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Sunlight Is Always the Best Remedy for Exposing Unethical Megabanks Like Wells Fargo

Bartlett Naylor, Financial Policy Advocate, Public Citizen

Note: Wells Fargo announced today that Board Chairwoman Elizabeth Duke and Director James Quigley both will leave the company.

Duke and Quigley’s departures demonstrate the importance of vigorous congressional oversight. The report issued last week by the U.S. House Financial Services Committee, chaired by U.S. Rep. Maxine Waters (D-Calif.), exposed emails and other communications already known to Wells Fargo’s regulators. Once the sunlight shone on evidence like Duke and Quigley’s enabling practices, it became clear that they were not the persons to clean house and lead the necessary restructuring of the megabank.

Congratulations to the committee’s staff investigators for precipitating the departure of the Wells Fargo chair.