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Noise the committee will 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 c ....
Noise the committee will 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 c ....
[inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to order. The gentleman from illinois mr. Foster is recognized for five minutes. Thank you, madam chairman. Mr. Scharf, iraq with the concerns my colleagues on this committee about the extensive shortcomings of west fargo over a number of years past and do hope you are as committed and as successful in turning your dash as you stated in your testimony. Id like to bring up the issue of dreamers. This is ang issue that hits cle to home. Last summer a dreamer from illinois filed suit because he was wrongfully denied an auto loan because of his daca status. I was glad to see some of the changes that wells fargo has decided to implement recently including its plan to provide Daca Recipients with credit products, education loans and mortgages. I cannot emphasize enough how important this commitment is and hope you worked work diligentl ....
And Exchange Commission chairman jay clayton regarding the work and agenda of the s. E. C. I thank you for your willingness to appear before the committee today, mr. Clayton, your willingness to testify is essential to our oversight much the s. E. C. The mission of the s. E. C. Is to protect investors, maintain fair, orderly and sufficient markets and facilitate capital formation. It plays a Critical Role in ensuring our nation has Capital Markets that the public can have confidence and trust in. It provides information to investors so as americans prepare for their futures, they may not only have a wide variety of financial opportunities, but they also have the information necessary to make informed investment decisions. Chairman clay torngs you came before this committee a year ago and assured us you would continu ....