Seattle Cuts Ties with Wells Fargo; Blames Financial Ties with the Dakota Access Pipeline

The city council voted unanimously to end the relationship with banking giant Wells Fargo after numerous protests over the Dakota Access Pipeline

SEATTLE — Heated debate over the construction of the Dakota Access pipeline isn’t just building again in Morton County in North Dakota.

The city of Seattle, Washington has decided to cut ties with banking giant, Wells Fargo, over the bank’s financial connections to the building of the pipeline.

The company was already on rocky ground, say city officials, after the fake account scandal of 2016.

The city stopped a $100 million bond deal with Wells Fargo after the scandal was discovered.

City council members voted unanimously to cut ties and the mayor is now in charge of telling the company Seattle will not renew an existing banking contract at the end of 2018.

This decision was made by the city shortly after the U.S. Army Corps of Engineers announced they would grant an easement on the Dakota Access pipeline, allowing construction to continue.

President Trump asked the Army Secretary to expedite a review of the pipeline project, despite the protests that have been in Morton County since April of 2016.

Seattle’s mayor says the building of the Dakota Access pipeline is like treating people of the Standing Rock Sioux Tribe as if they were a “second class” community.

Wells Fargo CEO, Tim Sloan, who took over after the banking scandal, says the bank is only one of 17 that are providing financial services to Energy Transfer Partners, who is building the pipeline.

Sloan says while he is disappointed over the city’s decision, Wells Fargo would be willing to come back if needed as the company is one of the biggest small business lenders in the state.