The Democratic Party's presidential nominee Tuesday penned an open letter to the bank's clients, expressing her dismay at the scandal embroiling the bank and reiterating her plan to address issues like it. The Consumer Financial Protection Bureau earlier this month announced a $185 million settlement with Wells Fargo for the creation of more than two million deposit and credit card accounts to meet sales goals.
"Our economy depends on a strong and safe banking system to help keep it moving," she wrote. "But even after Americans spent years working hard to recover from the Great Recession, the culture of misconduct and recklessness that preceded that crisis too often persists."
She also wrote of executive compensation being "clawed back" from executives who misbehave.
Wells Fargo CEO John Stumpf will travel to Capitol Hill Tuesday to testify before the Senate Banking Committee to discuss the illegal practices. The bank has already fired 5,300 employees over five years for related improper conduct. In her letter, Clinton wrote he owes banking clients a "clear explanation as to how this happened under his watch."
Clinton also took the opportunity to reiterate some of the points of her proposals for financial and banking regulation should she win the White House. She called for the defense of the CFPB, the consumer protection agency created under Dodd-Frank, and emphasized a "real need" for consequences when firms on Wall Street break the law. Clinton has insisted on the campaign trail that individuals, not just corporations, should be held accountable and criminally prosecuted for breaking the law.
She gave nod to Bernie Sanders' "break up the banks" line as well. "We need to make sure that no financial institution is too big to manage," she wrote. And if a bank can't be managed effectively, "it should be broken up."
Clinton took a swipe at her presidential opponent and the Republican Party in her response as well. Trump has said he would dismantle Dodd-Frank, which would mean the demise of the CFPB.
"Donald Trump, the Republican Party, and Wall Street lobbyists are desperate to dismantle this effective agency, which is dedicated solely to protecting consumers from unfair and deceptive practices," Clinton wrote. "I won't let them put the CFPB under their thumb. I'll protect the CFPB and make sure it can continue its essential work on behalf of the American people."
This isn't the first time Clinton has weighed in on Wells Fargo. When news of the CFPB fine first broke, she took to Twitter to comment on the matter, calling out the bank for its "appalling behavior."