Wells Fargo CEO Steps Down from Federal Reserve Panel After Call from Wyden and Merkley

Press Release

Oregon's Senators Ron Wyden and Jeff Merkley today welcomed news that Wells Fargo CEO John Stumpf has stepped down from the Federal Reserve's Federal Advisory Council. Yesterday, Wyden and Merkley had joined colleagues in calling on the Federal Reserve Bank of San Francisco's Board of Directors not to reappoint Stumpf to another term on the Council. The Council is responsible for consulting with and offering direct insight to the Board of Governors of the Federal Reserve System on a broad range of issues related to the banking system.

The Senators made their call in a letter that was also signed by Senators Angus King (I-ME), Elizabeth Warren (D-MA), and Maria Cantwell (D-WA). The letter came after revelations that Wells Fargo, under Stumpf's leadership, opened roughly two million checking and credit accounts without the knowledge of their customers.

"The shocking revelations about how millions of Americans were defrauded on Mr. Stumpf's watch clearly disqualified him from continuing to serve on this key advisory council," Wyden said. "While I am gratified that he has resigned this position, there is obviously much more he needs to do before his bank can regain the full confidence of consumers."

"The leader of a bank responsible for creating millions of fraudulent accounts has no business on an advisory panel that gives input on many important consumer protection issues," said Merkley. "Mr. Stumpf's resignation from this council is a good first step--now he should take further steps to truly take full responsibility for this debacle."

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