Wells Fargo offers to end Seattle's banking contract now

Seattle has become the first major city to cut financial ties with Wells Fargo over the bank's involvement in financing the Dakota Access Pipeline Project. Council members started discussing the move last year, when the bank admitted to creating false acc

SEATTLE - Wells Fargo is offering the city of Seattle the chance to break its banking contract immediately, before it expires at the end of 2018.

Last month. the Seattle City Council voted unanimously to cut ties with the San Francisco-based banking giant over its role as a lender to the Dakota Access pipeline project as well as other business practices.

Wells Fargo's Phil Smith sent a letter Tuesday to Seattle Mayor Ed Murray and two councilmembers calling the decision disappointing. He says it could have unintended consequences for taxpayers by limiting the city's banking choices.

He pointed out that other state-approved banks that bid for the city's banking contract in 2012 are also involved in financing the pipeline.

A representative for Councilmember Tim Burgess, who co-sponsored the measure, said he declined to comment.

Supporters had urged the Seattle council to send a broader message to oppose the pipeline and stand with indigenous people.

 

Copyright 2017 KING


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