In September 2013, Yale president Peter Salovey announced that Johnson had given $250 million to support the construction of two new residential colleges costing $400 million. The gift was the largest in Yale's history in nominal terms. One of the new colleges has been named for Benjamin Franklin, a personal hero of Johnson's whose name is borne by the family investment firm. This decision was met with confusion by some Yale students, as Benjamin Franklin, who received an honorary degree from the university, owned slaves before joining the abolition movement.