Bank of America Is Donating
$1 Billion to Fight Racial Inequality CNN Business says the $1 billion will expand
upon Bank of America's donations to
minority-owned businesses. The donation will be spread out
over the next four years to help fight
economic and racial inequality. Recipients will include businesses and community
programs affected by the coronavirus pandemic. It will also go to nonprofits
and the growth of
community health services. Another part of the $1 billion
donation will go towards helping to
recruit workers in impoverished areas. In a press release, CEO Brian Moynihan
said the coronavirus heightened
social and economic disparities. Amid ongoing protests against
police brutality, he adds that there
is a "true sense of urgency." Bank of America's charity comes as its
history with minorities is on shaky ground. In the past, the bank has been
accused of discriminating against
African-American job seekers. In 2013, Bank of America paid
a $2.2 million penalty for its
actions from 1993 to 2005.