Did Bank Of America Pledge $1 Billion To BLM?
A recent viral Facebook post claims that Bank of America has donated a sum of 1 billion dollars to Black Lives Matter. The post has been shared over 29 thousand times and states that “Bank of America just pledged one billion dollars to BLM. That’s war money ladies and gentleman. It’s coming.”
However, the claim is false. While Bank of America did pledge 1 billion dollars over 4 years for programs to assist people and communities of color that have suffered a greater impact due to the ongoing COVID-19 health crisis, the $1B amount is not going solely to Black Lives Matter.
Areas of assistance include virus testing, flu vaccine clinics, job training, skill-building, housing assistance as well as support for minority-owned businesses and with a focus on improving economic mobility. The programs will be executed through the company’s 90 local U.S. market presidents.
“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” Bank of America CEO Brian Moynihan said in the release. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”