Divest Update 3/15: A Look At Other Cities’ Divestment Efforts

Seattle has strengthen wording of socially responsible ordinance and pledged to divest from Wells Fargo when the contract renews.

Portland has socially responsible investment committee, as well as a socially responsible ordinance, that compiles a “no buy” list for the city.

  • values are: environmental, health, labor practices, corporate ethics, tax avoidance, market dominance, impacts on human rights
  • Wells Fargo is on the list, however, Portland banks with Wells Fargo. So how effective is this committee and ordinance?

Minneapolis:

  • City Council voted unanimously to explore divesting from Wells Fargo in winter 2016
  • Staffer was appointed to pursue this exploration
  • US Bank was participating in a dialogue pre-election. Contact dropped post-election.

San Francisco:

Santa Monica: 

  • passed legislation looking at divestment from institutions financing the pipeline.

Davis

  • passed legislation looking at divestment from institutions financing the pipeline.

Alameda

  • passed legislation looking at divestment from institutions financing the pipeline.

Eugene banks with US Bank and so does Lane County.

Everyone who has divested from a bank so far, has divest from Wells Fargo

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s