This looks like a highenergy group so lets try it one more time. Good evening, that the energy we know you have. My name is george, im Program Director at the Commonwealth Club , on behalf of all of us i want towelcome you , thank you for coming down to tonights terrific program with Charles Schwab in conversation with adam listen ski. How many of you are members of the Commonwealth Club. If youre not a member, this is a great time to join. There are all kinds of terrific programs, there is buildings like with a great roof deck and a gentleman named billyat the back of the room. He will be happy to answer any questions you have about joining the club so see himon your way out. These take a moment and turn off all your cell phones. Any devices that might make noise and while youre doing that tell you about upcoming problems of
[inaudible conversations] this committee will come to order. Without objection the chairs authorized to declare a recess at any time to be entitled Holding Wells Fargo Accountable the bank that broke americas trust i recognize myself for four minutes to give an Opening Statement. Today wells fargo ceo will testify before the committee about how he plans to and wells fargo egregious pattern of consumer abuses. We invited him to testify before this committee the last three and half years. We will note each time a ceo has testified before this committee he has resigned they are soon after. [laughter] you are taking on a massive challenge i certainly wish you luck it is clear to this committee that the bank you inherited is a lawless organization has caused widespread harm to millions of consumers throughout theor nation. Ells fargo has opened three. 5 million fraudulent accounts in their customers names which cause consumers over 6 million charged consumers for automobile insurance polici
Come to order. Without objection, the chair is authorized to declare recess of the committee at any time. This hearing is entitled Holding Wells Fargo Accountable and ceo perspectives for the bank that broke americas trust. I now recognize myself for five minutes with an Opening Statement. Today, wells far go ceo, charles scharf, will testify before the committee about how he plans to end wells fargo egregious battle of abuse. Hes the third wells fargo ceo to testify before this committee and less than three and a half years. I will note that each time wells fargo ceo testified before this committee, he has resigned soon thereafter. Mr. Charles scharf, you have taken on a massive challenge and while i certainly wish you luck, it is clear to this committee that the bank you inherited is essentially a flawless organization that has caused widespread harm to millions of consumers around the nation. Wells fargo has opened 3. 5 million fraudulent accounts with their customers names which ca
Mr. Mchenry you have access of liquidity to get through any crisis you would foresee . Yes, absolutely. Mr. Mchenry in terms of safety and soundness, you are from the harm previous regime, thats positive. In terms of safety and soundness youre management, cleaning up the ship. So our expectations is we should have no problems from you in soundness, ety and is that fair . Mr. Scharf i think its fair work once we finish the we laid out, you should feel that. Mr. Mchenry ok. At employees do you have wells fargo . R. Schaefer i have mr. Scharf 260,000. Mr. Mchenry how many are customer facing . R. Scharf i dont know the answer. It has to be easily 100,000. Mr. Mchenry sure. Do you have plans in order to respond to the current threats covid19, especially in your footprint in california . Absolutely. We are, as i said mr. Mchenry as well as and other state primaries that are seeing an outbreak . Approach on ur covid 19 is we should do the ing we can to ensure safety of our employees as well