Santa Barbara Divest from DAPL #DivestSB
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In November, 2016, City Council passed a resolution introduced by Santa Barbara Mayor Schneider declaring solidarity with the Standing Rock Sioux tribe because of the threats posed to them by the Dakota Access Pipeline (DAPL), and out of respect for local Chumash constituency calling for it.
Now we the people call on Santa Barbara Mayor Helene Schneider and City Council to stand by their words, stand by our local indigenous community, and by Santa Barbara's reputation as a national environmental leader, by divesting from Wells Fargo and Union Bank (owned by Tokyo-Mitsubishi).
Wells Fargo and Union Bank's parent company Tokyo-Mitsubishi are both major financiers of the Dakota Access Pipeline (DAPL), an oil pipeline project that has destroyed sacred tribal lands, endangers the clean water supply of the Standing Rock Sioux reservation and millions of Americans, and has resulted in human rights violations of indigenous peoples and water protectors.
In addition to funding DAPL, Wells Fargo has also illegally foreclosed on working-class families, discriminated against people of color and low-income consumers, committed mortgage fraud. Union Bank's parent company Tokyo Mitsubishi has also committed acts of fraud and money laundering. We do not want our city supporting financial institutions that use their money to do such harm to people and planet.
We are petitioning SB City Council to pass an ordinance to end the city’s relationship with Wells Fargo and Union Bank, and to develop a Socially Responsible Investment (SRI) policy that integrates social and environmental criteria when considering banking contracts.
The City of Seattle recently achieved a landmark victory by divesting $3 billion from Wells Fargo, specifically highlighting the bank’s recent settlement with the City of LA and financing Dakota Access Pipeline. The City of Davis, CA followed suit by voting to divest $125 million from Wells Fargo. Los Angeles is currently moving toward divestment, and other cities are considering at this time as well.
Cities all across the United States are strengthening socially responsible banking ordinances and divesting from unethical banks. We can no longer sit idle as our banks profit from injustice. The people are ready to take on the big banks and fossil fuel industry, regardless of who resides in the White House. Seattle was the first major city to divest. Santa Barbara will be next.
We are calling on our elected city officials and all Santa Barbara residents to take a stand for a socially conscious and ethical world and divest all funds from DAPL. Stand with the people and protect the planet. Divest for our future.
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