The City of Minneapolis is looking to the future – and putting the squeeze on monster bank Wells Fargo. Local news station WCCO has a report:
The city of Minneapolis is calling out Wells Fargo, saying they are looking into taking their business elsewhere.
The city council voted unanimously to explore ways they can stop doing business with banks that invest in the fossil fuel industry.
The council points to Wells Fargo’s backing of the Dakota Access Pipeline as an example.
“This is about looking at the options that we have as a city to use our taxpayer dollars in a responsible way, in a way that will protect the environment and the people,” said Councilmember Alondra Cano.
She says she proposed looking into how the city could end its relationship with Wells Fargo after her constituents showed concern that the nation’s fourth-largest bank is backing the pipeline project. And it is not just the environment she is concerned about.
Talking to a former Wells Fargo employee, he estimated the Minneapolis account to be significant, and stated that Wells Fargo is hip deep in the fossil fuel industry. While just Minneapolis isn’t going to be shifting Well Fargo out of the fossil fuel industry, a few more hits like this might make them start thinking about it.
Applause for Minneapolis.
