NEW HAVEN — Local residents pushing the city to move its funds from Wells Fargo over the bank’s contribution to the Dakota Access Pipeline could have an opportunity to address the Board of Alders as the board considers their request to hold a public hearing.
A letter from several city residents and activists requesting the city remove its municipal funds from Wells Fargo is being presented to the Board of Alders and could lead to a public hearing within the calendar year.
The request isn’t new. Demonstrators held a rally outside City Hall last September urging the city to remove its money from the bank. They reiterated their reasoning in the letter, which was co-signed by six residents and addressed to Board of Alders President Tyisha Walker-Myers in August.
Wells Fargo Northeast Corporate Communications Manger Kevin Friedlander issued a statement Friday, saying in itthat Wells Fargo values the long-standing relationship with the city. Wells Fargo donated more than $307,000 in 2016 and similar figures in 2017 to local nonprofits and events, according to Friedlander’s statement.
“Regarding the Dakota Access Pipeline, we were one of the 17 financial institutions involved in the financing of the Pipeline,” Friedlander said in the statement. “That said, the pipeline has now been operational since June, and our facility has been fully funded. Our commitment to the responsible development of all forms of energy remains unchanged, and since 2012, we have invested more than $70 billion in clean technology and other environmentally sustainable businesses.”
City spokesman Laurence Grotheer issued a statement Friday on the possible public hearing. Mayor Toni Harp had previously stated during a radio appearance on WNHH Radio that she would gradually withdraw funds.
“Mayor Harp continues working with Controller Daryl Jones and the rest of her financial team to see how the City can distance itself from Wells Fargo with a competitive bank that’s suitably equipped to safeguard the City’s assets and handle the high volume and complex transactions the City requires,” Grotheer said in the statement.
Wooster Square resident Geremy Schulick was among the co-signers of the letter. On Friday, Schulick said the main reason some residents want the money removed is due to Wells Fargo’s investment in the controversial Dakota Access Pipeline. The $3.8 billion project started shipping oil in June 2017, according to the Associated Press.
Schulick cited the Seattle city council voting last year to remove more than $3 billion in annual cash flow from the bank as an example that such a move is feasible.
“We completely understand that this can’t be done tomorrow, or even the next or next month,” Schulick said. “I recognize it would have be a long process.”
Activists like Schulick and Newhallville resident Elias Estabrook, who also co-signed the August letter, opposed the pipeline’s construction due to its interference with the Standing Rock Sioux Reservation. Several tribes opposed the pipeline’s completion in North Dakota over concerns it would disrupt sacred sites and potentially pollute water supplies.
The letter also cites other issues with Wells Fargo. The group cites the bank’s admission last year that more than 3 million phony bank accounts and credit cards were created by staff. The bank was fined $185 million. Friedlander said Wells Fargo has, “taken a series of significant steps to address improper sales practices, and we are making critical changes to rebuild the trust of our customers and team members.”
Schulick said the pipeline is unnecessary fossil fuel infrastructure.
“It’s a particularly egregious example that fossil fuel projects can have,” Schulick said. He added: “Other fossil fuel projects have done tremendous damage to indigenous communities.”
More investment should be made in renewable energy, which Schulick said to Wells Fargo’s credit, they also invest in. Schulick said he would like to see a public statement from Harp about a more concrete plan to withdraw city funds from Wells Fargo.
The request is filed under communications in the Board of Alders’ Jan. 16 meeting agenda. The item will likely be forwarded to a committee for further consideration.
A public hearing would likely occur at the committee level on a different date. At its conclusion, the committee could make a recommendation based on public input at the hearing, according to the city’s Office of Legislative Services.
Reach Esteban L. Hernandez at 203-680-9901