Sen. Elizabeth Warren calls for removal of 12 Wells Fargo board members

BY JEFF COX, CNBC News

Sen. Elizabeth Warren is calling for the ouster of 12 board members at Wells Fargo due to the fake accounts scandal that has rocked the bank.

In a letter sent Monday to Federal Reserve Chair Janet Yellen, the Massachusetts Democrat said the scandal has “revealed severe problems with the bank’s risk management practices.” Warren said the central bank has the authority under federal statute to remove the members who were on the board as the matter transpired.

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