The largest teachers union in the country is ending its relationship with Wells Fargo because the bank does business with the gun industry and the NRA.
The American Federation of Teachers has 1.7 million members and channels about 1,600 mortgages a year to Wells Fargo. The union threatened to end its endorsement after the school shooting in Parkland, Fla., and after reports that Wells Fargo was the National Rifle Association’s banker.
AFT President Randi Weingarten hopes to isolate the NRA. “This is the first time that others are starting to look at economy power as a way of mitigating their influence,” Weingarten says.
In a statement, Wells Fargo said the company wants schools to be safe, but that elected officials, not banks, should decide which products people can buy.
Not all banks agree. Chase, Bank of America, Citigroup, and others have limited their ties to the gun industry.