SUBSTITUTE ORDER
WHEREAS, the City of Chicago is a home rule unit government pursuant to the 1970 Illinois Constitution, Article VII, Section 6 (a); and
WHEREAS, pursuant to its home rule power, the City of Chicago may exercise any power and perform any function relating to its government and affairs including protecting the health, safety and welfare of its citizens; and
WHEREAS, the financial welfare and stability of the City of Chicago's investments is a priority of the City Council of Chicago; and
WHEREAS, over the past five years, it has been revealed that Wells Fargo Bank employees created over two million unauthorized bank and credit card accounts affecting millions of customers throughout the United States; and
WHEREAS, while perpetrating this fraud, Wells Fargo benefited from the collection of fees from these illegally created accounts increasing their bank revenues, and encouraged the continuation of these fraudulent practices by rewarding managers and senior executives with multi-million dollar bonuses; and
WHEREAS, it appears that senior management of Wells Fargo was aware of these practices, with Wells Fargo CEO John Stumpf admitting that he first learned of employees opening unauthorized accounts in 2013; and
WHEREAS, Wells Fargo has agreed to pay $185 million dollars, the largest penalty ever imposed by the Consumer Financial Protection Bureau, to settle claims that it defrauded its customers; and
WHEREAS, in addition to agreeing to paying the settlement, Wells Fargo terminated over 5300 employees, most of them being the lowest-paid workers in the corporation; and
WHEREAS, with the recent revelations of massive widespread misconduct of Wells Fargo Bank employees, the City Council must ensure that we do not engage in business with a banking institution that has deceived, defrauded and duped its customers; now therefore
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
The City Council of the City of Chicago hereby orders the Chief F...
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