Wednesday, February 08, 2017

Seattle Just Divested Billions From Wells Fargo Over Dakota Access Pipeline

The movement to stop the controversial Dakota Access pipeline through financial activism took an important step forward today, as the Seattle City Council voted 9-0 to approve a bill that terminates a valuable city contract with Wells Fargo. The bank, one of the largest in the United States, has provided more than $450 million in credit to the companies building the pipeline. The move makes Seattle the first city to divest from a financial institution because of its role in the Dakota Access pipeline, a $3.8 billion project that would run from western North Dakota to Illinois, and is fiercely opposed by the Standing Rock Sioux Tribe. Wells Fargo is one of 17 banks directly financing the project...more

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