January 26, 2021 Breaking News, Latest News, and Videos

City Council Moves to Divest From Wells Fargo

Santa Monica City Council voted Tuesday evening to divest all City funds from Wells Fargo bank due to their involvement in financing the Dakota Access Pipeline and their other misleading business practices that do not align with Santa Monica policies. The motion was brought forward by Councilmembers Terry O’Day and Tony Vazquez.

“One of the most substantive and symbolic fights for our future is happening at Standing Rock over the Dakota Access Pipeline,” said Councilmember O’Day. “It is a fight over sovereignty and respect for native people and humanity. Wells Fargo is a key lender to the project. Divesting with this institution would take us into the next generation of implementing our values with our business relationships and the way that we invest our dollars.”

Divestment will be completed as soon as is reasonably possible. The City has $1 billion in annual transactions with Wells Fargo, including deposits and payments. The City’s investment portfolio includes $4.6 million in Wells Fargo bonds. Staff will issue an RFP for banking services as soon as it is practical. Finance staff will return to Council with recommendations on a divestment strategy at its February 28 meeting.

“Santa Monica is taking a stand against Wells Fargo because they have repeatedly used deceptive business practices,” said Councilmember Tony Vazquez. “Their investment in the Dakota Access Pipeline is the latest egregious action. It’s our hope that other cities will divest their funds so together we can have a collective and powerful impact.”

in News
Related Posts

Edify TV: Residents Frustrated With Local Country Club

January 25, 2021

January 25, 2021

Westside residents living near one of the most exclusive LA county clubs have a bone to pick in this video...

SMMUSD Study Session Outlines Potential Campus Upgrades: Santa Monica Beat – January, 25, 2021

January 25, 2021

January 25, 2021

Local news and culture in under 5 minutes. * SMMUSD Study Session Outlines Potential Campus Upgrades * First Baptist Church...

Body Found in Santa Monica Beachside Gazebo

January 25, 2021

January 25, 2021

Man found in Ocean Avenue gazebo Saturday By Sam Catanzaro A body was found in a gazebo near the beach...

Edify TV: Affordable Senior Housing Rises in Westside Neighborhood

January 24, 2021

January 24, 2021

A four-story senior affordable housing project is rising in a Westside neighborhood. Learn more in this video made possible by...

SMa.r.t. Column: Saving a Failed Marriage – Part 2

January 22, 2021

January 22, 2021

Every 8 years, the state requires cities to update their planning code’s “housing element” to reflect the number of dwelling...

Rise of The Digital Nomads Changing The Way We Rent?

January 22, 2021

January 22, 2021

Today on Westside Real Estate Show* Matt Damon Lists Palisades home for $21 Million.* Rise of The Digital Nomads Changing...

Edify TV: COVID-19 Outbreak at Santa Monica Government Office

January 21, 2021

January 21, 2021

Over a dozen employees have tested positive for COVID-19 at a Santa Monica government building since January 1. Learn more...

Santa Monica Students Receive 2021 Education Awards from The Rev. Dr. Martin Luther King, Jr. Westside Coalition

January 21, 2021

January 21, 2021

Seven area students were presented Education Awards by The Rev. Dr. Martin Luther King, Jr. Westside Coalition at the first-ever...

Santa Monica New Roads Graduate Amanda Gorman Shines At Inauguration: Santa Monica Beat – January, 21, 2021

January 21, 2021

January 21, 2021

Local news and culture in under 5 minutes. * Santa Monica New Roads Graduate Amanda Gorman Shines At Inauguration *...

Edify TV: Promenade Property Owner Frustrated With Homelessness

January 21, 2021

January 21, 2021

A Third Street Promenade property owner is calling Santa Monica officials to deal with the issue of homeless individuals sleeping...

65-Year-Old Santa Monica Pastry Shop Closes

January 21, 2021

January 21, 2021

Westside Food Scene January 21, 2021 By Kerry Slater Santa Monica Pastry Shop Closes  A beloved Santa Monica pastry shop...

Brian Dennehy Stars In The Tender DRIVEWAYS – His Final Film

January 21, 2021

January 21, 2021

What makes DRIVEWAYS particularly poignant is that it was Brian Dennehy’s last film before he died and his cinematic presence...

Free COVID-19 Antibody Testing in Santa Monica

January 20, 2021

January 20, 2021

Calvary Baptist Church on 20th Street, 10 a.m. to 4 p.m. A Santa Monica church is doing free COVID-19 antibody...

FDA-Authorized Coronavirus Testing at Santa Monica’s Shore Hotel

January 20, 2021

January 20, 2021

Drive-thru and walk-up testing seven-days a week   The award-winning Shore Hotel, located steps away from the world-famous Santa Monica Pier,...