Themselves after they are finished speaking to mute themselves. Members andtes witnesses as appropriate when not recognized in order to avoid background noise. Members are reminded that all house rules related to order of the court applied to this hearing. Insidering is titled, trading and stock option grants the examination of corporate integrity in the covid19 pandemic. We know we have votes on the floor. We will not have any further delays of the hearing in order to allow members to vote. Rather members should go vote haveeturn and while we all part of the alphabet to vote in, i am sure there could be some accommodation made so if it is your turn to ask questions, you can vote with others not of your same alphabetical characterization. Believe mr. Ting, i meeks has agreed to serve chair until my return. I will recognize myself for five minutes for an opening statement. System isl market unique in history. Up until 150 years ago every Business Enterprise was made up of people who kne
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
Okay the committee will come to order the chair is authorized to declare a recess of the committee. And this time article one, restoring capacity and equipping. I get myself five minutes to give an opening statement. Its our first hearing of the new year, this committee has had an incredibly productive last year, passing 45 recommendations focused on making congress more effective and efficient so that they can better serve the American People and i am proud of what we have conceived and accomplished with this committee so far and what weve accomplished together. Every member of this committee has been fully engaged, the work has taken time to consider the work in the mandate, and really working consider the colleagues. Finding Collaborative Solutions to the challenges this institution faces. Successful institutions what you are talking up businesses or organizations or governments, depends on people who are invested in the work they are doing. And that is fundamental. Invite successfu