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Committee advances amended Wells Fargo sanctions resolution after controller outlines limited suspension
Summary
Committee members forwarded an amended resolution urging investigations into Wells Fargo and restricting some future city business with the bank; the controller recommended suspending new business for some services but warned against barring the bank from competitive bond underwriting because that could increase borrowing costs.
The Budget & Finance Committee voted to send an amended resolution to the full Board that calls for a city inventory of business with Wells Fargo, urges investigations by the city attorney and district attorney, and asks city financial officers to explore options for reducing municipal ties with the bank. The original measure sought broader sanctions, but the committee accepted changes reflecting the Controller’s memo and the Treasurer’s concerns about consumer harm.
Jeremy Pollack, legislative aide to Supervisor John Avalos, presented amendments derived from the Controller’s inventory. City Controller Ben Rosenfield said his office had conducted an inventory and recommended suspending new business with Wells Fargo for certain financial services, while explicitly cautioning against excluding the bank from competitive bond…
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