Seattle to End 18-Year Deal With Wells Fargo Over Pipeline

City Council approves move with 9-0 vote Tuesday
By Arden Dier,  Newser Staff
Posted Feb 8, 2017 11:06 AM CST
Seattle to Yank $10M From Wells Fargo Over Pipeline
Audience members cheer after the Seattle City Council voted to divest from Wells Fargo on Tuesday.   (AP Photo/Elaine Thompson)

Seattle City Council says it will pull its average daily $10 million balance from Wells Fargo at the end of 2018, ending an 18-year relationship with a lender in the $3.8 billion Dakota Access pipeline. Citing the pipeline project, the council voted 9-0 Tuesday to end its relationship with the bank when its current contract expires and to abstain from new cash investments in Wells Fargo securities for a minimum of three years, reports the Seattle Times. Seattle cycles about $3 billion a year through Wells Fargo. Council member Kshama Sawant said the move served as "a beacon of hope to activists all around the country seeking to change the economic calculus of corporations who think that investing in the Dakota Access pipeline will be good for their bottom line," per the Los Angeles Times. (Read more Dakota Access Pipeline stories.)

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