The city of Seattle is divesting from Wells Fargo

The Seattle City Council voted unanimously Tuesday to withdraw $3 billion from the bank, in part because it is funding the Dakota Access Pipeline, and the city’s mayor said he would sign the measure. The vote delivered a win for pipeline foes, albeit on a bleak day for the #NoDAPL movement. Earlier in the day, the U.S. Army Corps of Engineers announced that it will allow construction of the pipeline’s final leg and forgo an environmental impact statement. Seattle will withdraw its $3 billion when the city’s current contract with Wells Fargo expires in 2018.

While $3 billion is just a small sliver of Wells Fargo’s annual deposit collection of $1.3 trillion, the council hopes its vote will send a message to other banks.

— source grist.org

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