July 5, 2025 Breaking News, Latest News, and Videos

Santa Monica City Council Moves to Divest from Wells Fargo

 

Last night, the Santa Monica City Council voted 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.

Latest Santa Monica City Hall news.
Latest Santa Monica City Hall news.

“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.”

For more information and detail on the City’s cash and investments, see the latest Monthly Cash and Investment Report and Investment Policy.

in News
<>Related Posts

Hama Sushi Hosts Weekly Music and Comedy Open Mics

July 5, 2025

July 5, 2025

The venue, a Venice Beach staple since 1979, has recently expanded its legendary happy hour to the entire patio Hama...

Connections Breakfast to Network Local Business Professionals in Malibu

July 5, 2025

July 5, 2025

The event, sponsored by Malibu Country Mart, will feature a breakfast mixer where attendees can meet new contacts  A Connections...

12th Annual Gopher Scramble Golf Tournament to Benefit Venice Heritage Museum

July 5, 2025

July 5, 2025

The museum opened to the public in March 2024 at the Main Street Design Center with its inaugural exhibition, “This...

Michael Madsen, Star of Reservoir Dogs and Kill Bill, Dies at 67 in Malibu

July 4, 2025

July 4, 2025

Actor Remembered for His Intense Performances and as a Poet  Actor Michael Madsen, known for his distinctive gravelly voice and...

Ruskin Group Theatre to Stage ‘The Fantasticks’

July 4, 2025

July 4, 2025

A timeless tale of young love and life’s bittersweet beauty, the show is reimagined with modern flair for contemporary audiences...

Film Review: F1: The Movie

July 4, 2025

July 4, 2025

FILM REVIEWF1: THE MOVIERated PG-13155 MinutesReleased June 27th F1: The Movie will envelop you in a racecar. You will be...

Big Blue Bus Launches Prohibition Order Program to Bolster Safety

July 4, 2025

July 4, 2025

The orders, which can range from 30 days to one year, target offenses that threaten the safety and comfort of...

Col. Eric Swenson Honored by LA for Historic Debris Removal Effort

July 3, 2025

July 3, 2025

Swenson, with a distinguished military background including a Ph.D. and multiple master’s degrees from Penn State and other institutions, has...

(Video) A visit to New York Bagel & Deli in Santa Monica

July 3, 2025

July 3, 2025

Authentic NY Style Bagels with Extra Creamy Cream Cheese and Multi-Cultural Desserts. Located at 2216 Wilshire Blvd. A visit to...

(Video) Legacy, Reimagined: Architecture, Design & Construction by Home Front Build Los Angeles

July 2, 2025

July 2, 2025

Go To Homefrontbuild.com For More Information @home_front_build Legacy, Reimagined: Architecture, Design & Construction by Home Front Build Los Angeles. Go...

(Video) Gladstone’s Malibu Prepares for Reopening after Surviving Palisades Fires

July 2, 2025

July 2, 2025

With One Half of its Structure Slightly Charred and Undergoing Repairs, Gladstone’s Malibu is Reopening its Patio Space Just in...

Santa Monica Public Library Launches Community Mapping Survey

July 2, 2025

July 2, 2025

The initiative aims to shape the library’s programs and services to better meet community needs, fostering an inclusive and accessible...

Third Street Promenade Loses Bibibop Asian Grill

July 2, 2025

July 2, 2025

Bibibop opened at the Santa Monica location in 2017 after taking over a former ShopHouse space Bibibop Asian Grill, a...

Proposed Rebuilding Authority for Wildfire Recovery Sparks Local Control Debate

July 2, 2025

July 2, 2025

Plan Aims to Streamline Rebuilding but Raises Questions Over Community Input A proposed “Resilient Rebuilding Authority” to oversee recovery from...

Pentagon Orders Troop Drawdown in LA: 150 National Guard Members Reassigned to Wildfire Duty

July 2, 2025

July 2, 2025

Federal Forces Begin Partial Withdrawal From Protest Response as California Leaders Push Back U.S. Northern Command announced Tuesday that 150 National Guard...