Daily Camera (Boulder)
Jpmorgan puts $30B toward to help address ‘systemic racism’
Jpmorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort toward fixing what the bank calls “systemic racism” in the country’s economic system.
The New York bank said it is committing $30 billion over the next five years toward programs that include earmarking more money for getting Black and Latino families into homeownership and providing additional financing to build affordable rental housing units.
“Systemic racism is a tragic part of America’s history,” said Jpmorgan Chase CEO Jamie Dimon in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality.”
In the immediate aftermath of the police killing of George Floyd, Jpmorgan announced a commitment of $1.75 billion toward programs they said would help address racial inequalities. But since then, as protests have remained constant in some urban centers, there has been a push for banks to do more.