City of Seattle Dumps Wells Fargo Over DAPL
For months supporters of the Standing Rock Sioux have been urged to boycott Wells Fargo, the world’s second largest bank, because of its financing of the Dakota Access Pipeline. Many closed their Wells Fargo checking and savings accounts, moving the money to credit unions. The amounts weren’t much, perhaps a few hundred or a few thousand dollars each. One supporter, however, represented a bit more, about $3 billion.
On Monday, December 12, the Seattle City Council introduced legislation that would effectively sever the city’s relationship with Wells Fargo. The bank currently manages the city’s $3 billion operating account, which includes the $30 million biweekly employee payroll.
Under the proposed legislation the city’s current contract with Wells Fargo, which ends in one year, on December 31, 2017, would not be renewed. In the meantime, the city would “enter into a voluntary debarment agreement with Wells Fargo Bank for a period of at least one year, and refrain from conducting banking, investment, or other business with Wells Fargo Bank for a period of at least one year when it is in the City’s discretion.”
In other words, the bill would stop all business with Wells Fargo for one year, at which time the current contract with them would end and would not be renewed....
