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Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

Earlier this year, Bank of America committed to spending $1 billion over four years to address racial and income inequality in America, as a reckoning over systemic racism and police brutality took hold of the country. It said in September it would set aside $25 million of that initial sum for jobs initiatives in Black and Hispanic/Latino communities.

Driving the news: Now, we know the bank is giving $1 million to each of 21 colleges and universities with large populations of Black and Latino students: HBCU Morgan State University, St. Louis Community College and the University of Puerto Rico's Río Piedras campus — to name a few.

  • The universities will use the money to create (or expand) job training programs.
  • Bank of America says it will work with local employers to match the training with potential jobs.

That leaves $4 million, which will go to partners to help carry out the program over the next four years, per a spokesperson.

  • $1 million will go to the Aspen Institute, which is in turn collaborating with the National Center for Inquiry and Improvement, to help with "technical and programmatic assistance."
  • The other $3 million is being put aside for other potential partners.

Why it matters: The backlash against the police killings of George Floyd, Breonna Taylor and others pushed corporate America to commit billions of dollars to causes that combat racial inequality — more money than ever before.

Go deeper

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.

Dave Lawler, author of World
2 hours ago - World

Americans increasingly see China as an enemy

One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.

By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."

Scoop: Leaked HHS docs spotlight Biden's child migrant dilemma

A group of undocumented immigrants walk toward a Customs and Border Patrol station after being apprehended. Photo: Sergio Flores/The Washington Post via Getty Images

Fresh internal documents from the Department of Health and Human Services show how quickly the number of child migrants crossing the border is overwhelming the administration's stretched resources.

Driving the news: In the week ending March 1, the Border Patrol referred to HHS custody an average of 321 children per day, according to documents obtained by Axios. That's up from a weekly average of 203 in late January and early February — and just 47 per day during the first week of January.