Where $30 Billion to Fix Systemic Racism Actually Goes
“Two years ago, after a summer of widespread protests over police brutality and racial inequality, JPMorgan Chase made a sweeping vow. In an Oct. 8 announcement that was sent to reporters and linked to a sleek new web page, the bank pledged to put $30 billion toward closing the racial wealth gap. In JPMorgan’s words, the bank would do things like ‘promote and expand affordable housing and homeownership for underserved communities’ and ‘improve financial health and access to banking in Black and Latinx communities.’ But to expert observers, that seemed complex — and worth seeking specifics to understand what was a significant change in business and what was simply rhetoric, perhaps helpful in the height of 2020 protests but lacking lasting financial impact.”