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 distraction, we are examining the conduct and the dereliction of duty. Over the past decade, wells fargos management and regulators have all failed to fix the companys internal control weaknesses, the cost in. For millions of consumers throughout the country. The majority report, examines wells fargo complaints with five content orders require the Companies Boards and management to clean up the systemic weakness. And it is led to what spread consumer abuses and compliance breakdowns as the Board Members, ms. Duke and mr. Quigley or responsible for ensuring the wells fargo ceo and of the management securities entities and respected programs, to manage risk. However the majority found that wells fargo rated number one failed to ensure management to its competently Risk Management deficiencies allowed management to repeatedly commit materially the efficient plans to address consumer abuses. s current financial considerations over consumer abuses and did not hold management accountable for repeated failures. The majority Staff Reports also reveals attitudes, and failures on the part of ms. Duke mr. Quigley, and are dismaying. In the Consumer Financial Protection Bureau includes on letters requesting actions from the bank to respond by asking and i quote why are you sending it to me. The board, the department managed. This was surprising to see an official and gives the appearance of an evil mentality from ms. Duke. An unwillingness to exercise the oversight required of her as a member of the board. Mr. Quigley, also did not appear to understand the gratitude of his responsibility. In the office of the comptroll comptroller, wanted to schedule a meeting with the banks directors, to discuss progress and accountability, mr. Quigley told other Bank Officials that he was in a quote, currently scheduled to be away on vacation on some island. On the states. And commented that the sense of urgency is surprising. These statements were made after several actions against wells fargo for a massive consumer abuse scandals while ms. Duke and mr. Cooley resided. The must be held accountable for their duties and members of wells fargo board. And announced recognize the Ranking Members of the committee, the gentleman from north carolina, for four minutes pretty. Thank you for holding this hearing. I think that when his sister voluntarily complying the request to commit to appear. In todays hearing, the proposal attached to this, will make him proud. He once said that you never want a serious crisis to go to waste. Ill make a mistake, wells fargo crisis mode for a while. Wildomar but the makings of the crisis today from our witnesses. They had a front row seat. They are part of the problem. In the spirit the democrats follow the advice and rollout policy proposals that would do everything to expand the authority automatically downsize certain banks and from those proposals it has complete lack of connection with evidence before us in the example of wells fargo. We found that with wells fargo the problem wasnt the lack certain authority, the problem was that they ignored a series of red flags at wells fargo. There was under richards leadership of the cdf fee. We found the problem was not too big to manage but the problem was it was deeply mismanaged. My colleagues on the other side of the aisle also have some ideas about the standards to which we should hold Board Members. How about we start with the proper Legal Framework and the standards of shareholders and the course he is. Lets start there. Lets walk through those british under the law, members of the Corporate Board of directors oh three duties, the chair, the duty of loyalty and the duty of good faith. Those concepts are not very complicated and they must be diligent in the must subordinate their personal interests of the need of the interest of the company, when they have to act in the best interest of the shareholders. This makes is because at the end of the days the directors represent the interest of the shareholders. And they expect the board to do three basic things. First, hold management accountable second, pushed back with the management provides incomplete or overly optimistic information and third, make sure the company has the right leaders in place. It was like based on what we have heard yesterday from mr. Sharp, the board mightve finally got the last one right. The question of leadership. But we have a lot of questions today but everything leading up to the boards decision to elect mr. Sharp. Media why the board as a company insider. This was back in 2016. Why did the board failed to recognize the management was not fixing the companys problems. And why the board stood behind the Management Team for so long. Until the Trump Administration regulators forced change. I think theres a lot we can learn to ensure the new decisionmakers deliver on the muchneeded changes to the institution and i look forward to your answers today about the history, and thank you madam chair for hosting this hearing and i look forward to the questions. I now recognize the chair of the oversight and investigations mr. Green for one minute. Manager, the evidence speaks for itself. Im an article style 35 acres were sent to prison for financial crisis crimes. Bankers can go to jail and they can be held accountable. This is from cnn business on april 28, 2015. Many of these crimes are involving relatively small amounts of money at smaller banks. Smaller banks pay a price and big banks pay off the government. 3 billion paid by wells fargo, make it is demonstrated that it will commit fraud. Nbc news article february 21s february 21st, 2020. I also have an article its in violation tracks of Parent Company at some this is from their jobs. The total amount of penalties that wells fargo has paid since 2000, 17 billion. In the evidence speaks for itself. Both margo has been running a criminal enterprise. Couldn. Also earlier this week the director of wells fargo and company and as the independent chairman of Wells Fargo Bank. Im currently with service as a director of wells fargo mr. Quigley served and continues to serve as the chairman of the corporation and director of the board of merrimack pharmaceuticals. While ms. Duke and mr. Quickno longer serve on wells fargos board, it is my expectation that they will be forthcoming in their testimony and responses to members questions today. Without objection, all of the witnesses written statements will be made part of the record. Before we begin, i would like to swear the witnesses in. Ms. Duke and mr. Quigley, please stand and raise your right hand. Do you solemnly swear to affirm that the testimony you will give before this committee, in that matters now under consideration will be the truth, the whole truth and nothing but the truth so help you god . Thank you. Let the record show that the witnesses answered in the affirmative. You may sit now. Each of you will have five minutes to summarize your testimony. When you have a one minute, a yellow light will appear. At that time, i would ask you to wrap up your testimony so we can be respectful of the Committee Members time. Ms. Duke, you are now recognized for five minutes to present your oral testimony. Members of the committee, thank you for inviting us to testify at todays hearing. With heightened volatility in financial markets, strong wells fargo is needed now more than ever. Transformational changes are getting traction inside the company with strong leadership and management. I believe that today, the company has the right team and path forward to be fully deserving of the trust customer place and thus every day. Over the past several days however, it became clear to my colleague, jim quigley had made that the recent attention on our leadership of the board could hinder the ability of the company and its new ceo to turn the page and focus on the future. And this company must move forward. For this reason, last sunday we informed our board colleagues of our decision to resign effective immediately. We are confident that the board has all the necessary experience and skill sets to smoothly manage that leadership transition. When i look at wells fargo today, i see a Community Bank that under mary mack focuses on customers rather than sales. I see a fully transformed board, with structural changes, that improve the boards in governance and effectiveness. I see an executive Management Team that balances a new approach with institutional knowledge. I see a Risk Management team and a risk platform that is under construction from the ground up. And