Fed sidesteps Elizabeth Warren's pressure to replace Wells Fargo CEO

It wasn’t until the end of a letter responding to Sen. Elizabeth Warren’s request that the Federal Reserve pressure Wells Fargo, one of the nation’s largest lenders, to replace its chief executive officer that Chairman Jay Powell came to the point. Or, more precisely, sidestepped it.

Warren, a Massachusetts Democrat, had written to Powell in October urging the Fed not to lift a growth cap imposed after a series of scandals at the San Francisco bank until the board replaces Tim Sloan. The CEO was appointed to his current role after a settlement over the creation of more than 3 million phony accounts prompted the departure of his predecessor, John Stumpf, but his 30-year tenure at the lender includes a number of leadership positions.