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Wednesday, February 8, 2017

Yurdin Calls for Divestment of Providence Funds from Citizens Bank

Introducing Ordinance Prohibiting City from Banking with Lenders to Dakota Access Pipeline (DAPL)
Councilman Seth Yurdin (Ward One) has called for the City of Providence to terminate its relationship with Citizens Bank for as long as it continues to provide support and financing to the Dakota Access Pipeline.

“Providence should not support financial institutions like Citizens Bank as long as they choose to fund the Dakota Access Pipeline,” said Yurdin.

Yurdin is introducing an ordinance that will prohibit Providence from doing business with banks that provide financing to DAPL. According to Food and Water Watch, Citizens Bank is providing $72,500,000 in financing to Sunoco Logistics Partners, one of the principal pipeline partners.

DAPL is a $3.7billion 1,200 mile pipeline designed to transport fracked oil from the Bakken Oil Field in North Dakota to Patoka Illinois near Chicago. DAPL has has been opposed by certain Native Americans due to concerns about local environmental and cultural impacts on their lands. DAPL is also opposed by climate change advocates. In 2016 President Obama blocked DAPL from proceeding. Upon taking office, President Trump revived the fracked oil pipeline project.

“The Dakota Access Pipeline threatens local communities and our climate,” said Yurdin. “The new federal administration is pushing DAPL ahead, ignoring both the concerns of Native Americans and the pipeline’s serious impact on climate change. Now more than ever, local governments need to support important issues like the opposition to DAPL.”

The ordinance will be presented at the City Council Meeting scheduled for February 16th.