i see a ceo with the ability to execute on the significant remaining work necessary to meet the companys regulatory commitments. Ever since the board learn the truth about what was going on inside wells fargo, it has been continuously and deeply engaged in understanding the problems and the solutions, and insisting on action. I served on the Board Committee that investigated sales practices. Not only was i appalled by the harm to customers, but i was sickened to hear how our employees were treated by their managers. I started as a teller and a new account representative rooted in jet representative and identified with those employees. An investigation of sales practices was thorough and unfettered. Our attorneys conducted 100 interviews, reviewed interview notes from 1000 more, elected 5 million documents from our threaded custodians. Instructed them to brief regulators, government agencies, and the staff of this committee to investigate in your own investigation. The appendix in my written testimony has are comparisons of my findings the occ, the d. O. J. The work, to truly and sustainability address the root causes of the problem exists in the company has taken time to implement. More time than anyone anticipated, more time than any of us, especially the board of directors wouldve liked. I get the frustration of this committee and our regulators. I hear that loud and clear your reports. I can assure you that nobody is more frustrated than we are, that the bank is not yet satisfied the requirements of the Consent Orders with an enter entrenchment entered into. To oversee the Consent Order work, jim and i reviewed progress reports and grilled staff and management on every detail on a monthly basis. We are confident the board will continue to hold management accountable until the job is finished. To tenure on the board we remain mindful that the board cannot supply consistent with widely accepted principles of corporate governments, the boards primary responsibilities are to oversee the companys management and Business Strategies, select a wellqualified ceo, monitoring evaluate the ceos performance, and importancenot to micromanage the companys business, including its daytoday execution of a Consent Order requirement. Recognizing the critical importance of the responsibility to select a wellqualified ceo, i appointed jim to lead the ceo search that resulted in the hiring of charlie scharf. You heard from charlie yesterday about his plans and timetables Going Forward. We note that our colleagues on the board are determined to find him the space and support to complete the work. We are no longer able to speak on behalf of wells fargo trait a joint wells fargo or address the questions about them Going Forward. We are also constrained about the scope of the regulators waivers in the supervisory privilege. But within those limitations, we are here to answer your questions to the best of our ability. Thank you. Thank you. Mr. Quigley . You are now recognized for five minutes. Chairwoman waters, Ranking Members mchenry, Ranking Members of the committee, im here to share my perspective as a former member on the board of wells fargo, to the banks commitment to its customers, the focus on its brands vision and purpose. As it committee is aware, i decided to resign from the board to permit the bank to turn the page and move forward with a focus on its future. I brought to my role as a wells fargo board member a deep conviction and values of trust and confidence. I learned those for my parents. A forest ranger and a schoolteacher. And i took them with me to it deloitte where i rose to become the ceo, restoring Customer Trust and confidence in wells fargo, was our most important priority. After we learned of the egregious sales practices, and a written testimony ms. Duke has detailed many of the transformational changes that the board has overseen and our efforts to do Everything Possible to ensure similar problems never happen again. And while there is more to be done, undeniably, i believe wells fargo is making progress. I would like to highlight two changes that are particularly important to me. First, the board oversaw a Huge Investment to strengthen the compliance function of wells fargo. One of my roles at deloitte was leading the Manufacturing Group so i understand the importance of zero defects. I know why it is critical to do it right the first time. And i carried that thinking to my governance and oversight role wells fargo. I wanted customer harm. And if it ever occurred, i wanted detected through the banks control and monitoring processes and mediators quickly as possible. As you heard from mr. Scharf yesterday the banks compliance teams have added more than 300 employees since the end of 2017, more than doubling the size of that function in less than three years seconds, the board encouraged and supported the changes in Senior Management of the bank bringing a new capability in stimulating cultural change. Since 2006 wells fargo has hired a new chief operating officer, chief risk officer, general counsel, chief auditor, chief compliance officer, head of hr, and head of technology. Ive personally devoted much of 2019 to leading the search for a new ceo. And i am confident that we selected the best candidate to lead the bank. Because i believe deeply in the Critical Role of culture in an organization like wells fargo, i was especially supportive of the culture mr. Scharf is working to establish, one with clear priorities, best in class standards of Operational Excellence and integrity, unified bank with clear line of sight across the business, accountability of management and most important of all a renewed commitment to completing the work of doing right by our customers in satisfying our regulators the cultural and structural changes that are necessary to address the Bank Challenges are farreaching we believe that getting those things right in a way that would provide lasting change, ultimately serves customers and employees better than doing them quickly. I believe the changes we oversaw will make wells fargo stronger, more reliable and more deserving of Customer Trust. And while theres still more to do i am confident the company is moving in the right direction. Because i am no longer a member of the companys board i cannot speak for the board today, i have my personal reflections including the importance of distinct and separate roles for management and the board. The board must oversee the companys management and Business Strategies but it cannot replace or do the job of management and that principle was critical to meet during my tenure at wells fargo in my testimony today i must also respect the limits on my ability to disclose Confidential Bank supervisory information. The regulators have not provided full csi waivers and i need to be particularly careful to stay within the limits of the waivers we have received. Within those constraints i look forward to answering the committees questions. Thank you very much and i appreciate your presence here today. Let me start by asking ms. Duke, how many years have you served wells fargo on the board . Five years. Five years mr. Quigley, years customer. Six years. Are you compensated for serving on the board . Yes we are. How much is your compensation . So my compensation in the last year was similar in 600 and 30,000 dollars. 