PORTLAND, OR – Today, at a news conference outside a Wells Fargo branch in Portland, Oregon, U.S. Senators Jeff Merkley (D-OR) and Al Franken (D-MN) announced that they are calling on federal officials to pursue a robust criminal investigation into the actions of the bank and its executives. Last month,
Three Democratic senators asked the Securities and Exchange Commission to investigate whether Wells Fargo & Co. misled investors and violated whistleblower protections while allegedly engaging in illegal sales practices. Sens. Jeff Merkley (D., Ore.), Elizabeth Warren (D., Mass.) and Robert Menendez (D., N.J.) wrote a letter to SEC Chairman Mary
WASHINGTON, D.C. – Today, Oregon’s Senator Jeff Merkley and Senators Elizabeth Warren and Bob Menendez formally called on the U.S. Securities and Exchange Commission (SEC) to investigate whether Wells Fargo and senior officials violated laws by misleading investors and firing whistleblowers while the bank oversaw the creation of millions of
WASHINGTON, D.C. – Oregon’s Senators Jeff Merkley and Ron Wyden today welcomed news that Wells Fargo CEO John Stumpf has stepped down from the Federal Reserve’s Federal Advisory Council. Yesterday, Merkley and Wyden had joined colleagues in calling on the Federal Reserve Bank of San Francisco’s Board of Directors not
At the end of his thorough roasting in front of the Senate Banking Committee on Tuesday morning, Wells Fargo CEO John Stumpf found himself on the business end of some tough questions from Senator Jeff Merkley, Democrat of Oregon. Merkley cited the accounts given by a number of Wells Fargo employees—the kind of
Washington, DC—Oregon’s Senator Jeff Merkley today demanded accountability and answers from Wells Fargo at a Senate Banking Committee hearing investigating the recent revelations that the bank had illegally created millions of bank and credit card accounts without customers’ knowledge. Merkley told CEO John Stumpf, “All these people were fired because
WASHINGTON, D.C. – In the wake of Wells Fargo’s scandal in which bank employees created millions of unauthorized accounts, Oregon’s Senator Jeff Merkley today called on the Securities and Exchange Commission (SEC) to open an investigation into whether the bank violated internal controls provisions of Sarbanes-Oxley by not recognizing and
Oregon’s Senator Jeff Merkley released the following statement after the Federal Reserve issued a new report that recommends Congress scrap the loophole that has allowed big banks to own physical commodities: “It is common sense that big banks that are placing bets on the prices of commodities shouldn’t also be
Months before a federal agency proposed a new rule threatening the profits of exploitative payday lenders across America, the industry’s leaders gathered at a posh resort in the Bahamas to prepare for war. At the March strategy session, Gil Rudolph of Greenberg Traurig, one of several law firms working with the lenders,
WASHINGTON, D.C. – Today, Oregon’s Senator Jeff Merkley called on Senate Banking, Housing, and Urban Affairs Committee Chairman Richard Shelby to act on strong bipartisan support for the Export-Import (EXIM) Bank by confirming the EXIM Bank Board of Directors nominee to restore the operating quorum. Small businesses across America, including
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