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Illustration: Sarah Grillo/Axios

Wells Fargo CEO Tim Sloan will likely face a grilling today when he testifies before the House Financial Services Committee, led by Rep. Maxine Waters, but if history is any guide the hearing will make little difference to Wall Street.

What it means: It's the company's fourth appearance on the Hill since the bank's cross-selling scandal came to light in 2016. Previous hearings haven’t moved its share price to the downside.

For example, when now-ousted CEO John Stumpf testified before the Senate Banking Committee in 2016, shares finished the day higher by 1.2%. When Sloan faced the same group of lawmakers a year later, shares closed up then too.

  • "The only thing [Wall street] wants to hear is silence. What they want to see is Wells Fargo going back to delivering the goods and no more headlines," Christopher Whalen, veteran banking analyst and founder of the Institutional Risk Analyst, tells Axios.

Wells Fargo has missed out on the broader bank industry's stock rally, thanks to a snowball of bad news and lost confidence in the company over the past few years, though Wells has outlined plans to clean up its act and improve company culture.

The big picture: But Wells' biggest obstacle has been the revelation in January that it will have to operate under the Fed's mandated asset growth cap for the rest of this year, longer than initially estimated.

  • That's a key issue Wall Street is watching and it's sure to come up in the hearing, but no new news is expected on that front.

Of note: Almost all of Wells Fargo's businesses are under investigation by a government agency, as the Wall Street Journal points out.

The bottom line: The appearance before Congress will likely be contentious, and that will probably be the case when Sloan testifies again next month alongside the other big bank CEOs.

  • Bonus: Wells Fargo isn't apologizing this time in its opening statement. Unlike in previous testimonies by Sloan and his predecessor, the words "sorry," "apologize" and "regret" are notably missing from today's planned remarks to Congress.

Go deeper: Maxine Waters targets global banks with Financial Services shakeup

Go deeper

NRA files for bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for voluntary bankruptcy as part of a restructuring plan.

Driving the news: The gun rights group said it would reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment." Last year, New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

50 mins ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.

A new Washington

Photo: Stefani Reynolds/Getty Image

D.C. Mayor Muriel Bowser said Friday that the city should expect a "new normal" for security — even after President-elect Biden's inauguration.

The state of play: Inaugurations are usually a point of celebration in D.C., but over 20,000 troops are now patrolling Washington streets in an unprecedented preparation for Biden's swearing-in on Jan. 20.