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Fed's Yellen prepared to act against Wells' board if appropriate

WASHINGTON (Reuters) - Fed chair Janet Yellen said on Thursday the central bank was prepared to act against directors of Wells Fargo if an investigation deems it appropriate.

Under questioning by Democratic Senator Elizabeth Warren of Massachusetts, Yellen said of the bank's creation of millions of fake accounts that she could not comment on details of the Fed's supervision of Wells Fargo (<WFC.N>). But "we do have the power to remove directors," she said. "We need to conduct a thorough investigation to look at the full record ... We are certainly prepared to take enforcement actions."

(Reporting by Howard Schneider; Editing by Jeffrey Benkoe)