Seattle To Stop Banking With Wells Fargo!
February 10, 2017
Tuesday, the Seattle City Council voted to stop banking with Wells Fargo, at the urging of community members including the Northwest Accountability Project, citing its combined $185 million fine for opening fake accounts on behalf of its customers, its support and profiting from the private prison industry and its financing of the Dakota Access Pipeline. The move will pull $3 billion from Wells Fargo. According to the Seattle Times, “In addition to terminating the city’s contract with Wells Fargo, the bill would also require that social-justice principles be considered when awarding all city contracts, including construction projects.”
Right here in the Pacific Northwest, senior Wells Fargo executive Jeffrey Grubb serves as one of three paid trustees of the Murdock Charitable Trust who oversee the trust’s giving. The Murdock Trust, with Grubb as a trustee, has given millions of dollars to anti-worker and anti-LGBTQ organizations, including the Freedom Foundation and the Alliance Defending Freedom. The Alliance Defending Freedom is a group behind both North Carolina’s HB 2 “Bathroom Bill” and Indiana’s law allowing discrimination based on business owners’ personal beliefs.
The Freedom Foundation is a Washington State based organization that has recently moved into both Oregon and California. The Murdock Trust has also given hundreds of thousands of dollars to this anti-worker group that has opposed raising the minimum wage, paid sick leave and increasing education funding.