Portland Mayor Wants Options On Wells Fargo After Seattle Drops Them

Portland is re-examining their relationship with Wells Fargo and other banks in light of events involving the North Dakota Access Pipeline, according to Mayor Ted Wheeler.

"A lot of people have asked me what the City of Portland will do with our investments and banking relationships given Seattle's response to the events at Standing Rock and the North Dakota Access Pipeline," he tweeted.

"I want to let you know how we're moving forward."

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Wheeler has directed the city's Office of Management and Finance to bring him a plan to solicit proposals for the city's banking service.

Portland currently contracts with Wells Fargo for depository services.

Wheeler says that all the proposals will be "rated in part on factors relating to socially responsible business practices."

The move comes on the heels of Seattle's decision last month to end their banking relationships with Wells Fargo in light of their involvement in financing the Dakota Access Pipeline as well as the bank's recent fraud scheme involving customer accounts.

Portland had already made the decision last December to stop buying corporate securities.

"As bonds mature they will not be replaced in our portfolio," Wheeler wrote. "Additionally, the City Council will soon hear recommendations on implementing a socially investing strategy."

Wheeler says that he will share more information on the next steps in the coming weeks.