#Roommates, as black people across the country continue to make their voices heard in regards to police brutality through riots and protests, many major corporations are also stepping up to lend their support financially. Bank Of America just announced that it plans to pledge $1 billion to combat racial inequality in America over the course of the next four years.
@Forbes reports, Bank Of America—which is America’s second largest bank by assets—is making an almost unprecedented commitment to help alleviate the widening gap of racial inequality brought on by coronavirus pandemic, and further accentuated by the national protests in response to the murder of George Floyd. Earlier this week, Bank of America announced its plans to make a $1 billion commitment over four years to help local communities address the widening economic and racial inequality. “Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” said CEO Brian Moynihan in a press release.
Bank of America’s programs will focus specifically on assisting people and communities of color. The proposed four-year plan will build on current work to develop workforces and improve economic mobility in local communities nationwide. Areas of focus include improving access to jobs and helping build skills and training for workers, committing to supporting local small businesses and assisting with housing. Additionally, the plan will concentrate on building partnerships with historically black colleges and universities and Hispanic-serving institutions that help with hiring and research programs. Support will also be given to minority-owned small businesses, including clients and vendors, and work with high schools and community partnerships to give workers new skills.
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Bank Of America will roll out the $1 billion program through the leaders of its businesses in local markets. An estimated 91 U.S. market presidents at Bank Of America’s nationwide and some international personnel will develop plans to execute the commitment in their local markets.
The bank’s housing efforts will also support investment for affordable shelter and neighborhood revitalization, building on the company’s $5 billion in existing Community Development Banking. Bank Of America is continuing its efforts to commit to hiring low-to-moderate income workers and those from disadvantaged communities.
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