Board of directors chair, elizabeth duke, and former board member james quigley. Thank you. This hearing is entitled Holding Wells Fargo Accountable examining the roll of board of directors and that the greatest patterns of consumer abuses. Today, we received testimony from elisabeth and mr. James quigley who until earlier this weeks are as chair of the board of directors of wells fargo and companys Walls Fargo Bank respectively. Both have resigned as our call for the resignations following the release of us phasing majority statute on wells fargos compliance failures in their individual failures as Board Members. 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 your companys shareholders, employees and customers. And while ms. Duke mystically said said, there resigned to quote, avoid distractions that would be cleared and this is not a di
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
Cspan, your unfiltered view of government. Created by campell and 97 and brought to you today by your television provider. The former wells fargo executive testified themselves as the consumer abuses that led to the executives earnings. Members of the House Financial Services committee question the witnesses on their actions at wells fargo and why no one has been prosecuted for the consumer abuses. This is just over two and a half hours. Thank you. This hearing is entitled Holding Wells Fargo Accountable examining the roll of board of directors and that the greatest patterns of consumer abuses. Today, we received testimony from elisabeth and mr. James quigley who until earlier this weeks are as chair of the board of directors of wells fargo and companys Walls Fargo Bank respectively. Both have resigned as our call for the resignations following the release of us phasing majority statute on wells fargos compliance failures in their individual failures as Board Members. Resignations do n
The chairman of the gentleman from mr. From texas is recognized. Thank you madam chair. Madam chair, as a practitioner, i once represented a rips recipient of welfare who is charged with a crime, because she made more money at a job and receiveds some benefits from the federal government. She had to be prosecuted. A crowned with allege. If this bank works much smaller, had maybe ten employees who were engaging in this type of activity, opening an opening up false accounts, fraudulent accounts, creating fraudulent credit cards. Someone would be prosecuted. If small banks would have had prosecution take place within the rank 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 steam, that you are beyond the law of the law to apply to wells fargo just does it ap
The chairman of the gentleman from mr. From texas is recognized. Thank you madam chair. Madam chair, as a practitioner, i once represented a rips recipient of welfare who is charged with a crime, because she made more money at a job and receiveds some benefits from the federal government. She had to be prosecuted. A crowned with allege. If this bank works much smaller, had maybe ten employees who were engaging in this type of activity, opening an opening up false accounts, fraudulent accounts, creating fraudulent credit cards. Someone would be prosecuted. If small banks would have had prosecution take place within the rank 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 steam, that you are beyond the law of the law to apply to wells fargo just does it ap