“Addressing American tragedies like racial inequities & systemic racism is past due, We can break down these systems,” stated Jamie Dimon, chairman and CEO, JPMorgan Chase & Co.
As a response to the #BLM movement, JP Morgan Chase recently pledged to fix America’s racial wealth gap. Five Years of loans, investments, and philanthropy will go towards this cause. The $30 billion commitment will contribute to economic recovery. Funds will be weaponized to break down racial barriers in Black and Latino communities.
“All Americans deserve equitable access to affordable housing. Black and Latino families are effected by generations of systemic racism and are now disproportionately affected by COVID-19. JPMorgan Chase’s new commitments are meaningful steps in the right direction,” Lisa Rice, CEO, National Fair Housing Alliance stated.
JPMorgan will provide the following to Black and Latino’s:
- $14 billion in loans and investments
- 100,000 affordable rental units.
- 40,000 home purchase loans
- $8 billion worth of mortgage
- Reduced mortgage for 20,000
- $4 billion in refinancing’s
- Up to 15,000 small businesses loans worth $2 billion
- 1 million low-cost checking or savings accounts
- 150 new community managers
As a result of the companies strategic planning, the pledge has gained many supporters. The National Urban League President and CEO Marc Morial recently stated, “America’s racial wealth gap is an injustice that certainly will not be tolerated. Therefore we are proud to work alongside JPMorgan Chase.” In the same vein, Bank of America, Citi, and PNC have each pledged $1 billion.