PORTLAND, Ore. (AP) — Immigrant rights activists in Oregon are asking the city of Portland to stop buying bonds from Wells Fargo, which has a mutual fund with shares in a company that operates immigration detention centers.
The action is part of a nationwide campaign to get investors to divest from private prison companies. Most recently, the campaign has focused on local institutions such as cities, counties and universities.
Portland holds $40 million in Wells Fargo bonds. The city is working on criteria for socially responsible investment policies.
The Wells Fargo fund holds less than 1 percent of outstanding shares of GEO Group, one of the nation's largest private prison companies.
Wells Fargo has said its managers should make portfolio management decisions based on the best investments for clients.