WASHINGTON – President Donald Trump announced Thursday that his administration plans to investigate banking institutions following the devastating Los Angeles wildfires, specifically targeting Wells Fargo for its handling of fire victims’ financial situations.
The announcement came after Trump held discussions with Los Angeles Mayor Karen Bass and Los Angeles County Supervisor Kathryn Barger about wildfire recovery efforts.
“Wells Fargo, in particular, has been very difficult to deal with,” Trump wrote on Truth Social. “The Banks must treat those people, who so horribly lost their Homes in this tragic fire, very fairly and well.”
Bass and Barger released a joint statement Wednesday on Bass’s X account describing their meeting with the president. They said “they had a very positive discussion about FEMA and other rebuilding funds, as well as the support of the President to continue joining us in pressuring the insurance companies to pay what they owe – and for the big banks to step up to ease the financial pressure on L.A. families.”
The catastrophic Palisades Fire and Eaton Fire that struck Los Angeles and Altadena earlier this year resulted in 22 deaths and obliterated approximately 12,000 residences. The blazes caused property damage exceeding $50 billion, making them among the most destructive fires in California history.
