Janet Yellen lowered the boom regarding the crooked bank—but now finance’s regulators are typical Trump appointees.
The central bank imposed harsh penalties on Wells Fargo—the nation’s fourth-largest bank and its leading home lender—as punishment for its long-term abuse of consumers and employees on Friday, Janet Yellen’s last day as chair of the Federal Reserve. Far more when compared to a slap in the wrist, the Fed announced from a corporate icon to a public disgrace that it would replace four members of Wells Fargo’s 16-member board, which it accused of failing to oversee the bank and fix problems that have transformed it. In addition prohibited Wells Fargo from growing any bigger than its present asset size ($2 trillion) before the regulator is persuaded that the financial institution changed its methods. Which means that Wells Fargo won’t be in a position to keep speed with competing banking institutions involved with mergers and acquisitions along with other firms that are financial.