What the Fed’s crackdown on Wells Fargo says about the future of financial regulation
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Jerome Powell was sworn in as the new chairman of the Federal Reserve today. But it’s his predecessor, Janet Yellen, who’s making waves in the markets. Last Friday, in one of her last actions as Fed chair, Yellen slapped an unprecedented penalty on Wells Fargo. The bank can no longer grow larger until it makes governance reforms that satisfy the Fed, and it also agreed to replace four of its board members. What does this say about financial regulation under the Trump administration? We ask Renae Merle, who reports on white collar crime and Wall Street for the Washington Post.
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