Hillary Clinton Writes Open Letter to Wells Fargo Customers

On Tuesday, Hillary Clinton published an open letter to Wells Fargo customers following the discovery that the majority of bank branches across the country were involved in illegal activity. The Justice Department has responded, and the bank has fired thousands of its employees. In her letter, Clinton condemns Wells Fargo for their actions and outlines her plans to ensure that banks cannot gamble with customers’ money. A copy of Clinton’s letter is below.

Dear Wells Fargo Customers,

In America, we have faith that when we open up a checking account, we aren’t opening ourselves up to being scammed. Whether you use a local credit union or community bank or one of the big national chains, we take it for granted that those institutions are fulfilling this basic responsibility to their consumers.

That’s why I was deeply disturbed when, last week, we found out that Wells Fargo had engaged in widespread illegal practices over many years.  The bank secretly opened up millions of accounts for customers without their consent – betraying their customers, misusing their personal information and leading many to be slapped with unjust fees and other charges. Today, Wells Fargo’s CEO will appear before Congress. He owes all of you a clear explanation as to how this happened under his watch.

There is simply no place for this kind of outrageous behavior in America.

Our economy depends on a strong and safe banking system to help keep it moving. But even after Americans spent years working hard to recover from the Great Recession, the culture of misconduct and recklessness that preceded that crisis too often persists.

I have a plan to address it.

First, we need to defend the Consumer Financial Protection Bureau.  The unfair and abusive practices at Wells Fargo remind us that we need tough watchdogs looking out for customers.  The CFPB worked with local authorities and enforced the law – assessing its highest penalty ever, and bringing the bank’s illegal activity into the national spotlight.

Donald Trump, the Republican Party, and Wall Street lobbyists are desperate to dismantle this effective agency, which is dedicated solely to protecting consumers from unfair and deceptive practices.  I won’t let them put the CFPB under their thumb.  I’ll protect the CFPB and make sure it can continue its essential work on behalf of the American people.

Second, we need real consequences when firms on Wall Street break the law. This past week, we learned that one of the Wells Fargo executives that oversaw the division that ripped off its customers left the bank – not with a pink slip, but with a $125 million payout.  It’s hard to imagine that top executives were unaware of a problem that involved thousands of the firm’s employees.  After all, they imposed sales targets and compensation incentives in ways that led to this behavior.  And it’s frustrating that a bank can simply pay a fine and keep doing business as usual – with massive compensation for the executives responsible.  That compensation should be clawed back.

I’ve put forward an agenda to enhance accountability on Wall Street. Executives should be held individually accountable when rampant illegal activity happens on their watch.  Their compensation should take a hit if their companies pay major fines.  And they must face appropriate legal consequences if they break the law.

Third, we need to make sure that no financial institution is too big to manage.  I’ll put additional safeguards in place to address the risks that the big banks continue to pose to our system.  And if any bank can’t be managed effectively, it should be broken up.

I’ll appoint regulators who will stand with taxpayers and consumers, not with big banks and their friends in Congress.  I’ll fight hard to make sure that Wall Street is working for Main Street – not the other way around.

We need to keep pushing to make the financial system safer and fairer. Let’s do it together.

Sincerely,

Hillary Clinton

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News Source: The Briefing

John Podesta on Trump’s Meeting with President Nieto

Hillary for America Chair John Podesta released the following information after Donald Trump’s meeting with Mexican President Peña Nieto.

Update (8/31): After reports that the Mexican President refused to pay for Trump’s wall, John Podesta added, “It turns out Trump didn’t just choke, he got beat in the room and lied about it.”

“Donald Trump has made his outlandish policy of forcing Mexico to pay for his giant wall the centerpiece of his campaign. But at the first opportunity to make good on his offensive campaign promises, Trump choked. What we saw today from a man who claims to be the ultimate ‘deal maker’ is that he doesn’t have the courage to advocate for his campaign promises when he’s not in front of a friendly crowd. We know who he is. After today’s trip, we still know where Trump stands: an immigration plan that would deport 16 million people, end birthright citizenship, repeal DACA/DAPA and build a $25 billion wall and stick the American taxpayers with the bill.”

TRUMP SAID GETTING MEXICO TO PAY FOR THE WALL WOULD BE “EASY”

Trump: “We’re Going To Build The Wall And Mexico Is Going To Pay For The Wall, Believe Me, One Hundred Percent. Believe Me. That’ll Be Very Easy. That Will Be Very, Very Easy. Politicians Think We’re Joking, We Don’t Joke. We Don’t Joke.” TRUMP: “We’re going to build the wall and Mexico is going to pay for the wall, believe me, one hundred percent. Believe me. That’ll be very easy. That will be very, very easy. Politicians think we’re joking, we don’t joke. We don’t joke. This is a movement. This is a movement, and movements don’t joke. Believe me. It’s getting worse now as thousands of recent border crossers are being relocated to the State of Virginia, and you don’t know who they are, you don’t know where they come from.” [Trump Campaign Rally, Fredericksburg VA, 8/20/16; VIDEO 33:34]

