Unions have the potential to make big powerful changes and the American Federation of Teachers (AFT) is stepping up. While in the middle of negotiations with Wells Fargo, the AFT told the big bank that its support of the NRA is a no-go. In a press release from Saturday, AFT President Randi Weingarten explained the AFT’s position.
AFT President Randi Weingarten said: “The lives of students and educators must be valued more than guns. This is America—Wells Fargo has the right to be the NRA banker, but we have rights too. That’s why if Tim doesn’t ditch his guns business, we’ll ditch Wells Fargo. We are glad Tim wants to meet; but no words will dissuade us from our view that our society must value people over profits. We have a responsibility on behalf of our members and their students who face potential gun violence every day.
“We’re issuing Wells Fargo an ultimatum—they can have a mortgage market that includes America’s teachers, or they can continue to do business with the NRA and gun manufacturers. They can’t do both.”
This response from the AFT comes after a back and forth with Wells Fargo CEO Timothy Sloan, where the AFT asked the banking giant to consider following suit along with the many companies divesting their support of the NRA after the Parkland, Florida mass shooting in February.
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We are heartened by the many companies and corporate leaders that have taken steps to help encl this gun epidemic and promote gun safety measures. We applaud the firms that have reversed their policies around gun sales and military-style assault weapons since the massacre at Marjory Stoneman Douglas High School that stole 17 lives.
We hope Wells Fargo will consider such measures. We were alarmed to read in multiple media reports that your bank "has been the largest backer, by far, of two of the biggest publicly traded gun companies in the U.S." and has provided financial support to the National Rifle Association (NRA).
CEO Sloan, for his part, had this bullshit to say:
We believe that the best way to make progress on the complex issues concerning gun violence is through the political and legislative process in which all citizens have the opportunity to participate. It is our hope that through that process communities and organizations can come together to determine what additional steps our country should take to enhance public safety.
This was followed by a strange “reminder” of Wells Fargo’s great charity work for education.
Wells Fargo values its relationship with AFT. In 2017, Wells Fargo Home Lending assisted 1,600 AFT families with home financing. We take great pride in supporting teachers and their families, especially when they face financial hardship. For example, our Neighborhood LIFT program provides down-payment assistance to help people who make less than 80 percent of area median income and want to achieve the dream of homeownership. In 2017, we raised the program’s allowable area median income to 100% for teachers as a way to express our gratitude for all that they do in our communities.
In 2017, Wells Fargo & Company provided $68.4 million in education-related contributions across the nation. In 2018, we expect to increase our annual philanthropic donations by 40 percent to do our part to strengthen and support the communities we live and conduct business in.
In July of 2017, Wells Fargo reported $22.17 billion in revenue. According to the robot that talks on my phone, Wells Fargo’s $68.4 million is 0.2085 percent of the revenues they claimed to have generated midway through that year. To put that into perspective, if I made the “average” American yearly salary of $50,000, that would be like me giving the Department of Education $104.25.
I don’t think it matters to you whether you give that money to education or not Wells Fargo, so drop the NRA or lose more business.