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Record #: Or2017-207   
Type: Order Status: Failed to Pass
Intro date: 4/19/2017 Current Controlling Legislative Body:
Final action:
Title: Dissolution of banking relationship with Wells Fargo and other financial depositories due to funding of Dakota Access Pipeline and transfer of year 2017 city funds to designated banks
Sponsors: Ramirez-Rosa, Carlos, Mell, Deborah, Waguespack, Scott, Pawar, Ameya, Moreno, Proco Joe, Moore, Joseph
Topic: FINANCE FUNDS - Depositories of City/School Funds, - FINANCE FUNDS - Transfer
Attachments: 1. Or2017-207.pdf
Related files: R2019-362
Joint Committee: Finance; Health and Environmental Protection
April 19, 2017


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, The Chicago City Council has passed certain ordinances and orders, including but not limited to SOr2016-540, for socially responsible banking and the termination of the relationship with Wells Fargo, which have collectively established a framework of contracting to consider certain social equity and responsibility factors in choosing whom the City conducts its business with and enforcing the goals and requirements of that framework; and

WHEREAS, On September 14, 2016, resolution R2016-622 was introduced in the City Council, calling for the City to support the Standing Rock Sioux Tribe, oppose to the construction of the Dakota Access Pipeline (DAPL), and condemn Wells Fargo and other financial institutions' investments in the building of this pipeline as contrary to the City of Chicago's values; and

WHEREAS, The Standing Rock Sioux Indian Tribe is directly affected by this construction as it would disturb sacred burial grounds and potentially contaminate the only source of fresh water for the tribe; and

WHEREAS, The Dakota Access pipeline would carry nearly a half-million barrels of crude oil daily from North Dakota's oil fields through South Dakota and Iowa to an existing pipeline in Patoka, Illinois; and

WHEREAS, If the Dakota Access pipeline wej;e jo rupture it could pollute the loca[dr|nking
water, including"L~ake Oahe and the Missouri River; and - ~

WHEREAS, the construction of the ...

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