38 minute read
Rev. Soaries Posits Hope Is An Option
BY REV. DEFOREST SOARIES
The Times are Challenging…
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But… We Have Options, If We Have Hope
We are facing one of the most challenging fi- white racists they burned that Greenwood section to the nancial periods of our history. Many of us have ground. What is so phenomenal is that the Black comnever recovered from the Great Recession that munity developed such a vibrant Black economy despite technically ended in 2013. Our homeownership rates the racial hatred that existed in Oklahoma. remain low. Our debt levels remain high. Our unemploy- On some levels, we are starting from scratch as a ment is twice that of white America. And our rate of busi- Black community today. Despite the resurgence of ness failures due to the pandemic is rising every day. explicit racial hatred and seemingly growing anti-Black
The federal government’s unwillingness to extend so- animosity, we have opportunities to grow our individual called stimulus benefits beyond their initial funding is incomes and community economic capacity. In 2021, an unconscionable act from which ordinary people and our dfree® movement will continue to teach people small business owners will take years to recover. Poli- how to achieve financial freedom by beginning with cymakers who consider some corporations too big to reducing and eliminating personal debt. I am still fail, making them eligible for unlimited public support committed to helping 100,000 Black people pay down when in trouble, should also see small businesses as too $10,000 of debt and producing $1 billion worth of Black necessary to fail since they create most new jobs. wealth by doing so. However, we will emphasize income-
The current pandemic has devastated Black-owned producing strategies to create immediate benefits for small businesses. One of the ironic realities about the those who understand the need for capital to attain legal, racial segregation we experienced between slav- success in a capitalist system. From real estate ownership ery and the end of the 1960s is that racial restrictions and development to creating online affiliate strategies, benefited Black businesses. There was no need to chal- we are not without options if we have hope…. lenge Black people to support Black business because The murder of George Floyd has caused many white we either had no other choices or had such a spirit of Americans and white-led institutions to think new racial uplift that we supported our businesses as a form thoughts, make new statements, and take new actions of resistance to racism. Next year we will pause to review related to their relationships with Black people. The the 100th anniversary of the events that occurred in same introspection and discovery process must take Tulsa, Oklahoma, in 1921. The Greenwood section of place among Black people as we consider the status of Tulsa, dubbed “Black Wall Street” because of its thriving our relationships with one another. economy —Black-owned hotel, Black-owned restau- Reverend Soaries is Senior Pastor of First Baptist Church of rants, six Black-owned private airplanes, Black-owned Lincoln Gardens (FBCLG) in Somerset, New Jersey and founder apartment building. It engendered such hatred among of dfree® Financial Freedom Movement.
For all who bank, there’s one bank for all. For all who bank, there’s one bank for all. For all who bank, there’s one bank for all. For all who bank, there’s one bank for all.
At Investors Bank, we believe banking in your best interest starts with understanding At Investors Bank, we believe banking in your best interest starts with understanding our communities and the individuals we serve. We’re a part of New Jersey, delivering At Investors Bank, we believe banking in your best interest starts with understanding our communities and the individuals we serve. We’re a part of New Jersey, delivering At Investors Bank, we believe banking in your best interest starts with understanding the benefits of a large bank with the care and attention of a local bank. our communities and the individuals we serve. We’re a part of New Jersey, delivering the benefits of a large bank with the care and attention of a local bank. our communities and the individuals we serve. We’re a part of New Jersey, delivering the benefits of a large bank with the care and attention of a local bank. the benefits of a large bank with the care and attention of a local bank. From our convenient locations to responsive customer service, to secure online and From our convenient locations to responsive customer service, to secure online and mobile banking options, we’re committed to meeting not just your needs, but your From our convenient locations to responsive customer service, to secure online and mobile banking options, we’re committed to meeting not just your needs, but your From our convenient locations to responsive customer service, to secure online and neighbor’s––and the community around you. We’re here for you and ready to help. mobile banking options, we’re committed to meeting not just your needs, but your neighbor’s––and the community around you. We’re here for you and ready to help. mobile banking options, we’re committed to meeting not just your needs, but your neighbor’s––and the community around you. We’re here for you and ready to help. neighbor’s––and the community around you. We’re here for you and ready to help. Open a YourStyle® Plus Checking Account and you can earn up to $350.Open a YourStyle® Plus Checking Account and you can earn up to $350.* * Visit investorsbank.com or call 855-iBank4U (855.422.6548). Open a YourStyle® Plus Checking Account and you can earn up to $350.Visit investorsbank.com or call 855-iBank4U (855.422.6548). Open a YourStyle® Plus Checking Account and you can earn up to $350.* * Visit investorsbank.com or call 855-iBank4U (855.422.6548). Visit investorsbank.com or call 855-iBank4U (855.422.6548).