600 and how much . Synectics under 30,000 dollars. Mr. Quigley how much resource. Four and 13000 last year. Thank you very much. I want to get into the majority status report. Ms. Duke, how did you prepare for todays hearing . Did you read the majority status report question work. I did. Mr. Quigley how did you prepare for the hearing . Did you read the majority status report customer. Yes. Ms. Duke and mr. Quigley stated the resign from the board out of continued loyalty to wells fargo and ongoing commitment to serve our customers and employees. And to avoid distraction that could impede the banks future and progress. Ms. Duke, mr. Quigley, notably absent from your resignation announcement, is any acknowledgment of responsibility of the multitude of board failures and documented in the majority status report. Do you disagree that as board chairs you were responsible for the boards approval of poor quality consent on submissions and failure to hold ineffective leaders like former Ceos Tim Sloan accountable . Ms. Duke . Thank you chairwoman. I believe wholeheartedly that we spent the time, used our judgment, did the inquiries, and did our job is thoroughly and as completely as we possibly could. I made decisions in accordance with our best judgment about what was the best course of action for the company. Our role in reviewing the Consent Order submissions, was in reviewing them from a very high level to see any of the deficiencies of the details of those submissions are responsibility of management. Thank you. Are you aware that wells fargo has paid out 17 billion since 2008, i believe on settlements . Because of fraud, wrongdoing, and other kinds of problems of the bank are you aware of that . I would take that to be true, i do not know the total dollar amount. Mr. Quigley, how were you made aware of each of these problems that ended up in the hands of our regulators where wells fargo had to pay out the settlements . How did they come before the board . Did you know about each of them . I was aware and informed as a result of being the chairman of the Audit Committee. And the judgments that are required in providing timely Financial Information and the need to be able to estimate when an obligation is probable and measurable and needed to be recognized in those financial statements. I was also member of the risk committee, and a member of the Regulatory Compliance committee. Management was come transparent with us as those items werent maturing and moving forward. So werent you shocked when time and time again you are confronted with these scandals that were being presented to the board . And they continued right up to through today . The sales practice abuses were very troubling to me. Shocked perhaps is not an overstatement about how i felt when i was made aware that in fact those practices were something far more than had earlier been provided to us. So doesnt the majority staff report demonstrate your dereliction of duty as board chairs to ensure that the company submitted comprehensive plans that met all the requirements of the orders . Do you take responsibility for that . I absently agree with what Ranking Member mchenry pointed out on what is the duty of care and what is the business judgment rule. How can a board member be properly informed on matters that are clearly management responsibility. I emphasized my Opening Statement that i believe effective at governance requires clear separation between management and the board, and any time those lines get blurred, i believe the enterprise becomes less safe and less sound. So are you saying to me you dont consider it a dereliction of duty to wells fargos shareholders and customers in dealing with these Consent Orders . You are trying to talk now about making sure there are clear lines between the board and management. And separate your self from some of the management responsibilities. Dont you think it was a dereliction of duty not to be on top of all this . I know what ive done as a board member of wells fargo. And i am comfortable with that work and the weight that i perform that role. I did my very best. I could do nothing more and the company deserve nothing less. Thank you my time is up and the gentleman from north carolina, Ranking Member mr. Mchenrys reckoning survive ministered to maxell mr. Quigley you in charge of the attic made theres never any question of the quality of the Financial Information provided . Theres severe negative consequences for management decisions made and board decisions as it relates to management. So lets get to the question of fiduciary responsibility. Ms. Duke you are chairman of the boards lets lets start with you. Mr. Quigley says that the terminology i use with fiduciary responsibility is approximately right do you agree . So i do. Said that responsibility to ensure that company is managed appropriately is a key component of that. So that is correct. So the boards responsibility under the Consent Orders that waters mention, that Consent Orders what was the boards responsibility under the Consent Orders customer. The boards responsibility under the Consent Orders was to review and make sure the submissions were submitted and she reviewed quarterly progress reports for submission to the regulators. For the occ and the fed where the cf bd the frequency was low bit differently but his essay response ability. Okay so what does it mean when a regulator rejects a submission that was made from a bank from material deficiencies . It means that the bank has to correct those deficiencies. Has to address those issues. So both this cfpb in december 2019 and the occ in july of 2019 referred to deficiencies. It was based on the quality of the submissions. So did the cfpb ever reject the bank submissions . I dont remember receiving. The answer is yes, yes, they rejected. Theres never been a submission to the cfpb that was fully accepted. We have never received non objection from this cfpb on orders that were submitted. So non objection question might so thats the ragged tory term. So there were deficient in that quality of submissions is that correct . Material deficiencies as the term. The answer is yes. Yes. So to the occ ever reject the bank submissions . Again, the answer is yes. Herein lies the problem, when the board and the board chair cannot answer this question, under the Consent Orders of the federal government that the board had a requirement to review these plans, i am asking you a very basic question. My hope was that i could get to my point here. And you wont even answer yes when it was clear that the board decision here, that there are material deficiencies from every one of your regulators in the submissions you have. So let me move on. The Federal Reserve also rejected your submissions. Im not going to ask for a response, the answer is yes, we will move on. And since you are a formal governor of the Federal Reserve, i think that is a particular concern. So what efforts did the board make to remedy the deficient submissions . We reviewed the submissions, we discussed with the regulators what the deficiency were. We had the management begin to work on re submissions, review those recent missions. The resubmission to the Federal Reserve was submitted, i came back with portions of the Consent Order being put into three buckets, generally acceptable partially acceptable and not acceptable. A respected purgative, the paragraph that covers the boards effectiveness, all of them were generally acceptable with the exception of threet which were partially acceptable. On paragraph three, there were several that were partially acceptable, i believe one that was generally acceptable in two or three primarily around compliance and operational Risk Management that were not acceptable and are currently under resubmission. Paragraph two submission was resubmitted i believe in early february. Okay, so is there ever a sense of the urgency of management to respond to the regulatory orders . There is never any question about the importance of the work. Was there concerned by the board about the speed by which management was responding to these orders customer. Theres a great deal of concern from the board about the speed not only which the the orders are being responded to but also the work to improve the Risk Management of the company and the quality of that work. So so how do incompletes and late submissions reflect on the safety and soundness of your institution . Of your former institution customer. They dont reflect too well. So wells entered into a 480 million settlement in 2018 is that correct . So that is correct. Can you help us understand the basis for that settlement . Then let me help you with that. The Bank Executives made misrepresentations and omissions about the banks of Business Model and sales practices. I have a lot of other questions here is not able to get to. I have deep concern about just the responsiveness of the board. It is clear from the documents the majority and minority have that we have the same findings of facts. There is severe deficiencies in Management Practices that were unique to wells fargo and unique failures of this board of directors. That is why we are having this hearing even though you have both resigned. So with that, thank you madam chair for hosting this hearing out for the question. So thank you very much the gentlewoman from new york is recognized for five minutes. Thank you madam chair woman and Ranking Members. Yesterday i questioned mr. Scharf about the Federal Reserves 2018 Consent Order. Listening to your answers to the Ranking Member, i just cant help but question the fact that you reviewed those plans, that were materially deficient. But you concluded they were acceptable and then you sent it. So as is on purpose . Excuse me im sorry. The fact that you sent acceptable but deficient materials, that plan that you sent