Fed nominees slam Wells Fargo for consumer abuses and indicate bank’s growth cap will be tough to lift

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“Simply primarily based upon the information accounts, which in fact is all I’ve to go on, the actions of Wells Fargo on this area are egregious and unacceptable and I used to be as shocked as anybody to examine it within the newspaper,” stated economist Richard Clarida, the nominee to be vice chairman of the Fed, at a Senate Banking Committee listening to.

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