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Sawant’s push to divest from Wells Fargo a fight for the environment — and against Trump

Sawant at a Seattle Central rally on Inauguration Day

Sawant at a Seattle Central rally on Inauguration Day

Monday — if the snow doesn’t postpone the session — the Seattle City Council will vote on an ordinance to divest from Wells Fargo because of its financial backing of the controversial Dakota Access Pipeline.

“The goal obviously is to not only put a stop to the Dakota Access Pipeline but to use that victory to build further momentum against climate change,” District 3 representative Kshama Sawant told CHS.

UPDATE: Final vote moved to Tuesday.

Last week, the Affordable Housing, Neighborhoods, and Finance Committee unanimously voted to send the ordinance to the full council for consideration, but not without some “quibbling” from a few members, Sawant said.

When Sawant first put the bill forward in November, for many council members, it was “not their instinct to stand with the movement,” but she doesn’t expect them to vote against or try to weaken the ordinance when the final vote comes.

“The fact that we’ve come this far is totally a testament to the strength of the movement,” she said.

In late 2016, CHS reported on the respect — sometimes granted begrudgingly — Sawant has garnered from community leaders in her district despite her focus on national and sometimes global issues in line with her Socialist Alternative political party.

The Wells Fargo move would be a serious financial change for the region. Currently, the city has more than $3 billion invested in the bank. If approved as is, Seattle will not renew its contract with Wells Fargo when it expires in 2018, and the city can’t make new investments in Wells Fargo for three years. Wells Fargo has been the city’s bank since 1999.

The ordinance also would require social justice issues to be considered when doing business with a bank or other company.

The Seattle Times reported this statement from Jessica Ong, spokeswoman for Wells Fargo:

“We respect all the views being expressed in this dispute, including those of the Seattle City Council members.” Wells Fargo is one of 17 financial institutions involved in financing the oil pipeline, she said.

“We are obligated to fulfill our legal obligations as outlined under the credit agreement,” she added. “ … that being said, we remain respectful of the concerns being expressed by tribal governments and communities, other groups, and individuals.”

Sawant told CHS that statement is “completely disingenuous” and pointed to other examples of Wells Fargo “breaking the law” including last year’s scandal when bank employees illegally opened millions of accounts for customers.

The District 3 council member hopes to see other cities follow suit in Seattle’s move to divest and potentially create a national campaign.

President Donald Trump ordered the U.S. Army Corps of Engineers to approve the final easement necessary to complete the more than 1,000-mile line from Illinois to Western North Dakota where protests against the line are ongoing on Jan. 24.

The bill’s sponsors are committee chair Tim Burgess, Sawant, and Debora Juarez.

Divesting from Wells Fargo is part of fighting the Trump administration’s actions as was the protest at Sea-Tac airport against his immigration ban, Sawant said.

“I think that people are starting to see we can’t fight isolated battles. We have to all come together,” she said.

UPDATE 2/7/2017: The City Council unanimously approved the divestiture bill in a Tuesday vote delayed because of Monday’s snowfall in Seattle. Mayor Ed Murray is expected to sign the legislation.

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