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Banks

Wells scandals show rolling back financial reforms dangerous: Democratic senator

Sen. Sherrod Brown (D-OH) speaks with the media following the weekly policy luncheons on Capitol Hill in Washington, D.C., U.S., June 6, 2017. REUTERS/Aaron P. Bernstein

WASHINGTON (Reuters) - The U.S. Senate Banking Committee's top Democrat said on Friday that the latest Wells Fargo & Co WFC.N scandal, where customers were wrongly charged, shows that regulatory reforms resulting from the financial crisis should not be dismantled.

“Wells Fargo has a lot of explaining to do, and we cannot let up until every single customer is made whole,” Senator Sherrod Brown said in a statement.

Earlier this year the Republican-led U.S. House of Representatives approved a massive rewrite of the Dodd-Frank Wall Street reform law, which Congress passed in 2010 to stave off a repeat of the massive 2007-09 crisis and resulting recession. At the same time, Republican President Donald Trump has ordered a thorough review of all financial regulations, with an eye to lightening ones that may be overly burdensome.

Reporting by Lisa Lambert; Editing by Jonathan Oatis

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