Hollywood Patch – March 28, 2017

Councilmen Call For L.A. To Divest From Wells Fargo Over Dakota Access Pipeline
The city holds more than $40 million in securities with Wells Fargo that have a one- to four-year maturity, according to the motion.

LOS ANGELES, CA -- Two Los Angeles City Council members introduced a motion Tuesday calling on the city to divest its funds from Wells Fargo bank due to its financial support of the much-debated Dakota Access pipeline.

"The city has historically upheld strong principals protective of the environment and the health and welfare of its residents. Wells Fargo's support of the Dakota Access Pipeline Project is at odds with these principals," according to the motion.

The city holds more than $40 million in securities with Wells Fargo that have a one- to four-year maturity, according to the motion, which was introduced by council members Paul Koretz and Mitch O'Farrell, and seconded by Councilman Mike Bonin,"The city should divest its holdings from Wells Fargo in a manner that protects taxpayers' interests, and reinvest those funds in responsible financial institutions that respect the rights of all individuals to be treated fairly and equitably. Wells Fargo needs to change its business practices, or risk losing a customer in the city of Los Angeles," O'Farrell said.

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