US teachers' union drops Wells Fargo over gun industry ties

ANI | Updated: Apr 21, 2018 12:18 IST

Washington DC [United States], April 21 (ANI): The American Federation of Teachers (AFT) has cut its ties with the financial services giant Wells Fargo & Co. over the latter's connections with gunmakers and the National Rifle Association (NRA).

The 1.7-million-member national union notified the San Francisco-based Wells Fargo on Thursday (local time) that it is dropping the bank as a recommended mortgage lender.

In a letter to Wells Fargo CEO Tim Sloan, president of the AFT Randi Weingarten, wrote, "We can only assume that, in light of your silence ... you have decided that the NRA business is more valuable to you than students and their teachers are." reported the Hill.

"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. ... We have a responsibility on behalf of our members and their students who face potential gun violence every day," the letter read.

Earlier this month, the union told Wells Fargo that American teachers would no longer use the bank for mortgages if it continues to provide financial services to the NRA.

Wells Fargo deals with the accounts">accounts for the NRA and has reportedly helped firearm companies with $431 million in loans, the report said.(ANI)