Janet Yellen disappointed not to get a second term as Fed chair

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The Fed said on Friday that the bank will replace three current board members by April and a fourth by the end of 2018.

After markets shut on her last workday in office, Federal Reserve Chair Janet Yellen conveyed a hit to one of the country's biggest banks: Wells Fargo and Co. won't be permitted to develop until the point that it tidies up.

The asset cap is unprecedented, according to Federal Reserve officials.

"I would have liked to serve an additional term and I did make that clear" when she interviewed with Trump, Yellen said in an interview broadcast by PBS.

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But Yellen said that she was grateful for the Fed career she did have which covered not only a four-year term as Fed chair but also serving as Fed vice chair for four years before that and also service as president of the Fed's San Francisco regional bank.

Wells Fargo's preliminary analysis found that actions needed to run between $300 million and $400 million this year, the bank said.

Yellen has not only led the Fed - the first woman to do so - but has also picked up a few other things there, like her husband, Nobel Prize victor George Akerlof.

The Fed cited not only the millions of customer accounts Wells Fargo opened without authorization but also more recent revelations that the bank charged hundreds of thousands of borrowers for unneeded guaranteed auto protection or collateral protection insurance for their automobiles.

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The Fed set a September 30 deadline for the bank to outline reforms and have them reviewed by an outside firm.

Powell, who has served on the Fed board with Yellen since 2012, ended his remarks by popping the collar of his suit jacket. Elizabeth Warren, the Massachusetts Democrat, had requested the Fed oust Wells Fargo board members.

Penalties in the amount of $185 million were paid by the bank and the bank in 2017 reached a preliminary settlement of a class-action suit of $142 million. She argued that the Fed could leave its key policy rate near zero for far longer than previously thought prudent.

Indeed, even after changes the bank made in the previous 17 months, Fed authorities "accept there is more work to be done, and we concur", Chief Executive Officer Timothy Sloan told experts on a phone call Friday night.

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In a prepared statement Wells Fargo said that within the next 60 days it would be providing details to the Federal Reserve about its plan of enhancing the governance oversight by the board and the operational risk and compliance management of the company.