Wells Fargo CEO urges long-term debt solution in Washington

Fri Mar 15, 2013 10:44am EDT

Wells Fargo Chief Executive Officer John Stumpf speaks to employees while celebrating the completion the company's conversion from Wachovia at the NASCAR Hall of Fame in Charlotte, North Carolina December 1, 2011. REUTERS/John Adkisson

Wells Fargo Chief Executive Officer John Stumpf speaks to employees while celebrating the completion the company's conversion from Wachovia at the NASCAR Hall of Fame in Charlotte, North Carolina December 1, 2011.

Credit: Reuters/John Adkisson

(Reuters) - To boost economic growth, policymakers must find a long-term solution for the nation's rising debt, Wells Fargo & Co (WFC.N) Chief Executive John Stumpf wrote in his annual letter to shareholders.

"Until our country is on a sustainable fiscal path, businesses and consumers will remain cautious and job creation will suffer," Stumpf wrote in the letter, posted on the bank's web site on Friday.

The leader of the No. 4 U.S. bank has used his annual letter in the past to address concerns about new regulations and Americans' diminished faith in large companies. But this year's missive gives more space than usual to policy issues in Washington.

In the letter, Stumpf warned of regulations that have "unintended consequences," such as increasing the cost of loans or slowing economic growth. The 59-year-old CEO also said he is encouraged by discussions in Washington around immigration reform.

(Reporting by Rick Rothacker in Charlotte, N.C.; Editing by Gerald E. McCormick)

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