Wells Fargo CEO resigns as an Advisor to the Fed

After five senators called for his removal.

Wells Fargo CEO John Stumpf is no longer an advisor to the Federal Reserve.

On Thursday, Stumpf handed his resignation into the Federal Advisory Council, a group of 12 bank executives that advise the Fed board, according to a statement from a San Francisco Fed spokesperson. The CEO was appointed his role by the San Francisco Fed in 2014, though he didn’t assume his responsibilities until 2015.

The council members meet with the Fed’s Board of Governors four times a year in Washington D.C. to discuss economic and banking matters.

continue reading »