JPMorgan Announces Push to Narrow Racial Wealth Gap
NEC member JPMorgan Chase has announced a new effort to help close America’s racial wealth gap. The initiative will include billions of dollars in loans to Black and Latino home buyers and small business owners.
JPMorgan stated that it will commit a total of $30 billion over five years to boost access to affordable housing and support minority-owned small businesses. JPMorgan will allocate $8 billion toward an additional 400,000 mortgages for Black and Latino homebuyers and will also devote $14 billion to fund 100,000 affordable rental units, as well as lend $2 billion to small businesses in majority Black and Latino communities. JPMorgan will also open new branches in underserved areas of Los Angeles, Chicago, and Detroit.
“Systemic racism is a tragic part of America’s history,” Chief Executive James Dimon said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality.”
The New England Council applauds JPMorgan Chase on this commitment to narrowing the racial wealth gap. Read more from the Wall Street Journal.