Target: Los Angeles Mayor Eric Garcetti
Goal: Support full divestment from Wells Fargo, a major backer of the Dakota Access Pipeline
Wells Fargo is one of the largest financial supporters of the Dakota Access Pipeline (DAPL), which has been embroiled in controversy over the risk of leaks or oil spills and for the barbaric way in which protesters against its construction have been dealt with. The city of Los Angeles is one of many municipalities which have holdings with the bank for pension funds and payroll plans. The city has also previously sued the bank for fraudulent activity involving the creation of millions of accounts for people who weren’t even aware that an account was set up in their names. Wells Fargo has proven itself to be morally bankrupt, and it is time for the city to cut ties with this institution.
Recently, the city of Seattle paved the way with its unanimous decision to divest $3 billion in holdings from Wells Fargo. As one of the largest metropolitan regions in the U.S., and a major financial hub, Los Angeles should follow this example and send a message for socially responsible banking to the rest of the country.
There are 38 banks which currently back the Dakota Access Pipeline in some way. Wells Fargo is one of the 17 that directly fund Dakota Access LLC, the owner of the proposed pipeline which would threaten indigenous communities and the environment as a whole. A spill or major leak could mean poisoned waterways for thousands, while the pipeline as a whole will contribute to the global climate crisis.
Climate scientists agree that we must work together to keep as much of the remaining fossil fuel reserves underground as possible to help stave off global warming at a catastrophic level. With the federal government under Trump now giving the go-ahead for the pipeline to continue, the only way we may be able to slow or hinder its progress is to cripple its funding at the source– the financial institutions backing its construction and parent company.
We must send a message to Wells Fargo and other banks to stop supporting this dangerous pipeline. As cities are some of the bank’s major backers, getting municipalities to divest is crucial. Sign this petition to urge Mayor Eric Garcetti to push for the city of Los Angeles to fully divest from Wells Fargo and any other institution funding Dakota Access LLC.
Dear Mayor Garcetti,
I am writing to request that you commit to full divestment for the city of Los Angeles from all Wells Fargo holdings. The bank has a dark track record of swindling millions of Americans through fraudulent accounts, and through its support of Dakota Access, LLC, the owners of the destructive Dakota Access Pipeline (DAPL). The city of Los Angeles should not support a financial institution which acts with such disregard for either its customers or for the environment.
Cities must stand together to divest from banks which support DAPL and from fossil fuels as a whole. Scientists agree that fossil fuels are a major contributor to global warming, which poses an existential threat to us all. For the future of this city, and for the good of the planet, I urge you to follow the example of the city of Seattle, which has already stepped forward and committed to divesting from Wells Fargo.
Please work with the Los Angeles City Council to move toward a full and total divestment from DAPL-backing banks such as Wells Fargo.
[Your Name Here]
Photo Credit: Fibonacci Blue