Warren says Fed should vote on whether to lift growth shackles on Wells Fargo

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Senator Elizabeth Warren

The Federal Reserve should vote rather than leave it to a staffer to determine whether to lift the growth restrictions on Wells Fargo over its customer account scandal, Sen. Elizabeth Warren said Thursday.

Warren made the call during the Senate Banking Committee hearing with Federal Reserve Chairman Jerome Powell. The Fed last month said the bank was not allowed to grow after opening millions of unauthorized customer accounts as well as charged hundreds of thousands of borrowers for unneeded guaranteed auto protection or collateral protection insurance for their automobiles.

Wells Fargo WFC, -1.88% has to submit two plans by April — one on improving board effectiveness, the other on risk-management practices.

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