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Business

Trump, Wells Fargo dominate Yellen testimony

Opening sequence

Opening sequence

Business

Trump, Wells Fargo dominate Yellen testimony

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18:15
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COMING UP:Trump, Wells Fargo dominate Yellen testimony

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Transcript

00:00:01
>> It was supposed to be a run of the mill update from Federal Reserve Chair Janet Yellen on how to prevent big bank blow ups from wreaking havoc on the economy, AKA, too big to fail. But Wednesday's testimony was anything but that. Thanks to a series of recent, unprecedented attacks against the Federal Reserve, like this one from Monday night's presidential debate.
00:00:21
>> This, Janet Yellen of the Fed, the Fed is doing political, by keeping the interest rates at this level. When they raise interest rates, you're gonna see some very bad things happen because the Fed is not doing their job.>> Republican Scott Garrett, happy to keep up the attack Wednesday.
00:00:36
>> I know you've taken the position that the Fed's position are all purely data driven. And that's where some of the questions were before. And that has absolutely nothing to do with politics. But less and less people really do believe that.>> But Democrats came to Yellen's aid, giving her a chance to set the record straight yet again.
00:00:54
>> I have certainly never been pressured in any way by the administration. My experience has been greatly respects the Fed's independence to make decisions in accord with our congressional mandate.>> But that partisanship gave way to a united front of attack once the topic shifted to the Wells Fargo scandal and the 2 million bogus customer accounts it opened.
00:01:22
>> Will you at least seriously consider breaking up Wells Fargo?>> Revelations that banks are still doing shady business several years after the financial crisis and after all the laws put in place in wake of the crisis, sparking outrage on both sides of the aisle, forcing Yellen to go on defense.
00:01:39
>> We have already instituted a review of all of the largest banking organizations, because we are very concerned with all of the compliance problems and violations of laws that have occurred.>> You know they're laughing at you, right? You know they're laughing at you.>> Wells Fargo CEO Jonathan Stumpf likely to face similar scorn.
00:02:03
He testifies before the same committee on Thursday.