Waters Promises Bill Allowing Megabank Breakups

Mar 13, 2019

House Financial Services Chairwoman Maxine Waters (D-Calif.) said she plans to advance a bill that would allow banking regulators to break up megabanks that exhibit a pattern of repeated consumer violations.

Waters told Politico she is planning a committee vote on such legislation following a hearing featuring Wells Fargo CEO Tim Sloan, who received a bipartisan drubbing by the panel for exploiting customers and fueling anti-bank rhetoric.

At the hearing, Waters cited a Wall Street Journal report that the OCC is considering forcing out top Wells Fargo executives or board members amid a series of scandals at the megabank. She told Sloan that regulators should consider ousting him.