NEW JERSEY HAS A RACE PROBLEM
BY HELENE FOX PHOTOS COURTESY BLUEPRINT CAPITAL
In compelling and heartfelt testimony before DOI, BlackRock, Owl Rock Capital Corp., CliffwaNew Jersey’s Joint Committee on Economic ter LLC, and others. An amended complaint filed in Justice and Equal Employment Opportunity, November 2020 exposed a far more pernicious and Blueprint Capital Advisors (Blueprint) CEO damning racial bias, racketeering, and fraud scheme Jacob Walthour, Jr. laid bare a troubling his- playing out in the Governor’s office and the DOI. tory of racial animus and retaliation existing Walthour’s legal team at Brown Rudnick LLP at the New Jersey Division of Investment. For the alleges that Murphy and his aides ran a quid pro second time in a year, Walthour testified before the quo system and systematically discriminated against Joint Committee. In January 2020, he detailed the Blueprint, the only Black-owned asset management “embarrassingly wide” wealth and income dispari- company in the state. ties in his home state. Last week, he courageously detailed the racist “For almost 12 years, the NJ The amended complaint alleges racist abuse began abuse he and his firm experienced Divsion of Investment has not had in 2015 when the DOI misfrom Governor Phil Murphy’s ad- a single African American or Latino appropriated a proprietary ministration, the Division of Investment (DOI), and other former investment officer, and the current investment program developed by Blueprint, then and current individual plaintiffs staff threatened to quit if Governor launched the exact same working for the DOI. Murphy hired one.” program with BlackRock Appearing before the committee via Zoom, Walthour noted: —Jacob Walthour in 2016. After being ques tioned about the misappro “There is a level of animus that exists in the Divi- priation of Blueprint’s intellectual property, the sion of Investment toward people who do not look complaint alleges, the DOI reportedly: like them. For almost 12 years, that division has not had a single African American or Latino investment • Ignored Blueprint after allegations of fraud and officer, and the current staff threatened to quit if misappropriation were levied. Governor Murphy hired one.” • Intentionally delayed Blueprint’s contract nego-
His remarks came after a tumultuous five-year tiations for 18 months. Reportedly, every other battle for equity, fairness, and justice. In June 2020, fund completes the contracting phase in three Walthour filed a racial discrimination, theft, and to five months fraud lawsuit against Governor Phillip Murphy, the cont’d on page Cont'd on page 30
• Used threats to make Blueprint agree on con• • • • • Used threats to make Blueprint agree on contract terms substantially worse than the minimum industry standards and materially disparate from the terms the DOI had and used with its other funds. Refused to approve investment from which Blueprint could actually earn fees, even after a contract was signed. Engaged in retaliatory practices that included making attempts to coordinate redemptions tract terms substantially worse than the minimum industry standards and materially disparate from the terms the DOI had and used with its other funds. Refused to approve investment from which Blueprint could actually earn fees, even after a contract was signed. Engaged in retaliatory practices that included making attempts to coordinate redemptions from Blueprint with other clients. from Blueprint with other clients.
Murphy has been quick to point out that the chal30 The Positive Community December 2020Jacob Walhour cont’d from page 28 Murphy has been quick to point out that the challenges faced by Blueprint at the DOI began before his tenure. Yet, it is clear that such challenges persist today in his administration. The national heads of the NAACP, Urban League, and National Action Network have contacted Murphy demanding an explanation for his staff’s conduct. Many Black leaders have called for an investigation. They have strong feelings that because Murphy won 94% of the Black vote in 2017, he owes this community an explanation regarding the claims raised in this case. Murphy has also failed to deliver the disparity study he promised three years ago and has not released statistics on the level of business contracted with women and minority-owned firms since his administration took office. Further, reports of Black people struggling to start, grow, or maintain a business under his watch persist. The inability of Black-owned companies to access capital is a driver of the state’s unemployment disparities. Black unemployment in the state is 6.9%, while the unemployment rate for whites is 2.6%, according to the latest figures provided by the Economic Policy Institute. lenges faced by Blueprint at the DOI began before his tenure. Yet, it is clear that such challenges persist today in his administration. The national heads of the NAACP, Urban League, and National Action Network have contacted Murphy demanding an explanation for his staff’s conduct. Many Black leaders have called for an investigation. They have strong feelings that because Murphy won 94% of the Black vote in 2017, he owes this community an explanation regarding the claims raised in this case. Murphy has also failed to deliver the disparity study he promised three years ago and has not released statistics on the level of business contracted with women and minority-owned firms since his administration took office. Further, reports of Black people struggling to start, grow, or maintain a business under his watch persist. The inability of Black-owned companies to access capital is a driver of the state’s unemployment disparities. Black unemployment in the state is 6.9%, while the unemployment rate for whites is 2.6%, according to the latest figures provided by the Economic Policy Institute.
