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Seattle Just Voted to Divest From Wells Fargo because of the bank’s investments in the Dakota Access Pipeline

The big bank is likely about to lose a 3 billion dollar account

The Seattle City Council’s Finance Committee voted unanimously today to divest from Wells Fargo over the bank’s decision to finance the Dakota Access Pipeline project.

From the Seattle Times:

Wells Fargo manages more than $3 billion of the city’s operating account, including a biweekly payroll of $30 million for about 12,000 employees. The average daily balance in the city’s account with Wells Fargo is about $73 million. The ordinance will go to the City Council for a full vote on Monday.

Wells Fargo, along with 16 other banks, is a lender to the Dakota Access Pipeline project. Wells Fargo has $120 million in a $2.5 billion credit agreement funding the pipeline project, according to Jessica Ong, with Wells Fargo corporate communications.

People in the streets!

Let’s keep up the pressure

In the past month, Other98 has sent over 60,000 letters to representatives at TD Bank, Wells Fargo and Citibank asking them to reconsider their decision to fund the Dakota Access Pipeline. We think we have a real shot at making these financial institutions look at DAPL as the toxic and unconscionable investment that it is. Join us in trying to defund the Dakota Access Pipeline.

Written by Kelly Mears

Kelly Mears

Kelly is the Technical Director of Other98.

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