African Activist Archive

Contents: THE BANK OF AMERICA IS VULNERABLE ON A NUMBER OF DIFFERENT FRONTS • BOYCOTT • WITHDRAWAL • DIRECT ACTION • POSSIBLE DEMANDS • A proposal by Chris Hables Gray [C. H. Gray] of Stanford Committee for a Responsible Investment Policy (SCRIP). The proposal for a campaign targeting the California-based Bank of America that addresses multiple issues that show that the bank both supports apartheid abroad and racism and discrimination at home. Bank of America has always loaned money to South Africa, either directly or through consortiums. Now, the bank has a short-term loan of $180 million to finance import/export trade with the U.S. There are also reports that the bank is involved in a recent $110 million loan to the South African government, which the bank denies. A number of community groups accuse the B of A of "redlining"; the areas in question suffers a net capital loss much like an underdeveloped country. The NAACP, National Organization for Women (NOW), and other groups are demanding more information about B of A's hiring and affirmative action programs. A coalition of unions are trying to get the bank to allow workers to vote the proxies of their pension fund investments and to invest in companies of their choice. The proposal says there are multi-issue bank campaigns in Boston (First National Bank of Boston) and New York (Citibank) that have gathered support from labor, minority groups, women's groups, churches, and students. The heart of any bank is its depositors, both individuals and institutions like universities and unions. There is a good beginning on the B of A campaign by people from AFSC (American Friends Service Committee) and the Ecumenical Peace Institute, but a statewide movement is needed. The proposal argues why Campuses United Against Apartheid (CUAA) would be a good base for this campaign and would also be politically positive for CUAA. It is a difficult but winnable campaign, it shows the nature of capitalism, and it would lead to students working with community and labor groups. The document mentions minority neighborhoods, the flatlands of Oakland, San Ramon, United Neighbors for Action, Wells Fargo, the Vietnam war, student loans, a Barclay's Bank boycott in England, Rhodesia, progressive loans, and pickets.

African Activist Archive

BREAK THE BANK --- A Proposal for a Bank of America Campaign

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