Even the impact of the coronavirus has been felt Even the impact of the coronavirus has been felt mainly along racial lines in New Jersey. In an October 21, 2020, reported piece, USA Today found “At the height of the first wave of the pandemic, Essex County was among the top 10 in the country for its death rate from the novel coronavirus. It still hovers in the top, 15 months later.” While legal matters must play out in the court system, Murphy must explain his record, pattern, and practice of engaging with the Black community, then failing to deliver for the Black community. In the absence of such information, one can’t help ponder Walthour’s comments: …there is rhetoric and reality to Phil Murphy. He claims to be about fairness. He claims that Black lives matter. He claims to support women’s causes. He claims to be about transparency. That is the rhetoric of Phil Murphy. The reality of Phil Murphy is that despite discussing disparity studies as a precursor to policy changes – he has yet to commission a disparity study in his first three years. The reality of Phil Murphy is that his 13-person front office staff had no Black employees…six months ago. The reality of Phil Murphy is that he refuses to release statistics on how much business is going to women and minority-owned businesses before and after his administration started. The reality is that when we uncovered a drinking water crisis in our largest city, he boarded a plane to India and abandoned the Newark water crisis. Shamefully however, he came back to steal credit from people who worked hard to fix the problem. For persons watching on the sideline, it is clear New Jersey has problems. Its race problem is the one mainly along racial lines in New Jersey. In an October 21, 2020, reported piece, USA Today found “At the height of the first wave of the pandemic, Essex County was among the top 10 in the country for its death rate from the novel coronavirus. It still hovers in the top, 15 months later.” While legal matters must play out in the court system, Murphy must explain his record, pattern, and practice of engaging with the Black community, then failing to deliver for the Black community. In the absence of such information, one can’t help ponder Walthour’s comments: …there is rhetoric and reality to Phil Murphy. He claims to be about fairness. He claims that Black lives matter. He claims to support women’s causes. He claims to be about transparency. That is the rhetoric of Phil Murphy. The reality of Phil Murphy is that despite discussing disparity studies as a precursor to policy changes – he has yet to commission a disparity study in his first three years. The reality of Phil Murphy is that his 13-person front office staff had no Black employees…six months ago. The reality of Phil Murphy is that he refuses to release statistics on how much business is going to women and minority-owned businesses before and after his administration started. The reality is that when we uncovered a drinking water crisis in our largest city, he boarded a plane to India and abandoned the Newark water crisis. Shamefully however, he came back to steal credit from people who worked hard to fix the problem. For persons watching on the sideline, it is clear New Jersey has problems. Its race problem is the one that looms large. that looms large.
