UAW WILL WITHDRAW FUNDS FROM BANKS MAKING LOANS TO RACIST SOUTH AFRICAN REGIME
NEWS FROM UAW
by Don Stillman, International Union of United Automobile Aerospace and Agriculture Implement Workers of America
Detroit, Michigan, United States
March 3, 1978
United Automobile, Aerospace and Agriculture Implement Workers of America
Press release announces that the UAW will withdraw its funds from financial institutions that participate in loans to South Africa. It also will urge banks at which it maintains accounts to publicly pledge not to make direct or indirect loans to support the present South African government or economy. The press release says a number of banks have previously agreed to such a position, including City National Bank of Detroit, Maryland National Bank, First Pennsylvania of Philadelphia, and Central National Bank of Chicago. The press release quotes UAW President Douglas A. Fraser, speaking at the Detroit Athletic Club, urging President Carter to discourage U.S. investment in South Africa. He recommends the following U.S. actions: end all Export-Import Bank insurance, loan guarantees and discount loans in support of exports to South Africa; withdraw all U. S. government services that provide information, encouragement and assistance to U.S. business trading with or investing in South Africa; end all DISC benefits for corporations dealing with South Africa; end all nuclear collaboration with South Africa; study and present to Congress proposals for tax disincentives to discourage investment and loans to South Africa as promised in the Democratic Party Platform; using The European Economic Community's Code of Conduct as a point of departure, draw up official guidelines on investments and fair employment practices for the approximately 300 U. S. companies that have invested over $1.6 billion in South Africa; and strongly urge the U. S. directors of the World Bank and International Monetary Fund to set human rights conditions on their loans to South Africa. The UAW and the International Metalworkers are planning to expand trade union education and organizational assistance for black metalworkers and will commemorate Sharpeville Day on March 13-21 to intensify international campaigning against apartheid.
Collection: Patricia L. Beeman Southern Africa Liberation Committee collection, Michigan State University Libraries Special Collections