to the fed. Did you do that on purpose . No man. No. So paragraph two of the Consent Decree requires wells fargo to submit a plan that enhances the Board Effectiveness in carrying out its oversight and governance of the bank. Ms. Duke, until sunday night you were both, and mr. Quigley, longtime boardmember to the bank. Dont you think submitting inadequate plans to the feds shows the boards focus on profit, not on addressing the core operational Risk Management problems at the bank . I think of the board and the company have been focused very intensively on the operational Risk Management of the bank. The requirements of the board. So then explain, how the fed Meeting Minutes state that the fed staff concluded you were primarily concerned with lifting the cut even though you were unable to evaluate the degree of actual progress made by the bank on risk identification. Do you understand why this calls into question your commitment to the Consent Decrees of requirement . My focus was on getting the work done to meet the requirements for operational Risk Management. After all the Federal Reserve rejected wells fargo april 2018 submission, the directorate wells fargo century and email and questioned whether the plan missed the mark. Because wells fargo rushed the job to clear this hurdle. Meeting the asset cap quickly given the comments on mr. Cravers email, can you understand why regulators, legislatures, and even consumers do not view the boards effort to comply with the decreed to be genuine . Do you understand that . I do. And mr. Quigley . Not different. Im sorry didnt hear you. I said i also find that disappointing. And what action have you taken . To make sure. Paragraph two of the federal Consent Order requires significant changes in Board Effectiveness and Committee Structures have been. So let me ask you sir, what specific actions can you point to that you have taken to show that you are in fact committed . So we rewrote the charter for the Audit Committee and we transferred Risk Management oversight that was causing some confusion between that risk of committee and the Audit Committee and we move those paragraphs the Audit Committee charter. So are the regulator satisfied . With respect to paragraph two, which is related to Board Effectiveness, the Federal Reserve has said that we have been responsive there. Thank you. We change the committee structure. Mystica mr. Quigley i think it is clear to me, distaff of the Federal Reserve and even other executives within wells fargo, that the priority of the two of you and the overall focus of the board was on lifting the asset cap and exiting the Consent Decree and not actually fixing the Risk Management problem at the bank or holding Senior Management accountable. That is why youre here. I will dare to say, that probably you will have to come back. If you do not change. The gentle man from ohio it is recognized for five minutes. Thank you chairwoman. Mr. Quigley, in your view now that you are no longer with the board you believe that some of the criminal actions taken by employees at wells fargo should be prosecuted by federal officials . Sword do you believe the fines already implemented provide enough redress for consumers . I appreciate the ability to respond to what i wanted to respond twice before. When we did our investigation of sales practices we delivered all of the evidence that we found to the fcc and the dojs civil and criminal. In the plea agreements as a corporation you acknowledge crimes were committed. That is correct. We dont have the ability to prosecute but what we did do with the individuals we found to be culpable was clawback cannot pay compensation or terminate for cause and we find individuals through those mechanisms through 80 million and then we took significant amounts of money. Should the federal government prosecute them for committing federal crimes . That is a decision for the prosecutors but in no way have we impeded their ability to do so. We provided all the information we learned through the investigation. I understand they committed crimes should they be prosecute prosecuted . I am not in a position. Im not on the bench. I would say yes. On the buttons you say yes or no or present to use a present . I say yes. It was not the atm or the Conference Rooms someone worked for wells fargo committed crime crimes. Your point is acknowledge. Present. Pathetic i dont know what else to say. Presumably by getting hired for such a board you have the exceptional amount of experience with someone who offered the position of the generous compensation package and those cultures that you were a part of before is this just endemic of all places should be look at everyone the same everyone looks at wells fargo . At wells fargo we have stated very clearly culture changes needed. I am pleased with the progress made these are early days but the commitment to change culture as i stated my Opening Statement i am pleased that is one of his top priorities. Better late than never but i do think mr. Scharf has potential is not my job to hire anyone now that i dont any one hold any shares but culture matters so unless he is empowered to change his ship of 270,000 employees the culture will not change every night. The government seeing very little action by the executive branch with a duty the legislative branch with the failures of the department of justice to prosecute people yes there is prosecutorial discretion every day americans feel there is one standard for them in a different standard for the wellconnected and welltodo people that operate Companies Like wells fargo or work out the fbi the cia or any other part of the executive branch. What we cant have this people going around lock him up her lock her up all day because the department of justice is continually applied one standard of law there has to be accountability and when crimes are committed particularly in cases like this six plus billion dollars fines and the acknowledgment their crimes were committed , someone should go to jail. And i hope we never need to see the positive change. I look at every differently and we are a customer of the blank i went from a customer who went from two accounts through eight accounts and allied of credit and then cut in half but given a credit card for twice that amount with a big line of credit attached to things i never asked for appeared so i know the abuses that occurred. My problem is a lot of time has passed the board appears to take some action and with those tests on consent degrees but time cap passing i think there are three choices for me you are either derelict in your duties or the culture of the bank needs to be changed pretty dramatically or it is just too big for any ward or body to get their arms around it so if you can respond to my concern. Some of those issues are directly attributable to individuals but enough are to the structure they are managed and that is required and also standardized and simplified the way all employees do their work we need to be much clearer about thats what that looks like for example to take 83 different Human Resource departments and put them together you dont get one fully functioning Resource Department it takes quite a bit of time to work with 265,000 employees. That leads to other questions but i would use culture change that is what you heard from the ceo yesterday hes driving to build a culture of Operational Excellence and integrity as the number one priority i am pleased thats what he said to the entire team on day number one and has not varied from that message. He continues from execution to execution. Will then let me ask you bot both. 70million customers 275,000 employees at least five years from the first Consent Order that has not taken place it is still ongoing with a lot of things unanswered so that is in the answer i thought i would get to but that is where it is goin going. I dont think the problems are a function of size and organized historically. Now we have five years so how long will it take to restructure or organize . I was a bankruptcy lawyer for a long time now that you can look in the Rearview Mirror . We have a new ceo you heard from yesterday hes moving with a sense of urgency and has a new operating committee. He is building the culture and he filled the seed of coo who has regulatory process on progress. The last two ceos were capable of doing that you say this is different . A ceo from the outside is absolutely different there was a question earlier the differences between mr. Sloan and mr. Scharf there is no question this is different under charlie. I have been on the board six years i am now working with my fourth ceo. The board was not derelict in his duties but very much actively at the table to drive change in a way that could be sustainable to make sure customer harm never occurs absolutely that is what i wanted and that is what the ambition was. I yield back. Unanimous consent request. Without objection. 