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Last year Wells Fargo’s rating by the federal Comptroller of the Currency was reduced from “outstanding” to “needs to improve,” an unprecedented move.The City of Los Angeles is said to have more than 800 accounts with Wells Fargo, its primary bank.
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Los Angeles City Councilmember Mitch O’Farrell, who has led an effort to force the City of Los Angeles to cut ties with Wells Fargo, introduced on Wednesday a proposal for the city to sever its relationships with any businesses that have ties to the National Rifle Association.
In his proposal introduced at Wednesday’s City Council meeting, O’Farrell asked that city staff members develop a list of groups and organizations that have a “formal” relationship with the NRA and develop plans for the City of Los Angeles to boycott them.
At that meeting Duran cited as an example Wells Fargo’s support for the Gay Men’s Chorus.
He also said that Wells Fargo should be recognized for its early support for same-sex marriage rights and HIV/AIDS organizations.“Wells Fargo has been at the forefront of contributing to LGBT causes for over 30 years,” he said.