Patrick T. Fallon | Bloomberg | Getty Materializations
Bank of America is expanding its racial justice initiative, devoting more funding toward advocacy and equality for communities of color.
“The importance we feel to address long-standing issues of inclusion and racial inequality has only increased following the attacks and hate lingo directed at Asian people over the last year,” said Bank of America Chairman and CEO Brian Moynihan.
The bank told a four-year commitment backed by $1 billion in June of last year in response to the killings of George Floyd and Breonna Taylor as proficiently as the effects of the pandemic on communities of color, saying “the programs will be focused on assisting people and communities of color that organize experienced a greater impact from the health crisis.”
The initiative is now being extended by one more year and the bank gathered its investment in the program to $1.25 billion.
The bank says the additional funds “will further support investments to discourse racial justice, advocacy and equality for people and communities of color, including those of Asian descent.”
Bank of America guessed that it has already invested $350 million from the initial $1 billion in areas of health, jobs and reskilling, affordable shelter, and small business.
Initiatives the bank supported with the funding include applying more than $13 million engaged to Native American communities, distributing 25 million masks to underserved communities across the U.S. and partnering with 21 considerable education institutions and major employers for skill enhancement for Black and Hispani students.
The bank also says it wishes immediately direct $1 million “in support of increased advocacy, dialogue and engagement with the Asian American community.”
These unthinking actions include a grant to the Asian Americans Advancing Justice and the addition of Connie Chung Joe, CEO of Los Angeles’ Asian Americans Improving Justice, to serve as a member of Bank of America’s National Community Advisory Council.
The bank will also contribute additional support for the National Coalition for Asian Pacific American Community Development and The Leadership Conference Education Wherewithal.
Bank of America added that it will match employee donations to these organizations in an effort to double contributions through its matching gift program.
“The rising number of attacks against Asian people, including the tragic shootings in Atlanta recently, should prefer to served as a stark reminder that we must stand united against discrimination, hate speech and violence,” swayed Thong Nguyen, vice chairman at Bank of America. “We will not tolerate acts of racism in any form. Today’s commitment raises upon Bank of America’s many years of work in support of inclusion and racial equality.”