City of Davis Divests from Wells FargoTweet
Davis, CA – On February 8 2017, the City of Davis city council voted unanimously to divest from Wells Fargo due to its finical backing of the Dakota Access pipeline.
The vote followed on the heels of Seattle’s vote to divest $3 billion from Wells Fargo.
According to the Sacramento Bee, the city council was, “responding to residents who took particular issue with Wells Fargo’s role as a financier of the Dakota pipeline, as well as a scandal regulators uncovered last year in which the bank set up bank accounts for consumers without their knowledge,” further, “Some council members said they wanted to direct the city’s financial business toward a smaller bank based locally.”
Pamela Day, Davis city finical services manage, stated that, “Davis maintains an average cash balance of $1 million in its Wells Fargo account and has approximately $30 million in an investment portfolio for which Wells Fargo provides reporting services.”
Momentum to divest from banks invested in the Dakota Access pipeline is growing and is attracting broad support due to banks involvement not only in the pipeline, but also in fossil fuels, private prisons, predatory lending, detention centers and more.
by Wakíƞyaƞ Waánataƞ (Matt Remle- Lakota)