Wells Fargo Chief Is Expected to Appear Solo Before House Panel -- Update
February 15 2019 - 1:08PM
Dow Jones News
By Lalita Clozel and Andrew Ackerman
WASHINGTON -- Wells Fargo & Co. Chief Executive Timothy
Sloan is expected to appear solo before the House Financial
Services Committee on March 12, people familiar with the matter
said, as the committee reviews the bank's consumer-abuse
scandals.
Mr. Sloan would be the first bank chief to face House Democrats
who took over the Financial Services Committee in the new Congress.
The executive is also set to testify a second time on April 10,
along with the heads of other large U.S. banks, including JPMorgan
Chase & Co., Citigroup Inc., Bank of America Corp., Goldman
Sachs Group Inc. and Morgan Stanley.
The hearings are the latest sign that Democrats, with their
House majority, plan to pursue questions about the financial
industry.
The April hearing would mark the first time since shortly after
the financial crisis that chief executives of big banks have
testified together in front of Congress.
The committee and banks have been negotiating the terms of the
appearances, but formal invitations have yet to be sent to the
banks.
House Financial Services Committee Chairwoman Maxine Waters (D.,
Calif.) has pledged to review the activities of the banking sector,
including Wells Fargo.
A Wells Fargo spokeswoman declined to comment, as did a
spokesman for Ms. Waters.
The Wall Street Journal and other media previously reported that
the heads of the largest banks were expected to testify before the
panel.
The banking industry is more closely regulated, better
capitalized and healthier than a decade ago. But policy makers have
disagreed on the extent to which financial rules put in place after
the crisis should be eased. Republicans and some Democrats have
pressed to relax restrictions on bank operations that they think
could boost economic growth. Democrats generally want to maintain
limits on the biggest banks and review the ability of lower-income
people to get access to credit.
Bank of New York Mellon Corp. and State Street Corp., known as
custodian banks, also will likely join the second hearing.
Representatives of the other banks complained the committee didn't
originally plan to include the custodian banks, some of the people
said.
Write to Lalita Clozel at lalita.clozel.@wsj.com and Andrew
Ackerman at andrew.ackerman@wsj.com
(END) Dow Jones Newswires
February 15, 2019 12:53 ET (17:53 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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