09.22.2016

Grace Martinez of the Alliance for California for Community Empowerment (ACCE) and the Fed Up coalition released the following statement in response to the announced resignation of Wells Fargo CEO John Stumpf from the Federal Advisory Council:

"Wells Fargo has done incredible damage to California communities for many years. ACCE has been fighting back against Wells Fargo's abusive practices, and we're glad to see that the CFPB and Congress are working to hold it accountable.

Yesterday, thousands of members of ACCE and the Fed Up coalition signed a petition calling for John Stumpf's removal from the Federal Reserve's Advisory Council. Earlier today, Sen. Angus King and four of his colleagues in the Senate joined this call by urging that the San Francisco Fed's board of directors reject his re-appointment from the Council. We are very pleased to see that our message was received and that Stumpf resigned his position, effectively immediately.

Commercial banks have exerted too much power over the entire Federal Reserve System. It is high time to create a "people's Fed"-- a fully public Fed that reflects and represents the American public. Financial executives like John Stumpf should play no role in the Fed's governance, and banks like Wells Fargo should not own the regional Federal Reserve Banks. Congress must reform the Federal Reserve Act in 2017."

Media Contact:

Jordan Haedtler, jhaedtler@populardemocracy.org, 650-400-4116