Seattle Votes to Divest From Wells Fargo, Dakota Access Funder

The Seattle City Council voted Tuesday afternoon to divest US$3 billion in city funds from Wells Fargo bank, one of the major funders of the Dakota Access pipeline by a vote of 9-0.

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The bill was co-authored by local activist and member of the Standing Rock Sioux Tribe, Matt Remle and presented to the council in December by socialist city council member Kshama Sawant. The vote to divest came just hours after the U.S. Army Corps of Engineers granted Energy Transfer Partners the final easement it needed to complete the construction of its pipeline.

Sawant said the bill will "send a clear warning signal to the Dakota Access Pipeline executives and the oil lobby and a message of solidarity to the courageous activists," who have opposed the multi-billion dollar pipeline project.

Currently, Wells Fargo, which according to Food and Water Watch has US$457 million invested in the multi-billion dollar pipeline project, manages Seattle’s US$3 billion operating accounts, including payroll. Seattle will now terminate the city’s contract with the bank.

After a massive nine-month blockade of the pipeline project, led by a historic alliance of Indigenous nations from across North and South America, the U.S. Army Corps of Engineers announced Dec 4. that it would not grant a permit allowing further construction of the pipeline.

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However, as expected U.S. President Donald Trump signed an executive order just days into his presidency reviving the Dakota Access pipeline.

"The pipeline executives have arrogantly announced that they intend to wait until Trump comes to power with the hope that his new administration will reverse the Army Corps’ decision," said Sawant when introducing the bill on Dec 14.

The action against the US$3.8-billion pipeline last year attracted more than 300 Native American tribes from across the United States in a show of unity that is being called historic.