Bank of America announces expansion of racial justice initiatives

Patrick T. Fallon | Bloomberg | Getty Images

Bank of America is expanding its Racial Justice Initiative, allocating more funding to advocacy and color community equality.

“The urgency to address long-standing issues of inclusion and racial inequality only grew after the attacks and hate speech against Asians last year,” said Brian Moynihan, chairman and CEO of Bank of America.

The bank announced a four-year pledge last June, backed with $ 1 billion, in response to the murders of George Floyd and Breonna Taylor, as well as the impact of the pandemic on the color communities. “The programs will focus on providing support.” People and color communities who have been harder hit by the health crisis. “

The initiative is now being extended for another year and the bank increased its investment in the program to $ 1.25 billion.

The bank says the additional funds “will continue to support investments to address racial justice, advocacy and equality for people and communities of colors, including those of Asian descent.”

Bank of America announced that it has already invested $ 350 million of its original $ 1 billion in health, employment and retraining, affordable housing and small business.

Some of the initiatives the bank supported with the funding include donating more than $ 13 million to Native American communities, distributing 25 million masks to underserved communities across the United States, and partnering with 21 higher education institutions and key employers to improve the skills of black and Hispanic students.

The bank also says it will allocate $ 1 million immediately “to support increased advocacy, dialogue and engagement with the Asian-American community.”

These emergency measures include a grant for Asian Americans Advancing Justice and the addition of Connie Chung Joe, CEO of Los Angeles’ Asian Americans Advancing Justice, as a member of Bank of America’s National Community Advisory Council.

The bank will also provide additional support to the National Coalition for Community Development in Asia Pacific and the Leadership Conference Education Fund.

Bank of America added that it will match employee donations to these organizations to match donations through the dedicated gift program.

“The rising number of attacks against Asians, including the tragic recent shootings in Atlanta, has been a strong reminder that we must unite against discrimination, hate speech and violence,” said Thong Nguyen, vice chairman of Bank of America. “We will not tolerate any form of racist acts. Today’s commitment builds on Bank of America’s longstanding work in promoting inclusion and racial equality.”

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