If Wells Fargo truly considers the resignation of CEO John Stumpf to be a first step towards regaining the trust of America's entrepreneurs, then there are countless more steps they must take to correct the damage their employees did to millions of Americans by creating fraudulent accounts in their names.
As chairman of the House Small Business Committee, I have no higher priority than making sure that America's 28 million small businesses are treated fairly and respectfully and have every opportunity to succeed.
Forty-eight percent of all employees in the private sector are employed by a small business, according to the Small Business Administration. In fact, 99.7 percent of all U.S. businesses with employees are small businesses, according to the Census Bureau. They are the keystone of our economy.
When small businesses succeed, the American economy succeeds and America succeeds.
This success is threatened by the egregious actions of the Wells Fargo employees who set up accounts for their customers without their permission — many of these customers use their personal accounts for their small businesses.