Bank of America announced Thursday that it has committed to spending $500 million on funds led by minority groups and women.
The commitment more than doubles the original figure of $200 million in equity investments that Bank of America initially said it would make, according to a BoA press release. More than 150 funds are expected to receive some part of the massive equity investment sum.
“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. We want to empower the talented fund managers who keenly understand how to identify and support those business owners,” Global Head of Strategic and Sustainable Investments Tram Nguyen said in a statement included in the press release. “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 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. (RELATED: EXCLUSIVE: Jim Jordan Subpoenas Woke ESG ‘Cartel’ Company)
According to FBI whistleblowers, Bank of America shared private financial information of its customers (such as who had made purchases at gun stores) with the FBI, without a warrant or legal process. @Jim_Jordan and I are now demanding to know if other banks are doing the same. https://t.co/i3TQrfkGPP
— Thomas Massie (@RepThomasMassie) June 12, 2023
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.