jpmorgan chase on tuesday announced its latest round of initiatives to support banks and credit unions that are primarily owned or directed by people of color as well as banking institutions that work with underserved communities its part of jpmorgans 30 billion commitment to help address wealth inequality these new initiatives are focused on strengthening minorityowned and diverseled financial institutions by providing additional access to capital connections to institutional investors specialty support for blackled commercial projects and mentorship and training opportunities the bank said in a news release jpmorgan announced its initiative last october following the killings of george floyd and breonna taylor the ongoing coronavirus pandemic has also highlighted longstanding systemic health and social inequities systemic racism is a tragic part of americas history jamie dimon ceo of jpmorgan said in a statement at the time we can do more and do better to break down systems that have propagated racism and widespread economic inequality especially for black and latinx people historically banks have contributed to inequality through nowbanned practices such as redlining jpmorgans peers such as bank of america and citigroup also made billiondollar commitments to reduce inequality as part of its latest slew of efforts jpmorgan chase said its invested and committed the first 40 million of its 50 million equity pledge to black and latinxled minority depository institutions the firm added that its also established a racial equity program by providing new markets tax credit investment pricing for blackled blackowned and blackserving nonprofits and businesses this tax credit provides investors a tax incentive for investing in lowincome communities jpmorgan said it will help direct financing from the tax credit to community projects including shelters healthcare clinics and small businesses the bank is also launching empowering change which it called a unique program supported by google and in partnership with minority depository institutions and diverseled community development financial institutions to provide economic opportunity to underserved communities google is anchoring the programs launch with an intent to invest 500 million in the empower money market share class that will be initially distributed by diverseled mdis the harbor bank of maryland liberty bank and trust mf bank and unity national bank the company said jpmorgan said the program includes a new empower money market share class for distribution by mdis and diverseled cdfis as well as an annual donation of 125 of revenue received from the management fees on empower share class assets to support community development the bank will also provide access to its resources including training and education