Senator Elizabeth Warren Urges Fed Not to Lift Asset Cap on Wells Fargo

Democratic Senator Elizabeth Warren stated that the Fed should not lift Wells Fargo's (NYSE:WFC) $1.95 trillion asset cap until the bank resolves its risk management and compliance issues. In a letter to Fed Chair Jerome Powell and the central bank's regulatory chief Michael Barr, Warren argued that the Fed should reject Wells Fargo's appeal to lift the penalty imposed in 2018 until the bank demonstrates it can properly manage the risks associated with operating a large financial institution.