For Immediate Release:
April 18, 2018
Contact:
Matthew Nocella, 202.724.8105 - mnocella@dccouncil.us
Grosso applauds CFO’s willingness to engage on efforts to divest from Wells Fargo
Washington, D.C. – The following is a statement from Councilmember David Grosso (I-At Large) on Chief Financial Officer Jeffrey DeWitt’s testimony regarding D.C.’s business relationship with Wells Fargo at today’s Committee on Finance and Revenue oversight hearing:
“I’m extremely excited that we are finally having a public conversation about the need to divest from Wells Fargo and pursue banking policies which reflect the District of Columbia’s values and prioritize our local communities’ needs. I appreciate the advocacy efforts of the D.C. ReInvest Coalition for their dogged support and testimony today to advance these efforts and spark this conversation.
“Every year the District spends $4 million to do business with Wells Fargo as its bank of record. Call it a transaction, call it an investment, either way we enrich Wells Fargo, which for years has engaged in highly questionable sales practices, and financed private prisons, anti-environment, and anti-indigenous projects.
“I want to thank CFO Jeffrey DeWitt for agreeing that we should reassess our relationship with Wells Fargo at the conclusion of the contract. I agree with him that choosing which among the five big bank ‘devils’ D.C. should bank with is difficult, but there are banks that are better than others. When assessing who we do business with, it is vital we take a look at the whole picture, including national trends and recent events, in deciding who is currently the best actor and the best fit for our city.
“I also agree that calling for divestment is simply not enough, and solutions must be studied to meet the District’s banking needs. I look forward to a meeting between advocates seeking divestment from Wells Fargo and the Chief Financial Officer, as well as the results of the study I funded through the FY2018 budget process to explore the feasibility of establishing a public bank in D.C.”
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