After meeting with local Occupy Wall Street activists, the Austin City Council has unanimously passed a resolution calling for the city to explore divesting all of its funds from Wall Street banks, specifically Bank of America.
The resolution was crafted after council members met with Occupy Austin’s Bank Action Team. Its unanimous passage marks the the beginning of a serious review process in which the City of Austin will reevaluate its current banking relationships, explore divestment from Bank of America and consider banking exclusively with local credit unions.
As the resolution states, the City Manager is to make recommendations that:
…give preference to banks that support community reinvestment goals, such as the stabilization of the housing market, provision of loans to local homeowners and businesses, establishment of local branches in low-income communities, and opportunities for local employment.