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Wells Fargo’s Stumpf Quits Fed Council Amid Lawmaker Pressure

  • Stumpf was San Francisco Fed appointee to advisory group
  • Move comes after senators urge rejection of his reappointment
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Lawmakers Demand Accountability From Stumpf

Wells Fargo & Co. Chief Executive Officer John Stumpf resigned from the Federal Reserve’s Federal Advisory Council as U.S. lawmakers stepped up pressure after revelations that the bank’s employees had opened two million allegedly bogus client accounts.

Stumpf had served as the San Francisco Fed’s appointee to the panel, which is made up of 12 bank representatives and consults with and advises Fed Board of Governors. Its members customarily serve three one-year terms.