Join Elizabeth Warren: The Federal Reserve must break up Wells Fargo
The Federal Reserve has a mandate to hold big banks accountable and manage risks to our economy — including climate risks.
Under the mandate, the Federal Reserve can halt Wells Fargo’s egregious business practices by revoking the bank’s status as a financial holding company and requiring the company to separate its banking and Wall Street activities.
Together with Senator Warren, we can move the Federal Reserve to take immediate action to stop Wells Fargo from abusing customers and bankrolling the climate crisis.
For years, Wells Fargo has abused its customers – from opening millions of fake accounts in customers' names to racially discriminating against Black and Latinx communities by charging them more expensive mortgages.
But Wells Fargo's wrongdoings don't end there. Wells Fargo is the world’s third largest funder of fossil fuels. The bank issued $3.86 billion in loans to Enbridge, the Canadian company building the Line 3 tar sands pipeline in Northern Minnesota, which violates Indigenous treaty rights and is the equivalent of 50 coal fired power plants.
But here’s the thing: it doesn’t have to be this way. Will you join Senator Elizabeth Warren and demand the Federal Reserve to revoke Wells Fargo’s status as a financial holding company and require the company to separate its banking and Wall Street activities to protect consumers and mitigate the climate crisis?