L.A. City Council Moves Toward Divesting From Wells Fargo

The Los Angeles City Council took a step Tuesday toward divesting city funds from Wells Fargo over the bank’s fake accounts scandal and its support of the Dakota Access Pipeline.

The city does the majority of its banking with Wells Fargo through 800 accounts and holds more than $40 million in securities with the company.

The motion approved on a 14-0 vote does not cancel the city’s contract with Wells Fargo, but directs the Office of Finance and other departments to report on options for doing so and outline criteria and standards the city would have in any future agreements with banks.
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