The City of Seattle just officially cut ties with Wells Fargo over the bank’s involvement with the Dakota Access Pipeline project (via Seattle Times).
On Tuesday, the City Council voted 9-0 not to renew the financial-services contract the city has with Wells Fargo in 2018.
Check it out:
“People say, ‘Money Talks,’ ” said Councilmember Debora Juarez. “We say, ‘No, it doesn’t. We do.’ ’’
The city cycles about $3 billion a year through the bank — all the revenue the city receives, even from parking meters. The city’s average daily balance in the bank has been about $10 million over the past six months, according to Wells Fargo.
This won’t surprise anyone who is familiar with the vocal anti-Trump movement that has been taking place in the very liberal city of Seattle. In fact, we have seen some extremely troubling rhetoric come from many of the demonstrations there.
While Wells Fargo has seen a handful of lost business opportunities over the past year because of the bank’s fraudulent account scandal, Seattle is the first to break ties in largest part due to the bank’s role in the pipeline.
In 2009, Governor Palin wrote an article for the Washington Post that addressed the problem with a ‘cap and tax’ plan, the same problem seen here with Seattle’s decision to drop Wells Fargo—economic short-sightedness.
The Governor said:
We must move in a new direction. We are ripe for economic growth and energy independence if we responsibly tap the resources that God created right underfoot on American soil. Just as important, we have more desire and ability to protect the environment than any foreign nation from which we purchase energy today.
In Alaska, we are progressing on the largest private-sector energy project in history. Our 3,000-mile natural gas pipeline will transport hundreds of trillions of cubic feet of our clean natural gas to hungry markets across America. We can safely drill for U.S. oil offshore and in a tiny, 2,000-acre corner of the Arctic National Wildlife Refuge if ever given the go-ahead by Washington bureaucrats…
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We have an important choice to make. Do we want to control our energy supply and its environmental impact? Or, do we want to outsource it to China, Russia and Saudi Arabia? Make no mistake: President Obama’s plan will result in the latter.
For so many reasons, we can’t afford to kill responsible domestic energy production or clobber every American consumer with higher prices.
Can America produce more of its own energy through strategic investments that protect the environment, revive our economy and secure our nation?
Yes, we can.
Looks like Gov. Palin was right on the money predicting this one.