(Washington, D.C.) – Today, U.S. Senator David Vitter (R-La.), Chairman of the Senate Small Business and Entrepreneurship Committee and a member of the Senate Banking Committee, launched an investigation into the impact of the Wells Fargo fraud on small businesses, given the megabank’s role as the Small Business Administration’s (SBA) largest lender.

“Wells Fargo is currently managing $7.14 billion in small business loans – all of which is backed by taxpayer dollars,” said Vitter. “Considering the widespread, inherent culture of fraud and abuse that has been revealed at Wells Fargo, we need to know exactly how this rampant fraud impacted their small business clients and what actions will be taken to protect taxpayers.”

Wells Fargo is the SBA’s top lender by volume and currently has nearly 21,000 7(a) loans outstanding, which accounts for nearly $7.14 billion and is all guaranteed by the American taxpayer. As part of his investigation, Vitter sent letters to Wells Fargo Chairman and CEO John Stumpf, SBA Administrator Maria Contreras-Sweet, the U.S. Comptroller of the Currency (OCC), the U.S. Attorney for the City of Los Angeles, and the U.S. Attorneys for the Northern District of California and the Southern District of New York.

Earlier today in a Senate Banking hearing, Vitter pressed the Chairman and CEO of Wells Fargo on the megabank’s “company culture” of fraud and abuse after several thousand Wells Fargo employees opened at least 2 million fraudulent accounts. Click here to read more.