Activists from religious groups and labor organizations are planning to simultaneously withdraw all of their accounts from a major bank to protest that bank’s refusal to agree to a two-year moratorium on mortgage foreclosures despite receiving billions of dollars in taxpayer funds during the bank bailouts. The Detroit News reports:
United Auto Workers President Bob King and religious leaders plan to withdraw hundreds of millions of dollars from JP Morgan Chase accounts to protest the bank’s refusal to agree to a two-year freeze on foreclosures in Michigan.
King, farm union leader Baldemar Velazquez and two clerics will hold a conference on Friday at the Central United Methodist Church in downtown Detroit to announce their plans.
“Chase needs to help unemployed homeowners in Michigan and underpaid farm workers in the Carolinas,” King said in a statement. It said King was prepared to withdraw all of the UAW’s funds from the bank.
The company had no comment on the plan.