--- title: Wells Fargo CEO Will Testify Before Congress About Bank Scandal description: After a fake-account scandal caused Wells Fargo to be fined $185 million, the bank's CEO will tesity before Congress Tuesday. authors: - name: Kerry Close url: https://money.com/author/kerry-close/ at_money_since: 2016 articles: 182 covers: - Banking - Business - Career Advice - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Retirement - Shopping - Taxes - Technology social: - https://x.com/kerryclose former_staff: true published: '2016-09-20T13:36:42.000Z' modified: '2016-09-20T13:36:42.000Z' section: Banking tags: - Banking - pubdesk - Wells Fargo word_count: 329 canonical: https://money.com/wells-fargo-scandal-ceo-testify-congress/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Key Speakers At 2015 The Fortune Global Forum](https://img.money.com/2016/09/gettyimages-495405070.jpg) *Wells Fargo's CEO John Stumpf will testify before Congress Tuesday morning.* Wells Fargo is about to be subjected to additional scrutiny. Company CEO John Stumpf will testify on Capitol Hill on Tuesday about the bank's sales practices -- and the degree, if any, to which he was involved in any illegal activity, [the *Wall Street Journal* reported](http://www.wsj.com/articles/wells-fargos-john-stumpf-takes-center-stage-at-senate-1474363803). His testimony comes in the wake of Wells Fargo's [$185 million fine](https://money.com/wells-fargo-fined-cfpb-185-million/?iid=sr-link5) from the Consumer Financial Protection Bureau for secretly opening bank and credit card accounts for customers without their knowledge. Their actions apparently were an attempt to meet aggressive sales targets set by the bank. Stumpf has said he's looking forward to the opportunity to "share Wells Fargo's story with the Senate." However, the hearing is likely to focus on Stumpf and other senior executives at the bank. ***Read More*: [Lessons of the Wells Fargo Fake-Account Scandal](https://money.com/wells-fargo-cross-selling-scandal/?iid=sr-link4)** The bank has fired more than 5,000 employees and is [getting rid of the employee sales goals](https://money.com/wells-fargo-sales-goals-eliminated/?iid=sr-link2) that led to the scandal. But some Democratic senators have already written to Stumpf asking whether top executives at the bank will take a pay cut -- and it's likely they want to know if these officials were disciplined as well. Sen. Elizabeth Warren (D-Mass.) is likely to question Stumpf over the bank's handling of the scandal, as she has already called for Strumpf to take responsibility for the bank's misconduct. "You should not be able to keep your job and keep raking millions of dollars in bonuses," she said last week. ***Read More*: [Wells Fargo Won't Pay for Scamming Thousands. You Might](https://money.com/wells-fargo-fine-cfpb-accounts-shareholders/?iid=sr-link1)** Another tough critic will likely be Sen. Sherrod Brown (D-OH). The Ohio senator favors breaking up big banks, sent a letter last week to the chairman urging a "thorough and comprehensive review" of Wells Fargo. Though the bank claims the incident wasn't indicative of larger problems with the bank's values, in his letter, Brown raised the question of how it was possible that "more than 5,000 employees could bilk customers over the course of five years." ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/wells-fargo-scandal-ceo-testify-congress/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Banking", "item": "https://money.com/banking/" }, { "@type": "ListItem", "position": 3, "name": "Banks", "item": "https://money.com/banks/" }, { "@type": "ListItem", "position": 4, "name": "Wells Fargo CEO Will Testify Before Congress About Bank Scandal" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/wells-fargo-scandal-ceo-testify-congress/#webpage", "url": "https://money.com/wells-fargo-scandal-ceo-testify-congress/", "name": "Wells Fargo CEO Will Testify Before Congress About Bank Scandal", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2016-09-20T13:36:42.000Z", "mainEntity": { "@id": "https://money.com/wells-fargo-scandal-ceo-testify-congress/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/wells-fargo-scandal-ceo-testify-congress/#breadcrumb" }, "dateModified": "2016-09-20T13:36:42.000Z" }, { "@type": "Article", "headline": "Wells Fargo CEO Will Testify Before Congress About Bank Scandal", "articleSection": "Banking", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2016/09/gettyimages-495405070.jpg", "width": 4000, "height": 2670, "caption": "Key Speakers At 2015 The Fortune Global Forum" } ], "author": [ { "@type": "Person", "name": "Kerry Close", "url": "https://money.com/author/kerry-close/", "@id": "https://money.com/author/kerry-close/#author", "sameAs": [ "https://x.com/kerryclose" ] } ], "publisher": "https://money.com/#organization", "datePublished": "2016-09-20T13:36:42.000Z", "description": "After a fake-account scandal caused Wells Fargo to be fined $185 million, the bank's CEO will tesity before Congress Tuesday.", "abstract": "After a fake-account scandal caused Wells Fargo to be fined $185 million, the bank's CEO will tesity before Congress Tuesday.", "@id": "https://money.com/wells-fargo-scandal-ceo-testify-congress/", "inLanguage": "en-US", "dateModified": "2016-09-20T13:36:42.000Z", "wordCount": 329, "keywords": [ "Banking", "pubdesk", "Wells Fargo" ], "about": [ { "@type": "Thing", "name": "Bank", "sameAs": [ "https://en.wikipedia.org/wiki/Bank" ] } ] } ] } ```