L.A. Votes to Divest $40 Million from Wells FargoTweet
Los Angeles, CA – Today, the Los Angeles city council voted to divest $40 million from Wells Fargo due to their financial backing of the Dakota Access Pipeline.
The group Divest LA has worked tirelessly to pressure the city council to divest. The following statement was released by Divest LA
WE DID IT!!! This morning, Los Angeles City Council unanimously voted to divest $40 million in holdings from Wells Fargo! The motion was UNANIMOUSLY voted on by city councilmembers.
As Los Angeles citizens, we are proud that our City Councilmembers are standing for a better banking system to ensure our communities and our residents thrive. Thank you Councilmember Mitch O’Farrell, Paul Koretz, and Councilmember Mike Bonin for taking the lead and introducing this very crucial legislation.
The initial divestment of $40 million is an important part in untangling the city’s financial ties with Wells Fargo and now paves the way for divestment of the city’s FULL $8 billion depositories with Wells Fargo.
A new motion was created to reflect yesterday’s hearing in the Budget and Finance Committee recommendations lead by Chairman Paul Krekorian. The motion instructs the Office of Finance and the City Attorney’s office to: look into unbundling 800 banking contracts into smaller contracts, recommendations to review and score financial institutions in its own Community Investment Act selection process, and a report by the City Attorney on ending financial ties with Wells Fargo due to its downgraded Community Reinvestment Act (CRA). There are also instructions to create socially responsible banking criteria for a new era of conscious banking!
Today’s actions of City Council further strengthens Los Angeles as a progressive city, creating a new era of accountability for financial institutions and corporations doing business with the city of Los Angeles.
The passion and dedication of the progressive movement in Los Angeles holds immense power. We are ENERGIZED to continue creating greater financial accountability in our city and pave the way for a just and equitable framework for our public funds.
THANK YOU to everyone who has supported #DivestLA in our historic grassroots-driven fight against one of the biggest Wall Street banks.
#StandingRockStillStands #WaterIsLife #DefundDAPL #Divest #RevolutionLA #IndigenousCollective #AIMSoCal #RedEarthDefense #BetterBanks #ACCE #GrassRoots #PeoplePower #LosAngeles #MniWiconi
Posted by by Wakíƞyaƞ Waánataƞ (Matt Remle- Lakota)