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For instance, Wells Fargo said it has provided $11.3 million in down payment help to homeowners in Los Angeles, which is represented in part by Democrat Maxine Waters. Waters is positioned to chair the House Financial Services Committee if Democrats take control of that chamber in the Nov. 6 mid-term election and has been one of Wells Fargo’s harshest critics in Congress. She has said expanding access to affordable housing would be a top priority as committee chair. Wells also says it has donated over $10 million to various nonprofits in Waters’ district over the last two years.
Wells Fargo Chief Executive Officer Tim Sloan has asked Waters for a meeting, her representative said, and bank representatives met with her staff in July, “She looks forward to meeting with him once their schedules align,” said Charla Ouertatani, staff director for Waters on the House Financial Services Committee, The committee plans to revisit Wells Fargo’s treatment of customers and its compliance with consumer protection laws after the election, she said, Wells Fargo also donated $3.3 million last year to nonprofits and schools around Baltimore represented by Democrat Elijah Cummings tipped to chair the House Oversight Committee, if his party cufflinks and tie clip set engraved wins..
“There are many exceptional organizations that are transforming lives in Baltimore and throughout Maryland with limited resources,” Cummings said in a statement. “Whenever Wells Fargo or any company chooses to assist their efforts, I applaud that decision.”. If Democrats take control of the House, Waters and Cummings would enjoy broad authority to examine Wells’s business operations, as well as demand bank executives testify on past wrongdoing if they saw fit. Wells Fargo said the bank had also donated $4.5 million to nonprofits across Iowa in 2017, a fact it highlights to the state’s mostly Republican lawmakers, including Senator Chuck Grassley, who chairs the powerful Senate Judiciary Committee.
In total, Wells Fargo has pledged to give away $400 million to charitable causes in 2018, and 2 percent of after-tax profits in following years, That could position it as cufflinks and tie clip set engraved the top corporate cash donor in the United States, according to the Chronicle of Philanthropy, which tracks corporate giving, The bank was the top donor among financial firms in 2017 and the second-largest among corporations, (Graphic: tmsnrt.rs/2QJzGJr), In 2015, prior to the sales scandal, the bank donated $281 million, though Wells credits tax cuts implemented at the start of this year for part of this year’s increase..
Even with those good deeds in hand, Wells Fargo will probably remain in the political crosshairs for some time, according to analysts and congressional staff. On Oct. 4, Senate Banking Committee Democrats called for Sloan and Wells Fargo Chair Elizabeth Duke to testify about “widespread and persistent failures at the bank.” Wells Fargo’s plan to cut its workforce by up to 10 percent is also attracting ire from Democrats. The bank has to make up ground with regulators too. Last week, Comptroller of the Currency Joseph Otting told lawmakers he was “not comfortable” with the bank’s efforts to make things right with 600,000 auto loan borrowers. During the hearing, Hawaii Democrat Brian Schatz characterized the bank as “beyond repair.”.
Wells’s efforts have been noticed, but the reception has been mixed, according to members of Congress cufflinks and tie clip set engraved and staff interviewed by Reuters, While some say the bank is taking the right steps on a long path to a repaired reputation, distrust of banks stills runs deep, particularly among Democrats, Some lawmakers, such as Senator Elizabeth Warren, have said the bank is still not doing enough to right past wrongs, Representative Bill Huizenga, a Michigan Republican who is a senior member of the House Financial Services Committee, said Wells Fargo has a lot more work to do before lawmakers will take its efforts seriously..
WASHINGTON (Reuters) - A coalition of U.S. business groups fighting President Donald Trump’s trade tariffs has launched an advertisement aimed at telling voters ahead of the midterm elections that the measures are costing American businesses and consumers $1.4 billion a month. The group says that in Michigan, a state with several competitive elections this fall, tariff costs tripled in August from a year earlier, while they more than doubled in places like Texas, Illinois and West Virginia.
Nationally, there was a 45 percent uptick in August compared with the previous August - and the organization cautions not all of the tariffs have gone into affect, The group, which branded itself “Tariffs Hurt the Heartland,” crunched tariff payment data by cufflinks and tie clip set engraved state and nationally and provided the findings first to Reuters, “These tariffs are taxes on American businesses and consumers,” said group spokeswoman Angela Hofmann, “They aren’t paid by other countries, They are paid here at home.”..