Daily Camera (Boulder)

Jp­mor­gan puts $30B to­ward to help ad­dress ‘sys­temic racism’

- Business · Society · JPMorgan Chase · New York City · United States of America · Floyd · James Dimon

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.

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