Bank of America pledges $1 billion to fight racial inequality

Bank of America is pledging a billion dollars to help fight racial inequality.

The bank’s CEO Brian Moynihan made the announcement in a press release Tuesday.

Moynihan said, “Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic. 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.”

Bank of America said over the next four years, the billion dollars would go to community programs and minority-owned small businesses.

The money will expand health services, like vaccination clinics, in communities of color and help recruit new bank employees in economically disadvantaged communities.