*By Bridgette Webb*
Sen. Elizabeth Warren (D-MA) wants regulators to exert serious pressure on Wells Fargo ー pressure she hopes will result in the resignation of CEO Tim Sloan. But it's unclear whether the Senator's coaxing will have any real effect, said Pete Schroeder, a financial correspondent at Reuters.
"On paper, Warren can't make the Fed do anything," Schroeder said Friday in an interview on Cheddar.
The central bank is an independent regulator and technically can't make Wells Fargo ($WFC) do anything either, he pointed out. And the board "so far has been supportive of Tim Sloan."
"What's interesting with this new letter is that Warren is trying to enlist the Fed in her effort. Her argument is that you can't overhaul the bank's policies and keep Tim Sloan, who has been at the bank for 30 years," Schroeder said.
Wells first came under fire in 2016 when news surfaced that employees secretly created millions of unauthorized bank and credit card accounts without customers' knowledge. The phony accounts charged customers with unjustified fees and allowed Wells employees to boost their sales figures and earn more in commissions.
The massive scandal resulted in the ouster of then-CEO John Stumpf and the promotion of Sloan, who was the bank's president at the time. He'd also previously served as chief operating officer and CFO.
But under his leadership, issues have continued to rock the bank, including the news that it improperly repossessed military service members’ cars.
In a letter to the Federal Reserve on Thursday, Warren argued that Sloan is profoundly implicated in the bank's misconduct.
"\[She's\] really putting a lot of pressure on the bank and really pushing for \[it\] to really overhaul the organization, basically saying it's clear that they are not running the bank in anything close to an appropriate fashion."
According to Schroeder, "Warren has been on the bank from the first scandal."
In February, the Fed made the unprecedented move of ordering Wells Fargo to keep its assets below $2 trillion, saying the company had prioritized growth over compliance with regulation. Warren wants to keep that cap on business in place until Sloan is essentially forced to resign.
For full interview [click here](https://cheddar.com/videos/why-sen-warren-cant-force-the-fed-to-remove-wells-fargo-ceo).
Why do we pretend Supreme Court Justices aren't political appointees? Why are they still given lifetime appointments? John Iadarola, co-host of The Young Turks, and Nick Givas, reporter for the Daily Caller, looked at the court landscape after one of the most partisan confirmation battles in history.
These are the headlines you Need 2 Know.
The Maine Republican, a key swing vote in Brett Kavanaugh's Supreme Court confirmation process, said she would support the nominee in the final vote expected Saturday. Collins, along with Sen. Jeff Flake (R-AZ) who indicated he too would vote along party lines, could be the deciding factors that give Kavanaugh the votes he needs.
Sharyn Tejani, director of the Time's Up Legal Defense Fund, which represents victims of sexual harassment, said the effort in the year since Harvey Weinstein's accusers came forward is unprecedented. "If you had told me at any point in that time that we would have an organization like this one that's focused on low-wage workers and focused on sexual harassment, I would have told you that's simply impossible," she said.
The California Congresswoman sponsored a bill along with Sen. Kirsten Gillibrand shortly after the dawn of the #MeToo and Time's Up movements. While some steps have been enacted in the House, Speier says there's been little movement in the Senate. When you watch the Brett Kavanaugh hearings, she said, "you can understand why we're still negotiating on the Senate side."
The Senate had a procedural vote on Friday morning on the Supreme Court nominee and everyone voted along party lines, except two key Senators. Joe Manchin, a Democrat from West Virginia voted 'Yes' while Republican Lisa Murkowski of Alaska voted 'No.' That sets up a final vote to confirm Kavanaugh's nomination as early as Saturday.
These are the headlines you Need 2 Know.
These are the headlines you Need 2 Know.
The FBI's investigation into Prof. Christine Blasey Ford's allegations against Brett Kavanaugh has been completed, reportedly without any major bombshells. And while there is still no real indication on how big swing votes will decide, Reason's Eric Boehm says chances are the Supreme Court nominee will get confirmed. "But I don't think it's a done deal yet," he said.
The actress's mother, Leslie Cockburn, is an award-winning journalist who is turning her focus to the people of Virginia's fifth district. Wilde is hosting a rally at UVA with her fiancé Jason Sudeikis on Oct. 14.
