The new CEO of Wells Fargo has a long wish list – not of things he wants to do for his customers, but of financial rules he’d like to see rolled back under the new Administration. That’s right: fresh off of defrauding tens of thousands of customers out of millions in fees – and making a big show of wanting to do better for its customers – Wells Fargo is hoping Congress and the regulatory agencies weaken the rules that were put in place to stop another financial crisis.
If we’ve learned one thing since the 2008 crisis, it’s that big banks like Wells Fargo have no shame. No matter how much they hurt their investors or their customers with their fraudulent behavior, the big banks and their armies of lobbyists and lawyers will be prowling the halls of Congress looking for every possible way to roll back critical financial rules and pad their pockets. We know the big bank onslaught is coming – and it’s up to all of us to stand up and fight back.
Tim Sloan, who became CEO after a firestorm of criticism forced previous boss John Stumpf to retire abruptly, spoke at length on Tuesday at an industry conference about the laundry list of regulations he’d like to ditch. Asked for “one or two” regulatory changes President-elect Donald Trump should focus on, Sloan said he could go on for over an hour on the topic.