The Fresno County Democratic Central Committee has not endorsed any candidate in this race.
Wells Fargo and Wall Street shouldn’t be able to defraud customers, and if they do, they certainly should NOT be allowed to force arbitration to secretly settle the legal disputes. That’s why today I announced Senate Bill 33, legislation that would allow victims to sue in California state courts by allowing judges to deny petitions for binding arbitration in cases involving fraud.
As you know, Wells Fargo acknowledged that it opened more than two million checking, credit card and other illegal accounts without customer approval. This widespread misconduct dates back to at least 2002 and drained unearned fees from the accounts of clients –many of them low income, elderly or immigrants. It has also negatively affected these victims; credit scores, making borrowing more difficult and expensive.
But putting SB 33 on the law books is only part of my plan to curtail unfair business practices at many of our country’s largest banks and hold Wall Street accountable. I’ve put together a Banking Reform Task Force that includes academics, financial regulators, and consumer advocates who are charged with protecting your rights and making recommendations to policymakers around banking reform.
At a time when the White House is rolling back consumer and investor protections, California must lead in the fight against deceptive marketing, discriminatory lending, unnecessary fees, illegal kickbacks, and other abusive banking practices.
That’s why I have your back and always will.
John John Chiang for Governor 2018
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