Trump: “We’re Going To Build The Wall. That Wall Will Go Up So Fast, Your Head Will Spin. And You’ll Say, ‘You Know, He Meant It.’ And You Know What Else I Mean? Mexico Is Going To Pay For The Wall.” “Responding to chants of ‘Build that wall,’ Trump assured the crowd that he would seal the southern border, a plan that is popular among his overwhelmingly white loyalists but offensive to many Latinos and Asians whose votes he needs in Colorado, Nevada and Florida. ‘Don’t worry. We’re going to build the wall,’ he said. ‘That wall will go up so fast, your head will spin. And you’ll say, “You know, he meant it.” And you know what else I mean? Mexico is going to pay for the wall.’” [Los Angeles Times, 8/22/16]

TRUMP WAS WILLING TO START A TRADE WAR WITH MEXICO OVER PAYING FOR THE WALL

Trump On What He Would Do If Mexico Would Not Pay For A Wall: “I Don’t Mind Trade Wars.” BLITZER: “If the — if the Mexicans don’t pay for the wall, will you start a trade war with Mexico?” TRUMP: “Well, you know, I don’t mind trade wars when we’re losing $58 billion a year, you want to know the truth. We’re losing so much. We’re losing so much with Mexico and China — with China, we’re losing $500 billion a year. And then people say, ‘don’t we want to trade?’ I don’t mind trading, but I don’t want to lose $500 billion. I don’t want to lose $58 billion.” [Republican Primary Debate, Houston TX, 2/25/16]

Trump Suggested He Would Be Willing To Cut Off Trade With Mexico If They Did Not Pay For The Border Wall. TRUMP: “We have a trade deficit with Mexico, $58 billion a year.  The wall is going to cost approximately $10 billion.  Believe me, they will pay in one form or another–” MATTHEWS: “If not — or else what?… So we cut off Japan, we cut off — this is the — this is your strategy in every case.  We could walk, no more trade with Mexico.”  TRUMP: “You have to always– Oh, absolutely.” MATTHEWS: “No more troops in Europe.” TRUMP:  “And by the way, when I say no more trade, once you — once they know that you are really willing to go that extra length, there will always be trade, but we’ll make good deals.  We’re making the worst trade deals.” MATTHEWS: “Yeah, but the bottom line is always we walk.” TRUMP: “You have to be able to walk, yes.  It’s unlikely that you’ll have to, but you have to be able to walk.” [MSNBC Town Hall, MSNBC, Green Bay WI, 3/30/16; VIDEO 00:58:41]

TRUMP HAS SUGGESTED TENSIONS WITH MEXICO OVER PAYING FOR THE WALL COULD BECOME PHYSICAL

Trump On Whether He Would Go To War With Mexico To Make Them Pay For The Wall: “When I Rejuvenate Our Military, Mexico’s Not Going To Be Playing With Us With War, That I Can Tell You.” WOODWARD: “If they say no, would you be willing to go to war to make sure we get the money to pay for this wall?” TRUMP: “Trust me, Bob, when I rejuvenate our military, Mexico’s not going to be playing with us with war, that I can tell you. Mexico isn’t playing with us with war. Look, I have great relationships with the Mexican people. Look, you can see I’m winning every single poll in these primaries when they go out, when the polls come back with Hispanics. I have thousands of Hispanics that work for me and tens of thousands that have worked for me over the years.” [Morning Joe, MSNBC, 3/9/16]

For all the latest, follow our Scheduled Events page and follow Clinton on Twitter, Facebook, YouTube, and Instagram. Also, be sure to subscribe to the campaign’s official Podcast, With Her.

Clinton Unveils Plan to Make College Debt-Free

Today, Hillary Clinton’s campaign unveiled additional details of her plan to reduce the cost of higher education for families and students. Under Clinton’s proposed plan, tuition at in-state public college would be eliminated for families with incomes of less than $125,000 per year. The plan is a combination of her previous plan as well as some key points from her Democratic primary rival Bernie Sanders.

In addition, Clinton’s plan would call for a three-month moratorium on all federal student loan payments. During that time, borrowers could restructure their debt and save money by lowering interest. Full details of Clinton’s plan are available on The Briefing and are outlined below:

• Provide immediate help to graduates who need relief from crushing debt
  • Refinance their student loans
  • Enroll in income-based repayment
  • Push employers to contribute to student debt relief
  • Get relief from debt for starting a business or social enterprise
  • Reward public service
• Debt-Free college for our future students
  • Eliminate college tuition for working families
  • Help students deal with all the costs of attending college
• The New College Compact
  • Colleges and universities will be accountable for reining in costs to provide value to their students; improving completion rates and learning outcomes; and doing more to provide students from disadvantaged backgrounds with the tools they need to reach college and succeed once they get there.
  • Students will be expected to work 10 hours a week to help defray the full cost of attendance. Clinton will push to expand work opportunities that build career skills and introduce students of all backgrounds to public service careers.
  • As part of this New College Compact, Hillary will encourage and reward innovators who design imaginative new ways of providing valuable higher education to students while driving down costs.  And she will crack down on the abusive practices of for-profit colleges that defraud taxpayers while burdening students with debt for educational programs of no value.

For all the latest, follow our Scheduled Events page and follow Clinton on Twitter, Facebook, and Instagram.

News Source: The Briefing, The New York Times