35 bankers sent to prison for financial crimes and the cnn article wells fargo paid 3 billion over fake accounts scandal in the penalties wells fargo has paid since 2000 consent they be placed in the record. Without objection. The gentleman from tennessee is recognized for five minutes. Thank you for appearing today. In your remarks talk about as the Customer Service representative back when i was younger but the question is wells fargo does have a retail presence if you are on the front lines today with one of your main street customers come into the bank why would you tell them to continue banking with wells fargo after years of misdeeds . Thank you for that question. I would like to talk about those different lines at wells fargo. The frontline employees were not the reason for those sales practices it was the way they were managed. There are hundreds of thousands of those employees who come to work every day serving their customers for 40 years. Many of you have been their customers for 40 years and the bond between those employees and their customers in the services and the importance of the bank to those customers with all the ugliness i have seen is the reason i joined the board of wells fargo and the employees that work there during that time we created damage to their reputation and they continue to want to do everything they can to make the company succeed. I will reclaim my time wells fargo put them in the position to have to defend actions that you just stated they are not responsible for what do they take on tell those mainstream customers. The service that they offer they Pay Attention to the customers needs they look at the products that we have it still the largest Small Business lender in the country , the largest Mortgage Lender wells fargo is still important in communities and we talk about that. Word you agree the wells fargo reputation is damaged. On arguably. Do believe it is irreparably damaged . I do believe it can be recovered and looking again at the future of wells fargo we are optimistic we need and want a strong wells fargo. The sales incentives provided to employees back under mr. Sloan so today versus those under sloan. They were terminated as soon as the board was informed we understood it was part of the root cause how this occurred now the new structure focuses on Customer Experience and how the individual what is their experience and what do they benefit from being there . The two of you are no longer on the board so for those who are currently on the board do you believe all current members of the board have the right attitude . All were recruited knowing what happened to make the changes necessary so it wouldnt happen again. Same. I am confident in my former colleagues to do what is right. Thank you i yield back. The gentleman from ohio is recognized for five minutes. Thank you i have been sitting here for the sole hearing trying to digest the questions in your responses and im trying to figure out what you thought your role was and what you got paid for with so many of these widespread consumer abuses and regulatory findings and the lack of corporate governance. You took great pains to write about your background in your testimony as a part time teller at a drivethrough bank the account clerks to take great pains to tell us you are the lowest paid employee and sat across from customers and how you put them first and work your way up. How you became the first woman to chair the American Bankers Association, board of governor governors, and how much you understood and knew about regulatory practices. You were just stellar in this but yet you act like in your testimony you also say you were as appalled as the members of congress with all of these findings and you didnt know how you happened on how it happened and that is appalling to me. So now i notice so the one that also agreed to mr. Sloans payment the board decided he was worth more than 18 million in compensation including a 2 milliondollar bonus despite all of this, you also drafted a proxy statement that you released to the investors stating, the board decided to award him a cash bonus as recognition for his substantial progress in changing the culture and Business Practices of wells fargo and to build out a strong Management Team to focus on the remaining work to stress the compliance and operational risk. Now with everything you knew to be responsible and with this background and then we hear the abuses to consumers , tell me why you drafted this statement. Did you really believe this or did someone make you do this or were you paid extra to do this . Congresswoman i joined the board of wells fargo because of the company. No no no. That is not my question. Tell me why you wrote the statement about him after all these things. And you were there in 2018. We did not find that mr. Sloan had any responsibility in sales practices he became the ceo in 2016 we paid him a bonus. Im talking about your statement in 18 we heard as they read off all the things that happened on both of your watches and you can jump in mr. Quigley because you were also there and witnessed when she wrote this to the shareholders did you have any response or feel this was misleading to shareholders at wells fargo . No question of whether proxy. You agree with it . Yes. I have a question for you. So you think despite not finding this appalling all that has heard even in 2018, this makes me feel you are as irresponsible as he was in all of the things and it is criminal that you were even sitting here. Let me follow up on the congressmans line of questioning with that back channel relationship between wells fargo and cfpb specifically a political appointee of the Trump Administration. You remember the question. You stated that you did not believe the back channel exist. Yet in the appendix that is already in the record of the majority staff report there is an email from acting ceo parker regarding this political appointment are you aware of that . I did see the email in the report. Do you still have the same response that you had after . I interpreted political certainly that he was and appointee into the cfpb. My time is up and i yelled back. The gentle man from texas is recognized for five minutes. Thank you madam chair. I want to begin thank you as a constituent of my watching from back home. I will begin to say former chairwoman you have the auspicious honor to be the first board member to testify in front of Congress Since enron you allege in your testimony that you and the rest of the board learned through public statements over 20 times the number of employees were terminated and originally disclosed by management but yet nobody in management was fires were at this point you in the board retained independent counsel that unfettered misconduct this is how the board acted to repair the damage don done, your words not mine and since then wells fargo engaged to charge improper interest on customers accounts, sold unnecessary Auto Insurance, foreclosed on loans after wrongful denial of modification agreements and through people industry and finally purposely reduce customer investment returns on sales of advisers products by actively trading securities you had disclosed as a longterm hold. This is admitted in one Consent Order or another. There are many active and open orders and that is a lot to digest. Why should we simply remove the brink on bank charter remove the company let the banks out there that can run clean operations have wells fargos customers . How many years until you can properly serve your customers . If any attorney steals clients funds and i know this because im a lawyer practicing 20 years mixes their funds with clients or deceives them as to the nature and scope of representation with potential jail time, what a one why would a bank charter be any different . You can answer that. There were employees who committed criminal acts and you said was anybody fired. People were fired for the acts that they committed. And management . Yes. Yes. In the case of sales practice practices, Senior Management responsible for the Community Bank workers terminated for cause. The management of the Auto Division i believe was terminated. And in individual cases were there was misconduct, those employees were