Seattle Won’t Renew Contract With Wells Fargo Over Support For Dakota Pipeline

Seattle’s City Council voted to end all ties to Wells Fargo because of the financial institution’s direct investments with the controversial Dakota Access Pipeline.

The council will remove $3 billion in city funds from the banking giant. Council members want to turn the bidding process into a race to see which banking institution is committed to “social responsibility.”

“Protests in Seattle against the Dakota Access Pipeline project have been large and frequent, often organized by local tribal members,” according to a Washington NPR affiliate.

Wells Fargo has struggled to recapture the public’s trust after federal regulators accused it of opening millions of bank accounts and issuing hundreds of thousands of credit cards without customer consent. The bank created a slew of fake accounts in customers’ names to boost bonuses.

Wells Fargo’s recent history has made it a large target among those crusading against banks invested in the DAPL, a multi-state oil pipeline opposed by environmentalists and Indian tribes that worry the project could poison Standing Rock Sioux’s water supply.

Citi Group, TD Bank of Canada, among others, are being pressured by anti-fracking activists and members of the Standing Rock to halt any and all monetary backing of the company responsible for constructing the DAPL.

Opposition to DAPL ratcheted up recently after President Donald Trump signed a pair of executive orders in January approving the construction of the DAPL and Keystone XL. His order essentially wiped away the Obama administration’s decision last December to reject the oil line.

Seattle council member, Kshama Sawant, a self-identified socialist who spearheaded the move away from Wells Fargo, said a rally against the bank is scheduled for this weekend.

“All of the big banks are terrible, and, as long as we have capitalism, our contracts will be with institutions that put corporate greed over human need,” Sawant said in a statement about the council’s decision.

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Comments (2)

  • Avatar

    Amber

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    Unless Seattle recently converted to poo power they are being hypocrites. Maybe they should just focus on getting value for the people they serve instead of some store front
    green posturing . Are they going to ban issuing business licenses to any business that uses fossil fuel ? Select greenies are so pathetic .

  • Avatar

    David Lewis

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    Seattle’s effort to be green has resulted in poor power management. The company I used to work for tore down a large building in Seattle. Then on the same site they replaced it with a modern building. Seattle power initially told the company that they didn’t have the power for the new building. When my company said that the new building required no more power than the old one, Seattle answered that this power had been given to someone else.

    Whether it be Wells Fargo or another bank, someone is going to fund the pipeline. There is nothing Seattle can do to stop that. Their current action with Wells Fargo is nothing more than an example of liberals’ “feel good” actions. They feel good because they think they are doing something even though it has no impact at all.

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