Fed would remove Wells Fargo board if ‘appropriate’, says Yellen

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Elizabeth Warren: said central bank should hold the board accountable for employees' actions

The chair of the Federal Reserve has been urged by a member of the US Senate to take action to remove 12 board members of one of the country’s largest banks, claiming inadequate penalties have led to executives believing they are “bullet proof”.

The Fed’s Janet Yellen, who appeared for a second day of Senate hearings on July 13, said the US central bank would take action against Wells Fargo – currently embroiled in an accounts scandal – if the results of its own investigation warranted such a r

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