pages: CityCouncil/2017-02-21.pdf, 18
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CityCouncil | 2017-02-21 | 18 | Alameda's relationship with Wells Fargo: Benjamin Davis, Berkeley. Urged Council to approve the proposition and investigate other measures which would ensure Alameda does business with socially responsible institutions: Cheri Johansen, Alameda Progressives. Stated that his group led a campaign to get the University of California to divest from private prisons; he supports the proposal; urged Council to make investments that align with good values: Yoel Haile, African Black Coalition. Stated that his unions have taken a position against the Dakota Access Pipeline; he supports the referral; urged Council to consider using credit unions: Marcus Holder, Alameda resident, ILW Local 10 and San Francisco Labor Council. Stated that she supports Council's efforts to make Alameda a responsible and humanitarian city: Jessica Reed, Alameda. Submitted information; urged Council to divest from Wells Fargo; named other financial institutions that are better choices: Laura Kindsvater, Alameda. Stated that she hopes Alameda will be able to divest from Wells Fargo and move on to other financial institutions: Becca Loux, Oakland. Stated that she appreciates being heard as part of the civic process; urged support of the referral: Austen Wianecki-Wang, Alameda. Listed reasons why Alameda should divest from Wells Fargo: Sacha Moustakas, Alameda. The City Treasurer stated the process has been happening for a couple months; Alameda has a good grasp on the situation; he is happy to work with the Council and the City if the referral is approved; the plan is to do the annual investment policy review in six weeks; decisions can be incorporated in the investment policy; it sounds like the money managers need to be notified as soon as tomorrow morning; inquired whether the issue will be handled through a revision of the investment policy, which would be the formal way, or have an interim ad hoc solution. Vice Mayor Vella inquired what the ad hoc solution would entail, to which the City Treasurer responded Alameda would be best served as an organization to give the money managers formal direction, which would be through the investment policy; suggested the referral be to discuss the issue more in-depth and plan to approve an investment policy in April which will incorporate any revisions and give formal notice on how to address the three securities owned today; stated the money managers would be very clear on how to execute the City's instructions. Regular Meeting Alameda City Council 18 February 21, 2017 | CityCouncil/2017-02-21.pdf |