City of Berkeley Takes Steps to Move Its Money to a Local Bank

In what could well be one of the more significant consequences of the Occupy Wall Street movement, Berkeley may become one of the first cities in the country to pull its assets out of a major bank — in this case, Wells Fargo — as response to its role in the financial meltdown.

The city council unanimously decided to review the feasibility of transferring its $300 million or so in assets from the bank to either a local bank or a credit union, and whether an institution of that size would be able to handle the banking transactions required of a medium-sized city.

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