CITY OF SEATTLE
COUNCIL BILL __________________
AN ORDINANCE relating to strengthening The City of Seattle's policies for conducting City business with socially responsible banks, amending Sections 20.65.010, 20.65.030, and 20.70.040 of the Seattle Municipal Code; amending the revised City of Seattle Investment Policies adopted by Resolution 31525; requesting the Mayor and Director of Finance and Administrative Services to take certain actions, including not renewing the Contract for Bank Depository Services with Wells Fargo Bank beyond the initial term, endeavoring to enter into a voluntary debarment agreement with Wells Fargo Bank for a period of at least one year, and refraining from conducting banking, investment, or other business with Wells Fargo Bank for a period of at least one year when it is in the City's discretion.
WHEREAS, the financial security and stability of The City of Seattle's deposits and investments is a priority of the Seattle City Council; and
WHEREAS, the Seattle City Council passed Resolution 31337 in 2011, committing the City to take steps to minimize economic insecurity and destructive disparities including reviewing its banking and investment practices to ensure that public funds are invested in responsible financial institutions that support our community; and
WHEREAS, the Seattle City Council passed Ordinance 124250 in 2013, adding Chapter 20.65 to the Seattle Municipal Code, requiring the Director of Finance and Administrative Services to consider certain socially responsible banking practices as bid criteria, utilizing socially responsible banking performance as an evaluation factor worth at least 15 percent, and requiring data and reporting about socially responsible banking practices in The City of Seattle's banking contracts; and
WHEREAS, the Seattle City Council passed Resolution 31525 in 2014, adopting revised City of Seattle Investment Policies, including Policy 4, Social Policies,...Click here for full text