Seattle Council Divests From Wells Fargo Over DAPL Involvement

SEATTLE, WA - The Seattle City Council on Tuesday passed an ordinance that will end the city's relationship with Wells Fargo, which is partially a response to the bank's involvement with development of the Dakota Access Pipeline.

The Council last Wednesday moved an ordinance out of committee that would allow the city's contract for banking services with Wells Fargo to lapse when it expires in 2018. Seattle moves about $3 billion through its Wells Fargo account each year.

The Council voted unanimously on Tuesday to approve that ordinance.

Wells Fargo released a statement lamenting the divestiture. The bank said that it had done business with the city for the past 18 years.

Councilwoman Kshama Sawant lead the divestiture effort. She pushed for the divestment over DAPL, but also over recent revelations that the bank unwillingly signed up customers up for bank and credit card accounts.

"Wells Fargo’s long history of deception and scapegoating and does not, in any way, reflect the values of this city," she wrote in a blog post.

Aside from the Wells Fargo divestiture, the ordinance passed on Tuesday includes a section that deems the city must take into account a company's corporate responsibility practices when awarding contracts.

Image via Seattle City Council