Berkeley Divests from Wells Fargo, IB Becomes a Nonprofit!

Another rousing success comes thanks in part to the terrific efforts of the Indivisible Berkeley Economic Justice Team, who have been working tirelessly with the City of Berkeley, alongside numerous other activist groups, on divestment from Wells Fargo.  We're proud to announce that on May 30th, the city council voted unanimously on divestment!

The terms include a one-year extension of the current contract with Wells Fargo (as opposed to the original three years), during which time Mayor Arreguin will provide semi-annual progress reports to the city council on its efforts to find new, socially responsible, contracts for the city's banking services.  The mayor's Responsible Banking Task Force will be developing language to define "socially responsible banking," and will work closely with the city council, the mayor, and the city manager to consider this definition when creating new contracts.

The Daily Californian cites the Economic Justice Team's press conference and petition, and members of the team can be seen in the audience holding signs.

Congratulations, Economic Justice Team, on your hard work bearing fruit!