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Businesses and charities come together to fight the racial divide

NEW YORK (AP) – CEOs of Starbucks և Goldman Sachs will join the leaders of the Charity Academy with a new initiative to close the racial wealth gap in the United States.

The initiative is called NinetyToZero, the so-called 90% wealth gap between white “Americans”. Its leaders describe the goal as providing a roadmap for organizations to “prevent centuries of discrimination, segregation and financial exploitation,” according to the group’s launch plans announced Tuesday.

“Every business has a responsibility; it can influence others to promote racial justice, create opportunities for others, and strengthen the communities it serves,” said Kevin John Onson, CEO of Starbucks. “Starbucks believes in using our scale well. We will look at the systemic barriers that keep Americans from reaching their full potential.”

The organizations that join NinetyToZero agree to set internal targets for hiring and promoting Talent. They also promise to calculate how much money is spent on BlackBerry’s BlackBerry financial institutions.

“Racial inequality is a threat to the well-being of children and to America’s future,” said Dr. Starsky Wilson, executive director of the Child Protection Fund. “Institutions faithful to the promise of black children and families must push beyond public announcements to take concrete steps to close the wealth gap.”

According to the latest available statistics from the Federal Reserve, white families average $ 171,000, including savings, investments, and home ownership. For US families, this is $ 17,600.

Economists say the racial wealth gap will significantly benefit the entire nation. According to a report by McKinsey & Company, wealth equity could increase US GDP by $ 1.5 trillion in 10 years.

“The key to bridging the gap in racial health is to narrow the gap in racial wealth,” said Michelle Williams, dean of the Har Chan School of Public Health at Harvard. “The two go hand in hand. We will all be beneficiaries of a fairer society.”

Other companies are also working on the issue. United Airlines announced on Tuesday that it would open its flight academy to train 5,000 new pilots this decade, planning to have half of them women or people of color to increase diversity at the airline.

The foundation, which is also a member of Robin Hood, will launch an initiative that will welcome other member organizations out of the top 10 announced on Tuesday. Further research into new practices that could be used to reduce the racial wealth gap will come from another member of the initiative, the Wharton School of the University of Pennsylvania. He մի is part of the first class of NinetyToZero companies. ACLU, Lord Abbett, McKinsey & Co., and SKDKnickerbocker:

“Closing the racial wealth gap is more than a zero-sum game,” said Wes Moore, chief executive of Robin Hood. “When black families have economic security, free choice, everyone wins. Now is the time to reflect, to be bold and transparent. And we urge companies across the country to join us in ensuring that black Americans are able to access wealth fairly, forever transforming the country’s economic landscape for the better. ”


The Associated Press receives support from Lilly Endowment for its coverage of charities and non-profit organizations. The AP is solely responsible for all content. For full coverage of the AP charity, visit https://apnews.com/hub/philanthropy.


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