DC Divestfest promotes citywide divestment from Wells Fargo and other big banks

On the 24th of September, multiple organizations came together at the Uptown Art House to stage DC Divestfest. This event promoted both individual and city government divestment from Well Fargo in particular and other pipeline funding, gentrifying, prison-funding banks in general.

In addition to the divestment campaign, several groups at DC Divestfest are proposing that DC start a city-owned municipal bank as an alternative to the predatory big banks.

Wells Fargo is especially infamous as a funder of both the Dakota Access and Keystone XL pipeline projects, and for their massive investments in private prisons via the GEO Group. They also have failed to meet US standards under the Community Reinvestment Act, earning a “failing grade” for housing discrimination. There is still a bill sitting in the DC City Council to force municipal divestment from Wells Fargo because of that failing grade, though a single councilmember is blocking consideration of the bill.

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