Seattle City Council votes to end ties with Wells Fargo over bank’s role in Dakota Access pipeline
SEATTLE (AP) — The Seattle City Council voted 9-0 Tuesday to pull about $3 billion in deposits from Wells Fargo Bank over its role as a lender to the Dakota Access pipeline project and other business practices.
Dozens of people in the City Council chambers cheered with the vote was announced.
The measure will direct the city not to renew its contract with Wells Fargo and require the city take into account a company's business practices and social responsibility factors when awarding city contracts.
Supporters who spoke said they hoped Seattle's action will inspire other cities to do the same.
Tribal members, including from the Standing Rock Sioux tribe, urged the council to send a broader message to oppose the pipeline and stand with indigenous people.
Wells Fargo spokesman David Kennedy says the bank is disappointed in the city's decision.
Kennedy said in an earlier statement that the bank is proud of the support it has provided to the city since 1999. He noted that the bank is one of 17 involved in financing the pipeline and that its loans represent less than 5 percent of the total.