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.
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