Items Tagged with 'House Financial Services committee'

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  • Wells Fargo CEO Tim Sloan lands $2 million bonus day after congressional beatdown

    Some members of Congress called for his firing, instead he got a raise
    Looks like Tim Sloan's week is looking up. On Tuesday, the Wells Fargo CEO received a brutal lashing from Congress during a four-hour hearing before the House Financial Services Committee, during which he was raked over the coals for the bank's numerous misdeeds. But just a day later, the board of directors gave Sloan a 5% raise, increasing his total pay to a whopping $18.4 million, which includes a $2 million bonus.
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  • Lawmakers hit standstill on flood insurance reform

    Look to create bipartisan reform
    Both Democrats and Republicans agree the National Flood Insurance Program is in need of reform, however, they disagree on how to accomplish it. The House Financial Services Committee held a hearing Wednesday entitled Preparing for the Storm: Reauthorization of the National Flood Insurance Program, in order to discuss the issue and hear from experts in the subject.
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  • Is Wells Fargo too big to manage? Congress grills CEO Tim Sloan

    House committee roasts Sloan over progress on bank's overhaul in hostile 4-hour hearing
    Wells Fargo CEO Tim Sloan appeared before the House Financial Services Committee on Tuesday to address questions regarding the bank's overhaul after a series of scandals rocked the big bank in recent years. In a tense four-hour hearing, Sloan was grilled about the steps he's taken during his two-year tenure as CEO to overhaul the bank, with the big question of the day being whether or not Wells Fargo is simply too big to manage.
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