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Portland First US City To Divest Funds From Walmart

News making headlines this week from YES! Magazine - On Thursday, May 15, the city of Portland got rid of $9 million, or 25 percent, of its investments in Walmart. This marks the beginning of a divestment program that will purge Portland's investment portfolio of $36 million in Walmart bonds by 2016, according to a press release. The divestment plan is part of the city's responsible investment initiative, introduced by City Commissioner Steve Novick, and adopted in October 2013. The initiative also prohibits the city from purchasing Walmart bonds in the future.

Portland is not only discontinuing its investments in Walmart, but has set up a committee to advise it on making socially responsible investments in the future. The committee will address issues like abusive labor practices, corruption, and health concerns, among other things.

As you may recall, Filter Free Radio's Jacob Dean attended the Black Friday Walmart Protests here in Portland (2012 & 2013) where in November 2013 Portland City Commissioner Steve Novick spoke about Portland divesting from Walmart.

Here is the video recorded live by Jacob Dean 11/29/2013 at Walmart in S.E. Portland, Oregon.