Barbara Lee Lauds Wachovia Decision to Open Oakland HQ
(Washington, DC) – Congresswoman Barbara Lee (D-Oakland) called Wachovia Corporation’s announcement today that it will make its West Coast home in Oakland after the merger with Oakland-based Golden West Financial good news for Oakland and vowed to continue to work to ensure that the merger benefits the East Bay.
“This is a great first step towards making sure that this deal is a winner for Oakland and the East Bay,” said Lee. “We asked Wachovia to make a commitment to our city, to making this their base as they expand their west coast operations, and they have done that.”
Lee and community organizations met with representatives from Wachovia after the proposed merger was announced to ask the company to take steps to address the needs of California and the local community; making Oakland the headquarters of the company’s west coast operations was at the top of the list of concerns.
“I am pleased that they are listening to our concerns,” Lee said.
Lee made it clear that she will continue to work with Wachovia and community organizations to ensure that other concerns are addressed, such as establishing and expanding branches in underserved communities; ensuring diversity of top executives and board members; implementing an economic development plan for California and the East Bay; and Developing a Community Reinvestment Act plan for California are addressed.
“I look forward to continuing to with Wachovia and our community stakeholders to ensure that this merger is a win-win proposition for Wachovia for the East Bay and for California,” said Lee.
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