Bank of America has announced their intentions to spend half a billion dollars on “diversity issues.” This more than doubles their initial $200 million commitment.
According to a BoA press release, “We work across our company to address critical needs in our communities, including the lack of access to capital that diverse business owners face as they start or grow their businesses,” said Tram Nguyen, Global Head of Strategic and Sustainable Investments at Bank of America. “We want to empower the talented fund managers who keenly understand how to identify and support those business owners. Each time we support a minority- or women-led fund, they in turn support diverse entrepreneurs, which ultimately helps us toward achieving our goal to advance racial equality and economic opportunity.”
The Daily Caller reports:
The bank has recently drawn the ire of Republican politicians and conservative organization like Consumers’ Research, which launched a new ad campaign on June 7 criticizing Bank of America’s environmental, social, and governance policies.
“The bank has brought China’s social credit system to American soil by using arbitrary ESG metrics to potentially lock individuals and businesses out of key banking services,” Consumers’ Research Executive Director Will Hild said in a statement to the Daily Caller.
Bank of America has also faced scrutiny from Republican Reps Jim Jordan of Ohio and Thomas Massie of Kentucky. The representatives sent a letter to the company on Wednesday expressing concerns about privacy violations and collusion between BoA and the FBI that took place during investigations into the Jan. 6 Capitol riot. Bank of America has been ordered by the House Judiciary Committee to turn over relevant documents specified in the letter. The organization has made no comments on the investigation so far.
dailycaller.com/2023/06/15/bank-america-spend-half-billion-diversity-initiative/