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Council approves emergency resolution directing city to begin divesting from Citizens Bank
Summary
Following advocacy from residents and activists, the council approved an emergency resolution directing the city to start pulling funds from Citizens Bank because of the bank's financing of detention facilities. The mayor's office and several council members framed the move as a moral and fiscal stand.
The Municipal Council approved an emergency resolution on June 10 directing the city to begin divesting municipal funds from Citizens Bank, which council members and advocates say has financial ties to private immigrant detention facilities.
Why the resolution moved quickly: Citizens Bank financing of companies operating immigrant detention centers prompted activists and council members to press for immediate action. Council members described the move as an attempt to avoid complicity while also aligning public investment policy with the city’s sanctuary and human-rights principles.
Council action: The late-item resolution (added to the agenda as item 10.48) was discussed during the meeting’s final block and approved by the council. Council members representing different wards supported the measure; some members also recused themselves from unrelated bank-depository votes earlier in the night.
Administration statement: The mayor’s office issued a statement read at the meeting: “Citizens Bank has made a choice to finance the caging of human beings for profit. Jersey City is making a choice, too. We will not be complicit and we've already begun the process of pulling city funds.”
What happens next: The administration and finance department will take steps to move city deposits and financial relationships away from Citizens Bank where feasible and within legal and fiduciary constraints. Council members said this is the first of several steps and that staff will brief the council on timing and technical details.
What to watch: Implementation details—where funds will be moved, timeline for divestment steps, and whether other institutions with similar ties will be reviewed—will determine the practical impact and pace of the policy.