terminated and the appropriate suspicious activity reports filed i believe. Its clear you do not serve the clients best interest and you have admitted that already. If it were up to me and i believe many members of this committee on both sides of the aisle a few of you would be in jail today. Certainly if you were the president of the American Bar Association instead of the American Bankers Association you would be disbarred today. I hope the department of justice continues to investigate bad actions by bankers and Board Members across the country to hopefully stop this malfeasance in this country. The American People are looking forward to this. I yield back. The gentleman from florida is recognized for five minutes. Thank you madam chair. And welcome to the committee. And try not to make sure not to ask the same question as other members have asked simply due to the fact it centers around the same area. But one of the things i want to know is that in 2017 independent investigation a report was released of the fraudulent account scandal. The board was to have accomplished three goals these are the ones i want you to respond to. You have said some things but one was to get to the root cause of the companys sales scandal and identify solutions so it will never happen again. And restore trust in the bank and in response the wells fargo board from what i can tell blaming the exemployees. But dont you think as a board member yourself failed in oversight duties . On those three issues that came up, how were those three issues handled . The root cause was found to be the sales goals were too high and the Sales Management was aggressively pursued. So to restore the confidence what was discussed . Sales goals were eliminated and employees were terminated and the new Incentive Plan was designed to reward Customer Service and to do more team goals than individual goals what we found was some of the behavior to get the incentive it was more to avoid criticism by the manager. The reason why i have been in sales for maybe four years and i know what happened is that management does that sales goals for you to try to reach. But i did not know until the chairwoman said that the banks would have such sales goals that would trickle down to all of the branches so that they would go out to attract more business. What i cant understand and you said even though they were terminated, how could managers that has been an organization for a long time not want to monitor all of these branches sales goals when they had to know something was going on. Even though you say they were eliminated, im sure wells fargo still has sales goals they have to meet. How is that handled now through the board if they establish goals they want to meet to be the thirdlargest bank mr. Quigley said the bank that provides resources to Small Businesses and minority firms how do you handle that now in order to make sure you do the things that are good in the marketplace but allow things to happen with those people buying insurance that they did not need and 20000 have had their vehicle repossessed as a result. How do you handle that now . So once we found that issue we quit requiring that insurance it is no longer in place. The effort was made to one customer at a time to identify harm and then be able to remediate them. Charlie gave an update yesterday with the prospect of remediation and the aggressive approach he intends to take to accelerate that timing required to get it done and get it done right. Do you think wells fargo is too large . I do not think wells fargo is too large. It needs to change its culture and that is underway under the new ceo we have recruited. I yield back. The gentlewoman from michigan is recognized for five minutes. Thank you madam chair for your leadership. Have you seen this report . May be is not in front of you but on page 13 was a snapshot of some of the abuses which you call culture i call criminal schemes you all made money off the backs of poor people off of working people. Think one fake accounts not just a short period of time 2011 through 2016 literally enrolling millions of customers and making accounts without their knowledge. 27000 people impacted by unnecessarily Auto Insurance i visit with my chairwoman i would it call it unnecessary but fraudulent and criminal. The fact that you enrolled customers literally had their vehicle repossessed following default from this added insurance cost that they did not need or want. Corporate greed is a disease in our country. It is so bad i dont like it when Corporate America calls it a cultural issue it is a crime. You defrauded americans lets be very clear about that. I dont want you to see my passion. Its the fact i have the third poorest Congressional District in the country our country is our county is frontline targeted by this not just the higher income folks who have two or three jobs that are trying to survive that are targeted. Yes or no. You knowledgeable . The fact they see you have been on the board since 2015 mr. Quigley since 2013. So on page 13 it talks about servicemember abuse between 2006 and 2016 Wells Fargo Bank charge higher Interest Rates than allowed under the federal law. And that servicemember and to be very asserted. I dont know whats going on with the Credit Report trying to give people Credit Reports and to house these opportunities through 2017 you are both on the board not just one year six months of bad behavior criminals scheming of workingclass folks and over a decade for many of these criminal schemes and corruptive behavior. Corruptive behavior. But behind every single report in here is actually as dori of a human being that was impacted by these criminal schemes. And so, i want to talk about something, i really, really want to emphasize to you all, to try to incorporate an incentive here. If you have your ceo getting paid 200 times more than your own employees, and they have to get on public subsidy, dont you think that is unfair . Do you think that right now, having your bank tellers and the folks that working or institutions getting paid 200 times less than the ceo is problematic . So i have been a bank teller and ive been paid at the lowest rate. I know how difficult it is to survive on that. I think we need to address both the way we compensate them, but also career pathing. Because i was able to learn and take advantage of industry education and opportunities. And ms. Duke at the same time they are actually lying to get public subsidies, food subsidies that the public has to pay for because you are allowing corporate greed to fester within your company. Mr. Quigley, do you agree that we should be paying your workers living wage . That they should be not be paid two to 300 times less than what your employees are getting paid. Two charlie responded to that yesterday and what the respect that hes doing a minimum wage. He works for you . Im a former member of the board, i recruited him and i was able to get him to say yes. Are you pleased with the fact that the left people. Thank you madam chair. Gentleman from south carolinas not recognize or five minutes. Missed duke can you explain to me the normal duties were for you and other Board Members . We received materials in connection with meetings, we schedule meetings, we schedule meetings. How often were you meetings . How many meetings who do take out of your calendar last week was right. When i resigned i removed 85 meetings from my calendar and the next 12 months. Meetings or calls. So what time commitment. Week . Month . What would you guess is a good estimate . There were big blocks of time last year when i was working fundamentally fulltime, because i was working to recruit a new ceo. Many of you, many of your colleagues asked charlie why would you accept such a difficult job . How would you like to be the guy who is recruiting him . It was time intensive. I have not kept track of it on a. Our basis. I was, absolutely many times working fundamentally fulltime. Two over the course of your tenure on the board, on average, 20 or 30 hours a week . Fifteen hours a week . Probably are in the 20 to 30 kind of range. Since i became chairman i have been available to the company fulltime. I dont make other commitments. So so thats my next question, what other jobs or positions you hold outside of or did you hold outside of the board customer two i was chairman of the board at the Hess Corporation is the only other Public Company where im on the board. Did you have any outside. I do not. Diapers at that. Im slightly can fuse and i dont understand why we are holding this hearing today. The chairman call