Berkeley Votes To Divest From Wells Fargo Bank
Berkeley City Council will vote on a Resolution to divest from Wells Fargo Bank. Wells Fargo has been engaged in financing the private prison industrial complex and the Dakota Access Pipeline. These practices are of great concern. Since we learned of these practices our banking services contract with Wells Fargo was reduced markedly, at Council request, and we are assured we will terminate as an intent of this action is to ensure that the City of Berkeley’s contracting practices support partners who are engaging in fair and responsible business practices and avoid conducting City business with partners that engage in criminal or systematic deceptive, fraudulent, or abusive business practices.
WHEN: Tuesday, May 30, Press Conference at 6:30; Berkeley City Council vote likely between 7-8 pm.
WHERE: Old City Hall, 2134 MLK Jr. Way
Press Conference on the steps of Old City Hall at 6:30; Let us know if you want to speak at the Press Conference: codepinkgg.gmail.com
Victory celebration will follow the City Council vote at Au Coquelet Cafe, 2100 University Ave. @ Milvia, 4 blocks from Old City Hall.
FROM: Councilmember Linda Maio and Mayor Jesse Arreguin
SUBJECT: Establish Socially Responsible Investment Policies
RECOMMENDATION: Establish City of Berkeley policies that ensure investments and service contracts are with socially responsible entities; declare that the City will not do business with financial institutions that engage in predatory practices, profit from harmful environmental endeavors, and undermine the health and rights of indigenous peoples, those of disadvantaged populations and of our communities; resolve to terminate financial implements with Wells Fargo Bank as soon as possible, and request a progress report in doing so in one year.
