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Illustration: Eniola Odetunde/Axios

It doesn't take a $100 million SoftBank fund or a $1 billion Bank of America initiative to help increase racial equality in the United States.

The state of play: There is much that concerned investors can do to help curtail the racial wealth gap and general systemic racial inequality that is at the heart of the protests currently happening in the U.S. and around the world.

What they're saying: Cornerstone Capital Group, an investment adviser focusing on socially conscious investing, wrote a white paper in 2018 detailing investment changes portfolio managers and investors could make to help reduce the racial wealth gap (see above).

  • "Wealth inequality among racial and ethnic groups in the United States results from structural racism dating to the beginning of the republic," Cornerstone said in the paper.
  • "Investors can contribute to the narrowing of economic disparities through a dedicated emphasis on investing in underserved minority communities."

Beyond impact investing, there are major steps to be taken in corporate America, according to Anthony Coley, a former U.S. Treasury official and senior executive at Managed Funds Association, who is now the founder of Corner Office Strategies.

  • "Collectively and individually, corporate America must commit to reverse the legacy of systemic discrimination," Coley writes in a commentary for Barron's.
  • "Giving money to frontline organizations is good (and necessary) but it is not nearly enough. Real change requires us to rethink the role of business in a free market economy. Take a look at what the Business Roundtable is doing in this area."

Go deeper

Dion Rabouin, author of Markets
Aug 19, 2020 - Economy & Business

Investors still don't believe the stock market's rally can last

Illustration: Aïda Amer/Axios

The S&P 500 closed at a new all-time high on Tuesday and has rallied by around 52% since hitting its low point on March 23 — the best run the index has ever had in such a short time.

The state of play: While the market has continued to rise for the past five months, most investors have been incredulous about the sustainability of gains.

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton speaks to members of the media in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and he's asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.

Dan Primack, author of Pro Rata
56 mins ago - Podcasts

Carbon Health's CEO on unsticking the vaccine bottleneck

President Biden has said that getting Americans vaccinated for COVID-19 is his administration’s top priority given an initial rollout plagued by organizational, logistical and technical glitches.

Axios Re:Cap digs into the bottlenecks and how to unclog them with Carbon Health chief executive Eren Bali, whose company recently began helping to manage vaccinations in Los Angeles.