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Rep. Meeks Statement on Wells Fargo’s Proposed Reform

December 1, 2016
Press Release

Rep. Meeks Statement on Wells Fargo’s Proposed Reform

Washington, D.C.—Senior Member of the Financial Services Committee, U.S. Congressman Gregory W. Meeks, today echoed the concerns raised by investors of Wells Fargo & Co.  At a November 29th meeting, a number of institutional investors of the bank submitted a resolution that would set policy separating the roles of board chair and chief executive officer.  The proposal, which Rep. Meeks has called for in past congressional hearings, will be considered at Wells Fargo’s 2017 annual meeting. Regarding the announcement, Rep. Meeks released the following statement:

“I am glad that the Wells Fargo investors reached the same conclusion I did months ago: the bank has structural problems that need to be addressed.  One individual being in charge of both management and oversight will almost certainly result in insufficient accountability and poor governance.  In the end, investors suffer, many of whom manage the retirement money of hardworking teachers, firefighters, and other public servants."

Going into the 115th Congress, Congressman Meeks will focus on corporate governance issues, including board oversight and board diversity.