Sen. Elizabeth Warren urges the Fed to break up Wells Fargo

Sen. Elizabeth Warren on Tuesday urged the Federal Reserve to break up Wells Fargo, arguing a string of scandals at the financial titan puts consumers at risk.

In a letter to Fed Chair Jerome Powell, the Massachusetts Democrat called on the central bank’s board of governors to use its authority to separate Wells Fargo’s banking unit from its financial services businesses. She said the Fed could break up Wells Fargo by revoking its license to operate as a financial holding company.