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Showing posts with the label Jeff McKinney

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

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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-accounta

New Bill Could Help Black Banks Raise Capital, Cut Costs, and Attract Black Investors

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Article by Jeff McKinney in Black Enterprise describes HR 41, "the Rescue Act for Black and Community Banks . The bill–initiated in January 2019–aims to, along with other measures, bring regulatory relief for black banks from Congress, boost wealth-building for black consumers and businesses, and help save black banks from failing." See: https://www.blackenterprise.com/new-bill-black-banks-black-investors/