Maxine Waters to Call for Resignation of Wells Fargo Board Members

(Bloomberg) -- U.S. Representative Maxine Waters is setting the stage for a dramatic hearing when Wells Fargo & Co. Chair Betsy Duke and board member James Quigley testify before her House committee next week.

“I will be calling for the resignation of Duke and Quigley,” Waters, chairwoman of the House Financial Services Committee, said on a call with reporters Thursday. They “failed in their responsibility as board members, and I just think they should be shown the door.”

The two directors are set to appear before the committee Wednesday for a hearing entitled “Holding Wells Fargo Accountable: Examining the Role of the Board of Directors in the Bank's Egregious Pattern of Consumer Abuses.” Wells Fargo's board has faced bipartisan scrutiny in recent years over the bank's handling of a series of scandals.

Waters, a Democrat from California, also said Thursday that she is considering referring to the Justice Department testimony from former Wells Fargo Chief Executive Officer Tim Sloan that she described as “inaccurate and misleading.” Sloan testified before the committee a year ago, and stepped down weeks later. His successor, Charlie Scharf, is scheduled to appear for his own hearing on Tuesday.

A spokeswoman for Wells Fargo declined to comment.

To contact the reporter on this story: Hannah Levitt in New York at hlevitt@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Steve Dickson

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