March 15 To boost economic growth, U.S.
policymakers must find a long-term solution for the nation's
rising debt, Wells Fargo & Co 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
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