Dems demand tougher clawback rules after Wells Fargo scandal

By Joseph Lawler

Published October 26, 2016 9:55pm ET

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Dems demand tougher clawback rules after Wells Fargo scandal — Among the Democrats signing the letter was Elizabeth Warren, the Wall Street critic who has called for former Wells Fargo CEO John Stumpf to return all his compensation and face criminal prosecution. (AP Photo/Susan Walsh, File) | Susan Walsh

Senate Democrats on Wednesday called on regulators to tighten the rules on how to claw back pay from financial executives, citing the lax treatment of Wells Fargo’s leaders in the wake of the bank’s fake accounts scandal.

Sixteen Democratic senators wrote to the heads of the financial regulatory agencies that wrote rules on bank executive pay this spring, and asked them to strengthen those rules to prevent further scandals.

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Banks Congress Dodd-Frank Act Elizabeth Warren Finance Joseph Lawler Minusextra Sherrod Brown