According to reports, the second-largest bank in the United States, Bank of America, has announced a $1 billion initiative geared toward combatting racial injustice and the economic disparities brought forth by the coronavirus. The press release published Tuesday stated that economically disadvantaged communities of color will be the major recipients of the fund to aid initiatives around the expansion of health services, employee recruitments, job training, support to small businesses, and housing aid.

"Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic," said Bank of America CEO Brian Moynihan. "The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more." 

While absent from the press release, Moynihan issued a statement on the civil unrest in response to ongoing police brutality. "We share a deep sense of pain and loss from what we are seeing and experiencing right now in many of our local communities. Ahmaud Arbery, George Floyd, Breonna Taylor and other fellow citizens have died in deeply tragic circumstances," said Moynihan. "Many of you have shared with me your own expressions of anguish and anger about what has happened and how it is playing out across the country. I have listened and learned from all of you ... All of these engagements have helped me better understand how these tragedies affect communities of color and the historical roots of those feelings."

 

Source: forbes.com