Wells Fargo mentioned Wednesday it was searching for to comply with federal law when it terminated the official campaign account of a candidate for Florida agriculture commissioner.
In an uncommon move, the San Francisco-primarily based bank issued a press release to address current news coverage on its choice to close the campaign account of Nicole “Nikki” Fried.
Wells Fargo, whose biggest employment hub is in Charlotte, mentioned in its statement that as a federally regulated national bank, it ought to comply with federal law on the problem of marijuana, even in situations exactly where state laws might differ.
“In current days, there have been assertions that Wells Fargo elected to close an account in Florida since of our presumed political viewpoint with regards to healthcare marijuana,” the bank mentioned. “That assertion is totally false. The corporation has no political position on the matter.”
The press release is a uncommon instance of Wells extensively distributing an official statement in response to news coverage. The move follows national media reports this week of the Florida action.
Wells terminated the account right after it found Fried has a “political platform … advocating for expanded patient access to healthcare marijuana” and she had “funds received from lobbyists from the healthcare marijuana business,” according to correspondence with Wells Fargo and offered by the campaign.
The campaign received an Aug. three letter saying it had 30 days to close the account, according to records. Matt Gotha, a consultant for Fried’s campaign for agriculture commissioner, mentioned they closed the account Saturday and transferred its roughly $137,000 to BB&T.
At a news conference in Tallahassee on Monday, Fried, a Democrat, mentioned the choice was “totally unprecedented” and a different instance of “the failures of our laws, institutions, [and] politicians to respect sufferers and medical doctors [and] the will of the voters.”
In Florida, voters authorized healthcare marijuana in 2016.
“While we recognize that resolving the variations involving federal and state laws on this matter has grow to be an business dilemma, we make these choices primarily based on the specifications of federal law and not since of any political view on the subject,” Wells mentioned in its statement.
Wells has about 25,100 workers in the Charlotte metro location.
Original Supply: https://www.charlotteobserver.com/news/company/banking/short article217172670.html#storylink=cpy