Secrets to God’s Investment Plan
Dear Reader, After nearly 50 years on Wall Street and 30 years teaching the Bible around the world, I have discovered some critical secrets to investing that will help protect you from the financial vicissitudes of COVID19—food insecurity, job loss, evictions, and not having enough money at the end of the week to make ends meet. The secrets appear in the over 2,300 scriptures in the Bible about money. The scriptures illuminate distinct differences between God’s biblical instructions for dealing with financial matters and man’s secular approach. There was a time when I thought my Harvard Business School education and my Honorary Doctorate in Commercial Science had given me adequate information to manage my financial life successfully. However, after 76 years of life and many contemplative hours, I am convinced that my secular education left me woefully unprepared to accomplish the financial success that I wish for each reader of this treatise. Chapter 1 of the book of Haggai illuminates the current financial cha-cha many of us experience today. It gives us direction for better management of our financial lives by changing our priorities. For far too many, there seem to be holes in our money buckets... and I don’t mean “Dear Liza.” There has been a hole in my money bucket for quite some time. How about yours? The book of Haggai (1:2-6) describes the hole in the money bucket that many of us experience today. (2)This is what Lord Almighty says: “These people say, ‘The time has not yet come to rebuild the Lord’s house. (3)“Then the word of the Lord came through the Prophet Haggai: (4)“Is it a time for you yourselves to be living in your own paneled houses, while this house remains a ruin? (5)” Now this is what the Lord Almighty says: “Give careful thought to your ways. (6)You have planted much, but harvested little. You eat, but never have enough. You drink, but never have your fill. You put on clothes, but are not warm. You earn wages, only to put in a purse with holes in it.” Now there is the hole in our financial buckets! God’s word says that many of us spend our time trying to build our own bank accounts, while forsaking what we should be doing for the owner of everything —God. The earth is the Lord’s, not ours. The biblical proof statement for the ownership of stuff is in Psalms 24:1, the first financial secret I will share with you: 1“The earth is the Lord’s and everything in it, the world, and all who live in it.” We can never be financially successful until we understand that God owns everything and, as such, we need to put Him first by asking Him what He wants us to do with His stuff in every situation. You might wonder how we should ask God what He wants us to do with His stuff. The Biblical answer to that question is clear in Matthew 6:33: “Seek ye first the kingdom of God and His righteousness and all these things shall be added unto you.” The righteousness of God is Jesus Christ, and He can be found by searching the scriptures. John 5:39 provides a directive from Jesus: “You search the scriptures, for in them you think you have eternal life; and these are they which testify of Me.” That’s the second secret I’m sharing with you. Once you have accepted God’s ownership of everything, you must study the word of God in the scriptures to get clarity on what you should do about God’s stuff. God’s wealth for us is the eternal life we are promised by faith and confession alone. Romans 10:9 “…that if you declare with your mouth ‘Jesus is Lord,’ and believe in your heart that God raised Him from the dead, you will be saved.” There lies the promise of eternal life where the wealth of God resides. And, by the way, I did suggest that it is necessary to study the word of God in order to make the right decisions. But, study is more than just reading the scriptures. The proof statement for the encouragement to study the word of God is in the book of Second Timothy 2:15 “Study to show thyself approved unto God, a workman who needeth not be ashamed, rightly dividing the word of truth.” In summary the secrets for financial success I have shared thus far are: First, accept the idea that God owns everything. Second, accept the fact that, as the owner of everything, He should have something to say about His stuff. Third, for the best results, seek God’s Biblical instructions first. Know that the scriptures are the best source for finding God’s instructions regarding what to do with His possessions. Finally, study God’s word to gain clarity. I hope this brief treatise will help someone. See you next time, Obie L. McKenzie The Bible Economist Obie L. McKenzie - The Bible Economist
Expanding economic opportunity for the Expanding economic opportunity for the Expanding economic opportunity for the Expanding economic opportunity for the Black community Black community Black community Black community
Our Path Forward to Advance Racial Equity Our Path Forward to Advance Racial Equity Our Path Forward to Advance Racial Equity Our Path Forward to Advance Racial Equity How JPMorgan Chase is working to create How JPMorgan Chase is working to create How JPMorgan Chase is working to create How JPMorgan Chase is working to create economic opportunity for Black communities economic opportunity for Black communities economic opportunity for Black communities economic opportunity for Black communities By Brian Lamb, Global Head of Diversity & Inclusion at JPMorgan ChaseBy Brian Lamb, Global Head of Diversity & Inclusion at JPMorgan ChaseBy Brian Lamb, Global Head of Diversity & Inclusion at JPMorgan ChaseBy Brian Lamb, Global Head of Diversity & Inclusion at JPMorgan Chase
