Bank of America Pledges $1 Billion To Fight Racial Inequality
Bank of America is stepping up!
In a Tuesday announcement, the bank said it will commit $1 billion to help communities grapple with the widened economic and racial inequality caused by the novel coronavirus.
In a press release, the company explained that the program will focus on “assisting people and communities of color that have experienced a greater impact from the health crisis.” Brian Moynihan, Bank of America CEO added that, “Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic.” Moynihan went on to say, “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”
Specifically, the $1 billion in funding will benefit initiatives including virus testing, flu vaccine clinics, and support for minority-owned small businesses, according to CNBC News. In addition to that, it will also go towards investment for affordable housing and recruitment and retention of staff from low-to-moderate income communities.
The bank said the programs, which will be implemented by the company’s 90 local U.S. market presidents, will focus on hard-hit areas impacted by the spread of Covid-19.
The big announcement comes as precautionary rules have been put into place to slow the spread of Covid-19, which have affected many businesses across the country. This also comes amid the civil unrest across the country sparked by the death of George Floyd in Minneapolis last week.
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