Wells CEO Scharf Calls Fed Independence ‘Critically Important’

Allowing the Federal Reserve to operate without political interference is a vital part of the financial system, Wells Fargo & Co. Chief Executive Officer Charlie Scharf said.

“The independence of the Fed is critically important,” Scharf said Monday in an interview with David Rubenstein at the Economic Club of Washington DC.

The comments come ahead of testimony Tuesday, when Kevin Warsh, President Trump’s nominee to replace Chairman Jerome Powell, takes place before the Senate Banking Committee. Trump has been a vocal critic of Powell, attempting to fire the Fed chief and supporting a Justice Department criminal investigation into ...