Wells Fargo Chief Critical Of Fed’s Debt Proposal

Wells Fargo & Co (NYSE:WFC)’s chief executive warned the Federal Reserve against changing requirements to force banks to hold more long-term debt.

According to a Financial Times report, John Stump, the chief executive of Wells Fargo & Co (NYSE:WFC) indicated that the Federal Reserve was wrong in presuming such high debt would prevent a large institution from failing.

Walls Fargo’s Chief criticizes Fed:

John Stump also criticized the Federal Reserve for sending conflicting signals on the level of debt that the Federal Reserve wants the banks...