Wells scandals show rolling back financial reforms dangerous -US Democratic senator


WASHINGTON, July 28 (Reuters) - The U.S. Senate Banking Committee's top Democrat said on Friday that the latest Wells Fargo & Co scandal, where customers were wrongly charged, shows that regulatory reforms resulting from the financial crisis should not be dismantled.

"Wells Fargo has a lot of explaining to do, and we cannot let up until every single customer is made whole," Senator Sherrod Brown said in a statement.

Earlier this year the Republican-led U.S. House of Representatives approved a massive rewrite of the Dodd-Frank Wall Street reform law, which Congress passed in 2010 to stave off a repeat of the massive 2007-09 crisis and resulting recession. At the same time, Republican President Donald Trump has ordered a thorough review of all financial regulations, with an eye to lightening ones that may be overly burdensome. (Reporting by Lisa Lambert; Editing by Jonathan Oatis)