for both of you to resign and you did. There is nothing either of you can do at this point to help right the ship that is wells fargo. So with all of whats going on in the world today and in todays financial system, why are we publicly, to some degree humiliating to former Board Members of wells fargo right now. I dont that this is the best use of our time. I appreciate you all sitting here going through that, im not sure i would have. I am not excusing your performance. It is abundantly clear that the majority and minority before, a lot went wrong in several missteps were made. Which was partly the dereliction of the obama regulators lead to disastrous results for your banking customers. But i still dont understand what dragging you to in here today is accomplishing. I think it is good that you resign, it was the right decision given the circumstance. It was very unfortunate and im encouraged by your new ceo. His testimony yesterday was productive, i think. I hope that wells fargo can get back on the right track, and i know this committee will continue to keep a close watch, along with the regulators, to help regain the trust of the customers of this committee and the American Public so, yeah, i just thank you for coming here. And with that i yield back. Thank you, the gentleman from illinois, mr. Giese yet is recognized for five minutes. Thank you for convening this hearing into the two witnesses thank you as well. So regulators have been working on wells fargo since 2016 to bring the bank into compliance. When the banks current troubles first came to light. The written testimony that each submitted to the committee claims that since that time, the board of directors has focused on changing the culture at wells fargo. But there is an important change i think you left out. This week, the Roosevelt Institute printed than 2016 to 2019 wells fargo more than doubled the money you put towards dividends and stock buybacks from 12. 5 billion to 30point to billion. Did you to vote in favor of these dividends and buybacks . We voted in favor the capital plan that included those. Yes. Ms. Duke and mr. Quigley, yes or no did you and the rest of the board decided to direct more resources toward share buybacks and dividends to boost the companys share price . Yes or no. The capital clan is very clear and all of the elements in it. And thats a yes. Yes we did approve the capital plan. Both of you customer. Yes. Thank you, see you decided to use more money to pay off shareholders. The majority staffers found that wells fargo board and management prioritize financial and other considerations above fixing the idea issues identified by regulators. To me, the fact that wells fargo doubled the money is spent paying off shareholders during this time is a clear example of that. Ms. Duke and mr. Quigley, yes or no comment you agree that wells fargo could have use those billions to invest in its workforce which may have fixed its internal culture . Yes or no. I would say that we have approved considerable expenses in order to fix the issues that we need to fix it wells fargo. Couldve gone further customer. We have not limited those budgets. So mr. Quigley. So absolutely remediating those issues and that was made clear by mr. Scharf yesterday. So and having done differently could have advanced the cleaning up of the culture. Last year, introduced the reward worth act hr 3365 that bands share buybacks and allows Company Employees to directly elect a one third of their Corporate Board. I think it is fair to expect companies to invest in their people and in growth, rather than simply lining shareholders pockets. In 2013, we first learn from the los angeles times, about wells fargos of fake accounts and the pressure tactics that you told employees to open them. The committee for better banks, a group of banks organizing for better conditions, help to bring these practices to light and wells fargo was was fined and by firing thousands of frontline employees. Ms. Duke and mr. Quigley, was firing employees the correct response to Management Issues at the bank . There was further action that needed to be taken. Managers at the banks, however, whenever an employee is found to have engaged in a dishonest act against the customer, we have no chassis is a choice but determined them. Mr. Quickly customer so same. The culture of the company and accountability in a Company Always starts the top, yes or no, would you agree customer. Yes. Yes. As Board Membership both the bear responsibility for what went on it wells fargo when you were at the path. Your testimony expresses regret about what happened to the bank workers. But here we are. Bank workers alerted the public to your banks practice, and they got fired. You both resigned perhaps to absolve yourself of what happened during your watch. Do you think it might be a better idea to let your employees elect Corporate Board members for themselves . Im sorry, i did not understand your question. Do you think it might be a better idea to let employees, select Corporate Board members by themselves to be represented customer. I believe in the corporate governments model that shareholders elect the directors. I agree with mr. Quigley. So it is clear you are consisted in that. Madam chair i yield the rest of my time. Thank you. The gentleman from texas, mr. Taylor is recognizer five minutes. Thank you madam chair, i appreciate you both being here. I served as a Bank Board Member for 12 years at a Community Bank back in texas. And i will say that where you are today is somewhere where i think not a Single Member of a bank board would ever want to be. I was wondering mcelnea backup for just a minute and say i find some of the actions that were taking place at wells fargo to be criminal in nature. I certainly agree, with you madam chair comments of my colleagues that due to the criminal nature, i am surprised that no one has been prosecuted. And i certainly would agree with bringing in the u. S. Attorney or the District Attorney for the jurisdictions that comport with this to ask why has no one been prosecuted . Because i think there is an example to be made here. This is unacceptable behavior and it is criminal. I think there is agreement in this room that it is criminal and therefore there should be some discussion with the people that didnt get prosecuted. What the heck . Its not up to these guys theyre not of the bench were not on the bench. I think its worth asking that question. So circling back to being a bank board, do you have any Lessons Learned that you would tell their 55 hunter banks the United States theres 15 to 2000 people serving on bank boards across the country, both large and small. I hope you dont stop here, i know this is an unpleasant thing, but i think theres something you have to teach other bank Board Members about how to run a bank. Youve been through one of the most difficult problems that a banks been through in the last decade. What do you have to teach . What would you say to other bank Board Members or other Perspective Bank Board Members that what would you do in the situation. Something thrust on you nothing you designed, what lessons have you learned . Mr. Quigley . There is no question that the communications with regulators who have significant presence and timely and you have to be aggressive in your terms of followup. When it terms amtrak comes to noting that there needs to be changed in the culture you have to be assertive to make sure in fact that occurs. That might mean you have to make substantial changes in the leadership team, including at the top. I acknowledge that in my six years at the bank i have worked for four ceos. Quickly to go into that, theres actually something i wanted to ask about is your relationship with regulators. In my 12 years on the bank board, other than the Bank Examination report is the bank would yield every 18 months, that was the only interaction i ever had with the regulator. I never got a call or an email for a bank regulator. Your earlier testimony said that you are talking almost daily to a regular honestly surprised me. Was that typical prior to problems at wells fargo . What was your interaction what led to your almost daily interaction with regulars questioning. That period of time i was chairing the ceo search committee. I was interacting with them on a regular basis because of the requirement for me to it be able to obtain a supervisory non objection for the individual is recommending. But prior to the sales practices issue, being made public and for the board to be informed and aware, i think a quarterly kind of touch would