Seattle City Council has decided to pull it’s money from Wells Fargo by the end of the year due to the banks involvement in the Dakota pipeline + other shady dealings. – PB/TK
Seattle cutting ties with Wells Fargo over Dakota Access pipeline – CBS/AP February 8, 2017, 6:50 AM
SEATTLE — The Seattle City Council voted to cut ties with banking giant Wells Fargo over its role as a lender to the Dakota Access pipeline project as well as other business practices.
The crowd erupted in cheers Tuesday and chanted “water is life” when the council unanimously passed the measure, which directs officials to end the city’s contract with the San Francisco-based bank once it expires in 2018 and not to make new investments in Wells Fargo securities for three years.
“The example that we have set today can become a beacon of hope” for activists across the country, said Councilmember Kshama Sawant, who co-sponsored the legislation.
The measure means city officials have to remove deposits from Wells Fargo and seek a “more socially responsible bank,” reports CBS Seattle affiliate KIRO-TV.
The move comes on the same day the Army told Congress it will allow the $3.8 billion Dakota Access oil pipeline to cross under a Missouri River reservoir in North Dakota, completing the disputed four-state project. The stretch is the final big chunk of work on the 1,200-mile pipeline that would carry North Dakota oil through the Dakotas and Iowa to a shipping point in Illinois.
Continue to cbsnews.com article: http://www.cbsnews.com/news/seattle-cutting-ties-with-wells-fargo-over-dakota-access-pipeline/
