Seattle Council Panel Votes to Pull Money From Wells Fargo
SEATTLE (AP) — A committee of the Seattle City Council has voted to pull about $3 billion in deposits from Wells Fargo Bank over its role as a lender to the Dakota Access pipeline project and other business practices.
The Seattle Times says hundreds gathered outside the committee hearing Wednesday urging the city to cut ties with the bank and show support for pipeline opponents.
The full City Council will consider the legislation Monday. If approved, it would direct the city not to renew its contract with Wells Fargo and require the city take into account a company's business practices and social responsibility factors when awarding city contracts.
Wells Fargo spokesman David Kennedy said in a statement that the bank is proud of the support it has provided to the city since 1999. He noted that the bank is one of 17 involved in financing the pipeline and that its loans represent less than 5 percent of the total.