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 private prison company that operates immigration detention centers.
The action is part of a nationwide campaign to get investors to divest from prison companies. Most recently, the campaign has focused on cities, counties, universities and other local institutions.
Portland holds $40 million in Wells Fargo bonds. Officials said the city is working on broad criteria for socially responsible investment policies.
A Wells Fargo mutual fund holds shares totaling less than one percent of outstanding shares of GEO Group, one of the nation's largest private prison companies.
Wells Fargo said its managers should make portfolio management decisions based on the best investments for clients.