MAXINE WATERS INTRODUCES BILL TO BREAK UP BIG BANKS THAT ABUSE CUSTOMERS

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Top Democrat on the House Financial Services Committee Maxine Waters introduced a bill today that would empower federal banking regulators to break up large banks that have records of customer abuse.

 

The Megabank Accountability and Consequences Act, would give regulators, including the Federal Reserve, Federal Deposit Insurance Corporation and comptroller of the currency, sweeping new powers over the largest United States banks. 

 

Waters's bill comes as Wells Fargo faces growing sales scandals including one that involves up to 3.5 million accounts opened without customer consent.