Bank of America Increases Commitment to Equality and Opportunity to $1.25 Billion
NEC member Bank of America recently announced that that it will increase its initial commitment of $1 billion over four years to advance racial equality and economic opportunity to $1.25 billion over five years. The initiative seeks to address justice and advocacy for minority groups, specifically Asian and black communities, focusing on such areas as health, employment, housing, and small businesses.
To date, Bank of America has made $350 million in investments to nonprofits, educational institutions, private equity funds, PPE manufacturing, Native American communities, minority depository institutions (MDIs), and community development financial institutions (CDFIs) to support under-served communities and promote racial equity and opportunity. The company has also sought to create a culture of diversity and inclusion, facilitating conversations about ally-ship and the current racial climate with its members and across corporate networks. With the recent rise in violence towards Asian-Americans, Bank of America committed an immediate $1 million investment towards increased advocacy and engagement for the Asian-American community.
In a statement, Bank of America Chairman and CEO Brian Moynihan commented, “The urgency we feel to address long-standing issues of inclusion and racial inequality has only increased following the attacks and hate speech directed at Asian people over the last year. Across the public and private sectors, it is clear that we must do more – to take action, help others convene, and serve as a catalyst for a broad-based, collective response to the critical issues affecting our nation.”
The New England Council thanks Bank of America for the company’s ongoing dedication to racial justice and equality, and for catalyzing similar initiatives across the private sector. Read more from CNBC and Bank of America’s press release.