BLACK ECONOMIST SEEKING ACCOUNTABILITY FROM SEC ON $65 BILLION IN BLACK LIVES MATTER PLEDGES BY COMPANIES


Pursuing some accountability, a Black economist has filed a petition with the Securities and Exchange Commission (SEC) to require companies to report on Black Lives Matter (BLM) pledges.

The request by William Michael Cunningham, who runs Washington, D.C.-based Creative Investment Research, says data from his firm shows 251 U.S. companies promised to battle systemic racism within their own organizations. All told, Cunningham claims those companies pledged $65 billion to boost their diversity and equity initiatives from May 2020 to May 2021. Yet, to date, Cunningham maintains that $500 million has been allocated toward such efforts.

Compared to $500 million, Cunningham estimates the commitments by now should be $15 billion to $20 billion based largely on damages Black companies have suffered from the COVID-19 pandemic. He says his projections are tied to the companies having combined profits of $750 billion as of 2019.

https://www.blackenterprise.com/black-economist-seeking-accountability-from-sec-on-65-billion-in-black-lives-matter-pledges-by-companies/

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