Restore Public Trust: After Sloan Steps Down, Sec. Chao Must Answer For Her Wells Fargo Past

Wells Fargo CEO Tim Sloan, Who Oversaw the Bank During Scandals, Steps Down, While Transportation Secretary Still Flies Under the Radar

Washington– Sloan’s resignation comes after Wells Fargo has been embroiled in scandals, including creating up to 3.5 million fake accounts and targeting vulnerable consumers, and only two weeks after he testified to Congress. Transportation Secretary Elaine Chao served on the bank’s Board of Directors from 2011 to 2017, and she is still receiving compensation from the position. She has failed to answer for her lack of oversight as a member of the board of a bank that engaged in fraudulent behavior, scamming thousands of Americans.

“Sloan’s retirement only raises more questions about the recent leadership at Wells Fargo, including Secretary Elaine Chao, who served as a board member of Wells Fargo while they preyed on vulnerable Americans but has yet to be held accountable,” said Lizzy Price, spokesperson for Restore Public Trust. “To understand the extent of the fraud that was perpetrated on Wells Fargo customers, Chao must answer for her failure of oversight of a myriad of scandals that defrauded millions of Americans.”

Earlier this year, Restore Public Trust (RPT) released a report, Elaine Chao’s Scandal-Plagued Tenure on the Board of Wells Fargo, that highlights Chao’s role on the Wells Fargo Board at the time the scandals were taking place. RPT has also repeatedly urged Congress to conduct oversight into Chao’s potential role in the scandals.    

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