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Thank you for your patience, without objection the chair is authorized to declare recess of the committee at any time. This hearing is entitled holding wells fargo accountable, examining the role of the board of directors in the banks egregious pattern of consumer abuses i now recognize myself for four minutes to give an Opening Statement. Today we receive testimony from ms. Elizabeth duke and mr. James quigley who until earlier this week served as chair of the board of directors of wells fargo and company and Wells Fargo Bank respectively. Both have resigned after our call for their resignations following the release of a scathing majority staff report on wells fargos compliance failures and their individual failures as Board Members. But their resignations do not absolve them of their failures. Directors at wells f ....
The committee will come to order. The gentleman from texas, mr. Green, who is also the chair for subcommittee and oversight for investigations is recognized for five minutes. Thank you, madam chair. Madam chair, as a practitioner, i once represented a recipient of welfare who was charged with a crime because she made more money at a job and received some benefits from the federal government. She had to be prosecuted. A crime was alleged. If this bank, where its mu was smaller, had maybe ten employees, had engaged in this type of activity, opening fraudulent accounts, creating fraudulent credit cards, someone would be prosecuted. A small bank would have had prosecutions take place within the ranks 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 scheme, th ....
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 ....