It’s hard to figure out if Wells Fargo, the fourth-largest bank in the United States, is just trying to kiss-up to Jeff Sessions and the Department of Justice or if the good bank’s Board of Directors has gone off the deep end.
However, according to some emails made public by Nikki Fried’s campaign on Monday, it is definitely true – the bank is afraid to keep her as a client because of her advocacy for medical marijuana, which by the way, was legalized in Florida in 2016.
“As part of the onboarding of the client it was uncovered some information regarding the customers [sic] political platform and that they are advocating for expanding patient access to medical marijuana,” Antoinette Infante, a vice president and senior relationship manager at Wells Fargo, wrote in a July 11 email to the Fried campaign’s compliance officer, according to Forbes.
It’s well known that many banks are reluctant to open accounts for marijuana businesses, but Wells Fargo’s action appears to be the first time a bank is refusing to work with a political candidate because of cannabis industry donations.
SEE THE EMAILS:pic.twitter.com/cIDPQZ3AhK
— Tom Angell (@tomangell) August 20, 2018
The thing is, Fried has never denied she accepts campaign contributions from lobbyists in the marijuana industry, and in response to an inquiry from Wells Fargo, she confirmed this, and had no intention of stopping. Wells Fargo confirmed the closure of the account in an August 3 letter. An Aug. 14 letter followed, giving the campaign 30 days to end the account.
The Fried campaign switched its funds to BB&T Bank. A political committee supporting Fried, Florida Consumers First, also switched its funds to BB&T.
The Orlando Sentinel is reporting that on Monday, Fried slammed the bank’s move, asserting she will continue to support increased public access to medical marijuana, and I say, “Good for you, girl.”
“They told me my account was being flagged because of my political platform,” Fried said during a news conference at the Capitol. She also said Fells Fargo took things a step too far in ending its relationship with her, especially when medical marijuana access is a major part of her campaign platform.
“I’m a candidate. I have a right to be heard,” Fried said. “I am not touching the plant, I am not selling the plant, I’m not producing the plant. I’m simply advocating for the expansion of medical marijuana.”
Barring anything else, Fried can thank Wells Fargo for significantly elevating her name-ID and campaign.
Usually, the only time we read about a Democrat running for Ag Commish is the day-after-election story that says who lost. August 20, 2018
Is it really the bank’s business?
Fried is probably correct in saying she hasn’t heard of any other political candidate in the country having their bank suspend their account over medical marijuana industry donations. And this action leaves one to wonder if someone has it out for her and is using very underhanded tactics.
Or, could it be the overall climate of fear now present in this country, especially in the political and press arena, that has been fueled by a constant barrage of falsehoods passed off as facts, accusations, hateful name-calling and growing demands for recognition by the near-despot we have in the White House?
It is fairly obvious Wells Fargo, with all its past transgressions, is running scared of getting on the government’s S^^^ list again. However, I must agree with Ms. Freid – If my bank were to ask me who I donated money to, or for that matter, where I got my money, or who I did business with, I would take my account elsewhere. It is really none of their business.
