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San Francisco Congregations Move $10 Million Out of Big Banks

February 24, 2012, 1:36 pm | Posted by Nick Sementelli

In the last year, people across the country have been moving their money out of the big banks that are responsible for inflicting economic suffering on so many American families. Religious leaders have been at the forefront of this movement, helping organize their houses of worship and congregants to only work with financial institutions that uphold their religious values and maintain ethical business practices.

The New Bottom Line coalition has been coordinating and tracking these efforts with over $58 million dollars reportedly moved so far.

This week, a group of clergy in San Francisco added another $10 million to that total with an Ash Wednesday press conference calling on Wells Fargo to put an immediate freeze on its foreclosures and repent for their misconduct.

 

It’s great to see religious communities keeping this drumbeat alive. Every new effort like this brings the movement closer to their goal of moving one billion dollars out of the big banks.

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