Los Angeles Moves Towards Divesting from Wells Fargo over the Dakota Access Pipeline
Los Angeles, CA – Los Angeles City Councilmembers Mitch O’Farrell and Paul Koretz have introduced a motion to divest from Wells Fargo over their financial backing of the Dakota Access pipeline.
In their motion, councilmembers state LA’s commitment to the environment and to the health and welfare of people and feel that Wells Fargo’s support for the Dakota Access pipeline is, “at odds with these principals.”
The City currently holds over $40m in securities with Wells Fargo.
Read full motion here WELLS FARGO DIVEST
The movement made great headway today but the fight continues. We now have the opportunity to use Los Angeles’ massive financial portfolio as leverage to create powerful, long-lasting changes. It’s critical that the city develop strong ethical standards for its financial and investment practices, and take an active role in protecting the interests of the community and our environment. We’ll continue to push for a stronger Responsible Banking Ordinance, reinvestment of city funds into renewable energy and social good funds, as well as a feasibility study for a public municipal or state bank.
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