Bank of America pledges $1 billion to help fight racial inequality

Bank of America is pledging one billion dollars to help fight racial inequality, the bank's CEO made the announcement in a press release Tuesday.

He says "underlying economic and social disparities" were exacerbated by the COVID-19 pandemic and the death of George Floyd, and have created a sense of urgency." Bank of America says over the next four years, the billion dollars will go to community programs and minority-owned small businesses.

The money will expand health services in communities of color, and help recruit new bank employees in economically disadvantaged communities.