Bank Loans to South Africa: The Case Against ‘Business as Usual’

Extract

For the last ten years the issue of U.S. bank loans to South Africa has been a clear focus for many U.S. church bodies. Documents provided for the record of this hearing include resolutions from the late 1960s from the Conventions, Synods, and Assemblies of several major Protestant denominations. These resolutions clearly call for an end to U.S. financial support to the land of apartheid. The vigorous campaign of the 1960s for an end to bank loans to South Africa resulted in a victory when a $40 million floating credit by ten U.S. banks was not renewed. Dozens of discussions were held with bank officials and millions of dollars in accounts were withdrawn in protest in that campaign.