Feb 16, 2017 - Santa Monica City Council Moves towards Divesting from Wells Fargo

On February 14th 2017, the Santa Monica city council voted 5-0 to begin the process towards divesting from Wells Fargo.

The unanimous vote will, “direct staff to examine its investment practices and consider divesting all City funds from Wells Fargo, due to their business practices and their involvement in financing the Dakota Access Pipeline.”

The item was placed on the agenda by Councilmembers Terry O’Day and Tony Vazquez.

In an on-line petition started by Jenna Perelman, she writes, “Santa Monica has long been a leader in sustainability. To be a true leader in this field, we must embrace sustainability in all aspects of our community, including our investments. Let us take example from Seattle and Davis: divesting from banks involved with the Dakota Access Pipeline will show a strong commitment to protecting the environment, and stand as an important statement in support of the rights of indigenous peoples.”

According to the Santa Monica Next, “Councilmembers Sue Himmelrich and Pam O’Connor were not present for the vote. Himmelrich recused herself from the vote because she said she has represented Wells Fargo in the past and her husband currently represents Wells Fargo.”

Santa Monica now positions itself to becoming the next city to divest from Wells Fargo due to its backing of the Dakota Access pipeline, following Seattle’s historic vote.

by Wakíƞyaƞ Waánataƞ (Matt Remle- Lakota)