The Federal Reserve will hold a public vote when it decides to lift sanctions on Wells Fargo, in a nod to transparency that was requested by Sen. Elizabeth Warren, D-Mass.
Jerome Powell, the central bank’s chairman, agreed to the senator’s request to have the Fed’s Board of Governors vote on ending the sanctions, rather than leaving the decision to Fed staff. Powell informed Warren of the decision in a letter Thursday.
“I’m glad the Fed’s Board of Governors changed course and will vote on whether to lift the growth restriction, rather than delegating that important question,” Warren said in a statement. “The Fed must strictly enforce its order to show Wells Fargo that it means business.”