have been much more to what might have been expected. But with the issues we were dealing with, and the aggressive approach to remediation, that interaction with the regulator simply became much more frequent and of much greater substance. So what was a standard practice, i would hope this to be for all banks of your size, for regulator board interaction. My experience was every 18 months, have a meeting and that that. But yours is clearly very different. If i could, most of my career as a Community Banker. My board did not interact with the regulators. In the Community Bank they did not even commend for the annual review of the annual activities when there was a closeout conference with the regulators. I think my Audit Committee would come in and meet with the examiners, but they did not meet with the board. When i joined the board at wells fargo for the first two years, the regulators would come in and present annually their reports of their examination. But really that was the extent of the contacts. The other piece though, was that each of the Consent Orders we signed, had a requirement for an Oversight Committee of the board. And so, soon after i got there, they asked me to it serve on that committee. And then later to chair. That did involve the reporting that was on the Consent Orders. So i had regular contact with the examiners then about those Consent Orders and the progress on the work under the Consent Orders. Thank you ao back. Thank you, the gentlewoman from new york is now recognized for five minutes. Thank you chair lady for yielding. Mr. Quigley, went to ask you about an email exchange you had with the former ceo of wells fargo, alan parker. That is in appendix three of our Committee Staff report. You and mr. Parker were discussing a series of conversations that he had with a political appointee at the cfpb, eric blank and stain about resolving the banks regulatory issues with the bureau. Let me read what mr. Parker wrote to you on may 17 come 2019p he said, and i quote, eric also assured me there would continue to be political oversight of the engagement with us. Mr. Quigley, are you familiar with this email . Yes or no . Yes. Okay, what did you think mr. Parker meant by political oversight of the relationship with wells fargo . Did you understand that he met mr. Blank and stain was promising a softball approach to wells fargo . I did not interpret it that way nor do i think thats what occurred. Then what do you think occurred to think its appropriate for non political employee to promise a bank softer treatment than the career staff is recommending you understand that provides an appearance of possible corruption . Let me just provide a little bit of context of my meetings with mr. Blank and stain. He came to the board in the july of i believe 18. [inaudible] mightve been 17, im not sure which year. But he spoke on behalf of the cf pd in july and i started trying to have a quarterly touch with him when i was in washington. Each of those meeting i was accompanied by someone from wells fargo and he was accompanied by others from the bureau. Let me ask you a different question. Do you think it is appropriate for political appointee at the cfpb to come to a meeting with the bank, and promise a bank softer treatment than the career staff is recommending . No i dont think thats appropriate and im not even sure it occurred. So what do you think he meant when he said he would continue quote political oversight of the engagement question or. I think he talked about his departure of the cfpb and his successor, who is going to be a political appointee might have continued touch with the bank. Ed does read that way to me. I have no further questions. I would like to thank our witnesses for their testimony today. Without objection, all members will have five legislative days within which to submit additional written questions for the witnesses to the chair, which will be forwarded to the witnesses for their response. Miss quarter, we will again give you the opportunity to question the witnesses, i started into the close but we will resend that and go forward. Thank you very much madam chair and mr. Chair mr. Ranking member, i really appreciate the accommodation. I wanted to ask ms. Duke and mr. Quigley about your board compensation. How should you make last year on the board . 600 30,000 dollars. 417,000. How many times last year did the board convened in person . Did you convene for Board Meeting in person . Full board in person, im guessing but perhaps 12 . I had probably and 90 meetings in relation to my Committee Meetings and my calls. But the full board met only 12 times . I was working fulltime last year. What about the other company you served on a board of where youre not working fulltime for the customer. Not fulltime no. s if youre working fulltime with wells fargo on the board,. There portions of that time when a student the ceo search, refer inquired until required my involvement every single day, thats the point of strain to make. My question is about your thoughts as launcher Board Members of wells fargo, about the remaining board. Because the folks that are sitting on the board today, and i have their bios here, these are folks that oversaw data breaches, staples, Health Marketing scandal at kellogg, a massive data breach of 110 million at target, these are not xacto, the auditor for aig, these are not exact leak eagle scouts. What is your opinion about the current, bike to have you go on record with what is your opinion on the capacity of the current board and light of the number of them have come from scandal or consumer harm situations to steer wells fargo in the right action Going Forward customer. I have confidence in the capability and integrity of the members of the board that i once served with. Ms. Duke . I do, and i think the expertise of those directors as excellent as we repopulated our board, reconstituted our board. Weve added a number of new directors. When i joined the board i was the only director on the board with banking experience. There are now, even without me, i believe four directors have banking experience. Is the board actively seeking additional replacements for you to . And in the past and change in Board Members, is well fargo seeking people who have presided over Major Corporate scandals or is that just a coincidence . s be met is it a qualification to be on wells fargo board . That is not what we were actively seeking. However, i would say that particularly in the case of the executive at kellogg, that her experience in dealing with and remediating that crisis, that health crisis, and also as a Public Policy, she was there Public Policy officer for time. Her experience in that situation has been invaluable to our board. Do you think that the compensation of Board Members is in line with the number of hours that they were . It is in line with the level of responsibility that they take in. And with the compensation for other direct others of similar institutions. Lets talk about that responsibility. What are the consequences or personal responsibilities that you, or mr. Quigley have suffered as a result of presiding over the board during the scandals . We are subject to liability for our actions as director. Does wells fargo have directors and officers recovering claims question it. They have a directors and Officers Liability insurance that covers that. So for the rounding of the two of you getting half a Million Dollars year, what are the responsibilities for which you deserve such tremendous compensation . One of the risks you are personally opposed to as serving on the work . The board role is to oversee the companys management and Business Strategies, to evaluate the performance of its ceo, to monitor the performance of that ceo and to work to the Succession Plan and select the co by way was the point i was trying to make earlier. I was working fulltime. I would like to thank the witnesses for the testimony today. Without objection all members will have five legislative days in which to submit additional written questions for the witnesses to the chair which will be forwarded to the witnesses for their response. I ask witnesses to please respond as properly as you are able. Without objection, all members will have five legislative days with in which to submit extraneous for inclusion in the record. This hearing is quicks the senate will take up an economic aid package in response to the coronavirus. It was passed by the house, it would require free testing, provide paid family leave, administer food aid and unemployment insurance. The vote will come next week