$TOP BANKING ON APARTHEID

by Stop Banking on Apartheid
San Francisco, California, United States
June 1978
2 pages
Type: Policy Document
Coverage in Africa: South Africa
Coverage outside Africa: United States
Language: English
The document asks HOW DO BANKS USE OUR MONEY? IS IT AVAILABLE FOR USE WITHIN OUR COMMUNITIES? WHO CONTROLS WHERE IT IS SPENT? WHO BENEFITS FROM OUR DEPOSITS, SAVINGS OR RETIREMENT AND HEALTH FUNDS? CAN WE CONTROL THESE RESOURCES? ARE BANKS ACCOUNT ABLE TO THE COMMUNITIES WITIDN WHICH THEY OPERATE? The document says today in South Africa a government elected by 4.2 million whites controls the lives of 21.7 million blacks; the policy of this government is to create ethnically separate reserves which are dependent upon and regulated by white interests. The document says to facilitate this policy and to insure the total economic, political and social dominance by white South Africans, the government has passed hundreds of laws, acts and decrees. The document says the deterioration of the South African economy is accelerating; as new, direct foreign investment slowed down after the Soweto Uprisings in 1976, foreign banks stepped in to provide the critical underpinning to the economy. The document says banks granting loans to South Africa have been targeted for a withdrawal campaign by church, labor, civic and community organizations throughout the U.S. and Canada; the goal is to end loans to South Africa and to get banks to make public an explicit commitment that they will not make such loans in the future; the strategy is to persuade organizations, families and individuals to withdraw their money and place it in more socially accountable financial institutions responsive to the needs of our communities. The document says $TOP BANKING ON APARTHEID is the California based participant; while the Bank of America is by far the largest lender to South Africa, $BOA recognizes the role played by four other California banks in support of apartheid: Crocker National, Security Pacific, United California and Wells Fargo. The document says $BOA is recommending banking institutions whiich have a good record of serving the needs of the communities they operate within. The document discusses the American Committee on Africa (ACOA), the American Friends Service Committee (AFSC), Clergy and Laity Concerned (CALC), the National Council of Churches, the New York Conference of United Methodist Churches, the United Church of Christ, the World Council of Churches, Oxfam (Canada), the Pan African Students Organization, the Washington Office on Africa (WOA), YWCA, the Women's International League for Peace and Freedom, AFL-CIO, Amalgamated Meat Cutters and Butcher Workers of North America, Canadian Union of Public Employees, Distributive Workers of America, the Furriers Joint Council of New York, International Longshoremen and Warehousemen, National Union of Hospital and Health Care Employees, Office and Professional Employees International Union, United Auto Workers, United Electrical Workers, United Steel Workers, and United Radio, Electrical and Machine Worker, university, colleges, U.S. corporate investment, the struggle, justice, human rights, the minority domination, the racist white regime, foreign condemnation, military spending, First Pennsylvania Bank, Maryland National, City National Bank of Detroit, and Central National of Chicago, redlining, affirmative action, employees rights to unionize, pension funds, and corporations, Rochester, Washington, D.C., Boston, Cambridge, Philadelphia, Milwaukee, and North Carolina.
Used by permission of former members of Stop Banking on Apartheid.
Collection: Miloanne Hecathorn papers