What the Fed’s crackdown on Wells Fargo says about the future of financial regulation

Amy Scott Feb 5, 2018
HTML EMBED:
COPY

What the Fed’s crackdown on Wells Fargo says about the future of financial regulation

Amy Scott Feb 5, 2018
HTML EMBED:
COPY

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.

Click the audio player above to hear the full story.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.