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Grosso calls on chief financial officer to consider Wells Fargo divestment

Councilmember Grosso sent a letter last week to Chief Financial Officer Jeffrey DeWitt calling on his office to reassess the District of Columbia's relationship with Wells Fargo, in light of its questionable and discriminatory business practices and financing of the Dakota Access Pipeline and the private prison industry.

"As Wells Fargo is the District of Columbia’s bank of record, I believe we have an obligation to reassess our relationship with this entity and join countless other cities in strongly considering divestment," Grosso wrote.

Grosso had previously introduced a Sense of the Council resolution urging divestment from Wells Fargo.

"I understand and can appreciate that state and local governments, in selecting institutions that will meet their needs for depository services, are subject to specific statutory and constitutional restrictions; however we should endeavor to prioritize partnering with business entities and financial institutions that are committed to engaging in fair and responsible business practices and we should always seek to reinvest in local banks to further support community growth.," he wrote.

Read the full letter below.