City of Berkeley recently announced plans to remove all financial assets from the city’s current banker, Wells Fargo–a withdrawal of approximately $300 million.
Hoping to send a strong message to the Big Banks many feel are responsible for the housing crisis, one Counsil member put it this way:
“I feel that this is one way in which we can make a statement and push for wider changes and promote better banking practices and more equity in our society,”
Councilmember Jesse Arreguin told a local ABC news outlet.
And the protest is not limited to the actions of local governments. During the recent “Bank Transfer Day,” over 600,000 protesters moved their bank accounts away from big banks and into smaller, local banks and credit unions.