Dems Grill Wells Fargo CEO over Abusive Practices, DAPL, Private Prisons

Written by on March 14, 2019

And on Capitol Hill, Democratic lawmakers grilled Wells Fargo CEO Timothy Sloan Tuesday over the bank’s practices of predatory lending, misleading and defrauding customers, and its relationship to the NRA, private prisons and the fossil fuel industry. California congressmember and Financial Services Committee Chair Maxine Waters called Wells Fargo “a recidivist financial institution.” After the hearing, she told reporters she would call a vote on a bill to break up megabanks found liable for repeated consumer violations. This is New York Congressmember Alexandria Ocasio-Cortez questioning Sloan over the bank’s role in climate change and its financial backing of the Dakota Access pipeline, which she noted has leaked at least five times since it started transporting oil in 2017.

Rep. Alexandria Ocasio-Cortez: “Should Wells Fargo be held responsible for the damages incurred by climate change due to the financing of fossil fuels and these projects?”

Timothy Sloan: “I don’t know how you’d calculate that, Congresswoman.”

Rep. Alexandria Ocasio-Cortez: “Say, from spills or when we have to reinvest in infrastructure, building sea walls from the erosion of infrastructure, or cleanups, wildfires, etc.”

Timothy Sloan: “Related to that pipeline? I’m not aware that there’s been any of what you described that’s occurred related to that pipeline.”

Rep. Alexandria Ocasio-Cortez: “How about the cleanups from the leaks of the Dakota Access pipeline?”

Timothy Sloan: “I’m not aware of the leaks associated with the Dakota Access pipeline.”

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