Sen. Elizabeth Warren (D-MA) is attempting to take her calls for accountability on Wall Street to the next level, introducing a bill that would make it easier to jail corporate executives for a company's wrongdoings.
The Corporate Executive Accountability Act would put more oversight on Wall Street executives by opening up more criminal liability to executives that "cause severe and widespread harm to families."
When big Wall Street banks & giant corporations cheat their customers & break the law, they pay a fine, consider it a cost of doing business, & go back to life as normal. Nothing changes. The system stays rigged for the rich & powerful.— Elizabeth Warren (@SenWarren) April 3, 2019
Today I'm introducing the Corporate Executive Accountability Act, which would hold execs of giant corporations criminally responsible when their companies commit crimes, harm large numbers of Americans through civil violations, or repeatedly break the law.— Elizabeth Warren (@SenWarren) April 3, 2019
I'm also reintroducing the Ending Too Big to Jail Act to hold big bank executives accountable when the banks they lead break the law. If they cheat their customers & crash our economy, Wall Street CEOs should go to jail like everyone else. pic.twitter.com/uRlfxsoJ44— Elizabeth Warren (@SenWarren) April 3, 2019
Warren, who is seeking the Democratic nomination for president, has long been a thorn in the side of Wall Street executives whose companies have acted badly.
In 2017, she led the grilling of former Equifax (EFX - Get Report) CEO Richard Smith after his company admitted that a data breach compromised the identifying information for more than 145 million people.
She was also one of the most vocal politicians calling for the firing of former Wells Fargo (WFC - Get Report) CEO Tim Sloan. Last week, Wells Fargo announced that Sloan will step down and be replaced by Allen Parker as interim CEO.
Warren not only said that Sloan should be fired, she wrote a letter to Federal Reserve Chairman Jerome Powell calling on the Fed to maintain its growth cap on the bank until it decided to replace Sloan.
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