Warren blasts Fed chair for ‘outrageous giveaway’ to banks amid market turmoil

Federal Reserve Chair Jerome Powell was grilled Wednesday by Sen. Elizabeth Warren (D-MA) for what she called an “outrageous giveaway” to banks amid rising costs and stagnant wages for working-class Americans.

In 2018, the Federal Reserve imposed an asset cap on Wells Fargo, capping the company’s permitted assets to a value of $1.95 trillion, after the bank engaged in a number of widespread illegal practices, including secretly opening up millions of unauthorized bank and credit card accounts...