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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.

Updated 24 mins ago - Sports

MLB enters first lockout since '95 as deal expires

Baseball Commissioner Rob Manfred (L) and Major League Baseball Players Association executive director Tony Clark. Photo: Matt King/MLB via Getty Images

Major League Baseball's collective bargaining agreement expired at 11:59 p.m. ET Wednesday without a new deal in place.

Why it matters: With no CBA, the MLB is in a management lockout — the first work stoppage since a 1994-95 strike led to the cancelation of the World Series for the first time in 90 years.

Media giants back Bannon's bid to release Jan. 6 documents

Former Trump adviser Steve Bannon at the FBI Washington Field Office in Washington, DC., in November. Photo: Win McNamee/Getty Images

A coalition of news outlets including the Washington Post is supporting Stephen Bannon's campaign for the release of documents related to his contempt of Congress charges, WashPost reported Wednesday.

Why it matters: WashPost, the New York Times, CNN, NBC, the Wall Street Journal's parent company and others filed a motion arguing that a proposed protective order seeking to prevent the documents from being released violates the First Amendment, per the Daily Mail, which first reported on the news.