Seattle puts major US bank on notice, it may lose $3 billion over Dakota Pipeline

By Kelvin McDonald

The Seattle City Council in Washington State will decide on Tuesday (NZT) if it will pull it’s US$3 billion of deposits from Wells Fargo, a major US bank.

The Seattle Times is reporting today the Affordable Housing, Neighborhoods and Finance Committee has voted unanimously to forward a proposal to the full City Council that, if approved, would see it withdraw its substantial deposits.

Wells Fargo is one of 17 financial institutions financing the Dakota Access Pipeline and says its loans represent less than five percent of the total. The Times reported, Jessica Ong, spokeswoman for Wells Fargo, said in a statement, “We respect all the views being expressed in this dispute, including those of the Seattle City Council members.”

If the council does approve the proposal, Seattle will be the first US city to pull its business from a major funder of the pipeline.

Meanwhile, the US Army Corps of Engineers has been ordered by President Trump to issue the last easement needed to complete the pipeline. Protestors who had set up a new camp near Standing Rock were moved off by the local Sheriff’s department.