Wells Fargo Says Limits on Debit-Card Fees ‘Make No Sense’

Wells Fargo & Co. Chief Executive Officer John Stumpf said limits on fees charged to merchants for debit-card transactions “make no sense” and distort free-market economics.

“What’s next?” Stumpf, 57, wrote in his annual letter to shareholders of the San Francisco-based bank. “Will the government require car dealers to sell a new vehicle for $5,000 or grocers a gallon of milk for 50 cents?”