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JPMorgan Chase, the largest U.S. bank, makes a $30 billion commitment to address America’s racial wealth gap.
JPMorgan Chase says that its $30 billion commitment will help close the U.S. racial wealth gap, particularly in Black and Latino communities.
The $30 billion pledge consists of loans, investments, and philanthropic work for the next five years, going beyond business as usual. They aim to “drive an inclusive economic recovery, support employees, and break down barriers of systemic racism,” according to a press release.
Racial inequality was once again a pressing issue after the death of George Floyd last May 25, which led to weeks of nationwide protests. Additionally, COVID-19 also raised issues of health and wealth gaps faced by the Black community, resulting in a higher pandemic mortality rate than the overall U.S. population.
“Systemic racism is a tragic part of America’s history. We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s a long past time that society addresses racial inequities in a more tangible, meaningful way.”JPMorgan CEO Jamie Dimon
Aside from JPMorgan, several American tech giants also declared financial commitments to alleviate systemic racism following Floyd’s death. JPMorgan’s promise, however, stands out because of the influence it exhibits.
The U.S. banking firm will help Black and Latino communities through several meaningful initiatives, including property and business assistance and jobs. Additionally, JPMorgan Chase will also be spending $8 billion to finance 40,000 mortgages. However, their initiative doesn’t stop there.
The bank will also be directing $4 billion to help 20,000 Black and Latino homeowners decrease their borrowing costs through refinancing. To help renters, JPMorgan Chase will be dedicating $14 billion to help build and rehabilitate 100,000 rental units.
Moreover, JPMorgan will be providing technical assistance, coaching, and financial help, amounting to $2 billion to businesses in mostly Black and Latino neighborhoods. They will also be allotting $750 million to assist Black and Latino vendors.
“I am heartened to see JPMorgan’s specific, measurable commitments that we believe will address decades of systemic racism toward Black communities – and will bolster the well-being of families across the country, as well as our collective economy.”National Urban League president Marc Morial
Aside from dedicating initiative and funding to help ease racism problems, JPMorgan chase will also be saving low-cost bank accounts to 1 million people in neglected communities. They will also be spending $2 billion in philanthropy, a $0.25 billion increase from their 2018 pledge.