Bank Protesters Seeking Bans Move Into City Halls on Both Coasts
By Christopher Palmeri, Freeman Klopott and Alison Vekshin
Oct. 25 (Bloomberg) -- Advocates for the poor are using the Occupy Wall Street protests in city halls to push municipalities to divest from banks blamed by demonstrators for the global financial crisis and persistent unemployment in its wake.
San Francisco’s Board of Supervisors weighed such a move yesterday during a hearing in which activists, including supporters of the local Occupy SF encampment, urged the adoption of policies that would prompt big banks into modifying mortgages for struggling homeowners.
Communities from California to New York are considering demands to halt doing business with some of the biggest U.S. banks, or at least to focus attention on their local investment activity. The Los Angeles City Council on Oct. 12 accelerated plans to issue report cards on lenders that may lead the nation’s second-most populous city to withdraw funds from those that score poorly on criteria such as home-loan modifications. New York City may make a similar change in bank-selection rules.Read More »