CORPORATE CRIME REPORTER

Capito’s Failure to Disclose Wells Fargo Connection
25 Corporate Crime Reporter 25, June 14, 2011

Public Citizen continues to pressure Congresswoman Shelley Moore Capito (R-West Virginia) to formally disclose her husband’s employment at Wells Fargo – one of the nation’s largest banks.

Capito is chair of the House Financial Services subcommittee on Financial Institutions and Consumer Credit.

She chaired a hearing today titled – “Does the Dodd Frank Act End 'Too Big to Fail'?"

Of course, one of the handful of “Too Big to Fail Banks” is Wells Fargo.

For weeks now, Public Citizen has been calling on Capito to formally disclose her Wells Fargo connection.

At today’s hearing, Public Citizen’s Bartlett Naylor was handing out a new letter, dated June 13, 2011, calling on Capito to formally disclose her husband’s employment with Wells Fargo.

She has so far refused to do so.

According to the letter, Capito’s office says they believe there is no conflict, nor an appearance of conflict, therefore no reason to declare the Wells Fargo connection conspicuously.

Capito has been a champion of legislation that would have delayed implementation of caps on debit card swipe fees – a key legislative goal of Wells Fargo.

“Given your conspicuous sponsorship of the Wells Fargo-sought measure, we believe that the public will be well served with the clear publication of your personal relations with this important bank as you participate in any other such plans,” Naylor and his colleague David Arkush wrote. “It is our understanding that Mr. Charles Capito’s work for Wells Fargo involves neither lobbying nor the marketing of debit cards. At the same time, we think that full disclosure will serve as a valuable antiseptic to any appearance of interest conflicts.”

“Public Citizen opposes your measure on swipe fees, but we believe the need for full disclosure would apply even were we in support,” they wrote.

 


Home


Corporate Crime Reporter 
1209 National Press Bldg. 
Washington, D.C. 20045