WELLS FARGO & COMPANY | Report on Government Requests for Account Closings at WELLS FARGO & COMPANY

Status
Omitted
AGM date
Previous AGM date
Resolution details
Company ticker
WFC
Lead filer
National Center for Public Policy
Resolution ask
Report on or disclose
ESG theme
  • Social
ESG sub-theme
  • Human rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
United States
Resolved clause
This resolution was omitted from Wells Fargo's proxy statement. For more information access: https://www.sec.gov/files/corpfin/no-action/14a-8/nlpcwellsfargo030223-14a8.pdf

RESOLVED:
The shareholders request that Wells Fargo & Company (“Company”) provide a report, published on the company’s website and updated semi-annually – omitting proprietary and private customer information and at reasonable cost – that specifies the Company’s policy in responding to requests to close, or in issuing warnings of imminent closure about, customer accounts by any
agency or entity operating under the authority of the executive branch of the United States Government.

This report shall also include an itemized listing of such requests, including the name and title of the government official making the request; the nature and scope of the request; the date of the request; the outcome of the request; and a reason or rationale for the Company’s response, or lack thereof.
Supporting statement
SUPPORTING STATEMENT: In 2013, the U.S. Department of Justice initiated “Operation Choke Point,” to investigate financial institutions that provided services to payment processors for allegedly “high risk,” – but legal – businesses, such as firearms retailers and precious metals dealers. The stated purpose of the initiative was to ferret out pervasive “fraud.” This discriminatory campaign against legally functioning businesses drove many owners to financial ruin and forced many to close.1 Wells Fargo cooperated2 with the government in the unconstitutional program.3 After multiple lawsuits, the FDIC reached settlements4 with several of its former targets, and the Justice Department announced5 in July 2017 that it would end Operation Choke Point. In 2021, however, the current presidential administration considered reinstating the program.6 Later that year two outspoken political activists saw their Wells Fargo bank accounts closed without advanced notice. Shareholders need to know whether the Company is cooperating with government officials engaged in unconstitutional law enforcement activities and censorship, opening the Company to liability claims by victims. 7 Shareholders also need to know whether the Company is failing to disclose these potential liabilities as material risks in its public filings. There is currently no single source providing shareholders the information sought by this resolution.

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