Lehigh Controller Mark Pinsley, who'd like to be State Senator Mark Pinsley, is urging Commissioners to pull its $145 million in accounts with Wells Fargo Bank. It bothers him that this banking giant, through a PAC, has contributed to anti-abortion Governor Gregg Abbot. At their July 13 meeting, they voted 6-3 to evaluate how the county makes its deposits.
It should be noted that Wells Fargo itself is making no political contributions. Those instead come from a PAC formed by employees.
Comm'r Zakiya Smalls suggested that deposits should be with local banks. "Why were we ever banking with them?" she asked. A state law requires that any deposit must be with a bank that can cover all the assets deposited. This limits a county's ability to deposit at smaller banks. Smalls insists there are at least four regional banks that can handle the county's money.
They voted 6-3 to seek deposit policies in place at the county and to get a determination from the solicitor's office on the legal process for changing banks. Voting No were Antonio Pineda, Ron Beitler and Jeff Dutt. The remaining six Commissioners were Yes.
Though he voted in favor of a review, Comm'r Dan Hartzell worried that the county could be opening up a Pandora's Box by tying deposits to political contributions. Comm'r Dave Harrington, a lawyer, observed that linking deposits to political contributions could be unconstitutional.
Beitler, one of the No votes, took issue with the story penned by John Micek for Pennsylvania Capital-Star, in which Micek referred to yet another story asserting that Commissioners voted to begin the process of divesting from Wells Fargo. Beitler noted that several nonlocal news outlets are incorrectly reporting that the county has begun the process of divesting from Wells Fargo. "It's just not what happened," he asserts.
I personally like the idea of investing as much as possible in local or regional banks so long as the assets can be covered. I also believe that any attempt to penalize a bank because of political contributions made by its employees, is a blatant violation of the first amendment.