JPMorgan Chase makes a $30 billion Pledge to Help Close America's Racial Wealth Gap
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he racial wealth gap in America has been a topic of discussion for decades, if not centuries, and has been a source of tragedy for American minorities. Reports from decades ago show the wealth disparities that have been existing between White Americans and minority communities, such as the AfricanAmericans, while recent reports continue to reveal that the gap is only increasing. The racial wealth gap has been majorly attributed to redlining and systematic discrimination against certain minority communities in the U.S that has ensured that the minority groups in America, such as the African-Americans, do not get equal opportunities as the whites. Most recently, the question of racial inequality in the U.S was taken to a whole new level after the May 25 death of a black man, George Floyd, at the hands of police officers. This incident sparked months of protests across the nation and internationally. Moreover, the ongoing pandemic further exposed the racial disparities in sectors such as health care that led to a higher COVID-19 mortality rate among the African-American community compared to the overall population. Amid all the reports and cases of the evident racial wealth gap in America, it's disheartening
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that the system or the administration does very little or nothing at all. However, there have been several records of the private sector intervening in the situation in efforts to reduce or close the growing racial wealth gap in America. Most recently is the case of intervention by JPMorgan Chase, which is making a $30 billion pledge targeted to address the American wealth inequality, particularly in the traditionally underserved Black and Latino communities. The bank’s commitment is a combination of loans, investments, and philanthropy spreading over a period of five years, that it says stretches beyond what it would do in the normal course of business. “Systemic racism is a tragic part of America’s history,” said Jamie Dimon, CEO of JPMorgan, in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latino people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.” According to the bank’s press release, the goal is to “drive an inclusive economic recovery, support employees and break down barriers of systemic racism.”
THE POWER IS NOW MAGAZINE | OCTOBER 2020
