Seattle City Council Passes Resolution to Review Banking Practices
The Seattle City Council unanimously passed a resolution on a 9-0 vote Monday that potentially could lead to the city moving its funds from big banks and into credit unions.
November 15, 2011
The Seattle City Council unanimously passed a resolution by a 9-0 vote Monday that potentially could lead to the removal of city funds from big banks.
The 12-part declaration resolves that Seattle “will review its banking and investment practices to ensure that public funds are invested in responsible financial institutions that support our community.” The resolution was sponsored by Councilmen Nick Licata and Mike O’Brien, both of whom announced on Bank Transfer Day that they were joining credit unions.
According to Mark Minickiello, Vice President of Legislative Affairs for the Northwest Credit Union Association, the resolution presents opportunities for partnership on common issues before the state legislature.
“The resolution ties the city of Seattle to issues of public funds and member business lending—two issues that credit unions have an interest in,” he said.
With the issue of public funds before the Oregon Legislature, Minickiello agreed that if Oregon cities began passing similar resolutions, it could create momentum the legislation needs.
The resolution was first presented to and passed by the Occupy Seattle General Assembly before Licata and O’Brien presented it to the Seattle City Council. Most media outlets call the resolution a resounding endorsement of the Occupy movement.
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