In a historic move of morality, Seattle City Council voted 9-0 to cut ties with Wells Fargo due to their financial involvement in the Dakota Access Pipeline. The city will not renew their contract when it runs out in 2018 and to abstain from any further financial investments with the company for at least three years.
The Dakota Access Pipeline has recently become headline news after President Trump signed an executive order allowing the continuation of the construction of the pipeline despite the public outcries against it. People all over the country have not only held protest outside of Wells Fargo but have been lining up to remove their financial interest from the company.
The city of Seattle has worked with Wells Fargo for over eighteen years and keeps a steady daily balance of ten million dollars in their accounts, including cycling around three billion through the banking system a year. Though Wells Fargo is a enormous financial institution, this ten million dollar blow cannot come easy to them. Councilwoman Debora Juarez stated:
People say, ‘Money Talks.’ We say, ‘No, it doesn’t. We do.’
The city of Seattle is no coward when it comes to standing against big oil or big money for that matter. This is not just a statement towards the oil company and it’s financial institution it is also a statement to our government. Councilmember Kshama Sawant said:
Take our government back from the billionaires, back from [President] Trump and from the oil companies.
There has been no comment from Wells Fargo on the decision made by Seattle City Council.
Featured image via Ken Lambert / The Seattle Times.