Abstract
This conversation between Terri Friedline and Matt Remle took place in November 2022. The conversation occurred as private banks were increasing their investments in fossil fuels and organizers were calling to establish new, publicly accountable financial institutions that would not underwrite climate devastation. As a Hunkpapa Lakota man and member of the Standing Rock Sioux tribe, Matt has actively participated in and led fossil fuel divestment and public banking campaigns. He has also protested militarism, wars, economic sanctions, and toxic waste sites. In addition to recognizing many people’s long-held appreciation for Matt’s perspectives, my intentions in having this conversation were to move the study of financial well-being markedly beyond its common individualized focus and to consider the ways that systems of oppression and domination shape families’ financial lives. Along these lines, we talked about settler colonialism, fossil fuel divestment, and public banking advocacy. Our conversation concludes with a call to build authentic relationships, with humility and genuineness, as a path toward truly dismantling settler colonialism.
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Notes
The United Nations provides more information on Free Prior and Informed Consent (FPIC): https://www.un.org/development/desa/indigenouspeoples/publications/2016/10/free-prior-and-informed-consent-an-indigenous-peoples-right-and-a-good-practice-for-local-communities-fao/.
News stories about the Dakota Access Pipeline protests report that Tribal leaders “express[ed] concerns” about the pipeline project, indicating that Energy Transfer Partners ignored these concerns or failed to engage in a process of FPIC. Several news stories are available for review: https://healingmnstories.wordpress.com/2016/12/08/free-prior-and-informed-consent-a-dapl-dispute/ and https://www.wsj.com/articles/dakota-pipelines-builder-says-obstacles-will-disappear-under-donald-trump-1479327104 and https://www.pbs.org/newshour/nation/audio-shows-standing-rock-sioux-tribe-objected-pipeline-two-years-ago.
First Peoples Worldwide estimates that, by failing to engage in an authentic and robust FPIC process, Energy Transfer Partners incurred at least an additional $7.5 billion in project-related costs, banks financing the Dakota Access Pipeline including Wells Fargo incurred $4.4 billion in total costs related to account closures, and taxpayers and local communities incurred $38 million in costs. https://www.colorado.edu/program/fpw/DAPL-case-study.
Wells Fargo’s Indigenous People’s Statement, which was published and updated in 2017 after the Dakota Access Pipeline protests, is available for review here: https://www08.wellsfargomedia.com/assets/pdf/about/corporate-responsibility/indigenous-peoples-statement.pdf.
As an example, the Investor Advocates for Social Justice filed a notice with the Securities and Exchange Commission warning of Wells Fargo’s potential vulnerability to litigation for financing projects that violate the rights of Indigenous peoples. This notice encouraged shareholders to vote for a proposal at a 2022 meeting. https://www.sec.gov/Archives/edgar/data/72971/000121465922005068/o411222px14a6g.htm.
A Brookings Institution report describes that FPIC processes go beyond consultation to include consent, suggesting that a bank’s FPIC statement would be incomplete or insufficient if it failed to recognize Indigenous or Tribal self-determination in decision-making about financing new development projects or extracting resources. https://www.brookings.edu/articles/on-indigenous-peoples-day-new-ideas-for-american-indian-land-rights/.
In October 2022, environmental justice organizations announced that AXIS Capital had listened to Tribal leaders and adopted an authentic and robust FPIC policy, which includes completing thorough due diligence on new and existing projects: https://www.ran.org/press-releases/axis-capital-becomes-first-north-american-insurer-to-adopt-policy-on-free-prior-and-informed-consent/.
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Friedline, T. A Conversation with Matt Remle: Settler Colonialism, Fossil Fuel Divestment, & Public Banking Advocacy. J Fam Econ Iss (2024). https://doi.org/10.1007/s10834-024-09946-y
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DOI: https://doi.org/10.1007/s10834-024-09946-y