This year has been one of the most tumultuous chapters in recent history for Black Americans, and over the last seven months we’ve seen numerous reminders that systemic racism brings devastating consequences for individuals, families and communities. This year has been one of the most tumultuous chapters in recent history for Black Americans, and over the last seven months we’ve seen This year has been one of the most tumultuous chapters in recent history for Black Americans, and over the last seven months we’ve seen This year has been one of the most tumultuous chapters in recent history for Black Americans, and over the last seven months we’ve seen numerous reminders that systemic racism brings devastating consequences for individuals, families and communities. The COVID-19 pandemic is tearing through Black communities across the country, killing Black people at twice the rate of White Americans numerous reminders that systemic racism brings devastating consequences for individuals, families and communities. numerous reminders that systemic racism brings devastating consequences for individuals, families and communities. The COVID-19 pandemic is tearing through Black communities across the country, killing Black people at twice the rate of White Americans 1 , while 1 , while leaving a trail of lost jobs2 and shuttered Black-owned businesses in its wake3. This, along with the killing of George Floyd and so many others, The COVID-19 pandemic is tearing through Black communities across the country, killing Black people at twice the rate of White Americans1 , while The COVID-19 pandemic is tearing through Black communities across the country, killing Black people at twice the rate of White Americans1 , while leaving a trail of lost jobs2 and shuttered Black-owned businesses in its wake3. This, along with the killing of George Floyd and so many others, has sparked an outpouring of corporate support for Black Americans in recent months, and we’ve seen numerous examples of companies stepping up to make concrete changes to the way they do business in an e ort to advance racial equity around the world. leaving a trail of lost jobs2 and shuttered Black-owned businesses in its wake3. This, along with the killing of George Floyd and so many others, has sparked an outpouring of corporate support for Black Americans in recent months, and we’ve seen numerous examples of companies leaving a trail of lost jobs2 and shuttered Black-owned businesses in its wake3. This, along with the killing of George Floyd and so many others, has sparked an outpouring of corporate support for Black Americans in recent months, and we’ve seen numerous examples of companies has sparked an outpouring of corporate support for Black Americans in recent months, and we’ve seen numerous examples of companies stepping up to make concrete changes to the way they do business in an e ort to advance racial equity around the world. As the largest bank in the United States, it’s long past time for us to own our part in creating economic opportunity and inclusion for communities stepping up to make concrete changes to the way they do business in an e ort to advance racial equity around the world. stepping up to make concrete changes to the way they do business in an e ort to advance racial equity around the world. As the largest bank in the United States, it’s long past time for us to own our part in creating economic opportunity and inclusion for communities that have been historically marginalized. Systemic racism is a tragic part of America’s history. It’s a congenital defect of our society that’s resulted in racial gaps across virtually every walk of American life, including wealth, homeownership, educational outcomes, healthcare, incarceration rates and life expectancy. Real lives that matter are impacted by these gaps, and it’s our responsibility to do something about it given the role of banks in the financial health of the communities we serve. As the largest bank in the United States, it’s long past time for us to own our part in creating economic opportunity and inclusion for communities that have been historically marginalized. Systemic racism is a tragic part of America’s history. It’s a congenital defect of our society that’s resulted in racial gaps across virtually every walk of American life, including wealth, homeownership, educational outcomes, healthcare, incarceration rates and life expectancy. As the largest bank in the United States, it’s long past time for us to own our part in creating economic opportunity and inclusion for communities that have been historically marginalized. Systemic racism is a tragic part of America’s history. It’s a congenital defect of our society that’s resulted in racial gaps across virtually every walk of American life, including wealth, homeownership, educational outcomes, healthcare, incarceration rates and life expectancy. that have been historically marginalized. Systemic racism is a tragic part of America’s history. It’s a congenital defect of our society that’s resulted in racial gaps across virtually every walk of American life, including wealth, homeownership, educational outcomes, healthcare, incarceration rates and life expectancy. Real lives that matter are impacted by these gaps, and it’s our responsibility to do something about it given the role of banks in the financial health of the communities we serve. How JPMorgan Chase is combatting the racial wealth divide Over the last few months, we’ve reviewed our business practices, products and the role we play in communities across this country to understand Real lives that matter are impacted by these gaps, and it’s our responsibility to do something about it given the role of banks in the financial health of the communities we serve. Real lives that matter are impacted by these gaps, and it’s our responsibility to do something about it given the role of banks in the financial health of the communities we serve. How JPMorgan Chase is combatting the racial wealth divide Over the last few months, we’ve reviewed our business practices, products and the role we play in communities across this country to understand the changes we need to make to address the largest drivers of the racial wealth divide. We’ve been especially focused on developing ways to How JPMorgan Chase is combatting the racial wealth divide How JPMorgan Chase is combatting the racial wealth divide the changes we need to make to address the largest drivers of the racial wealth divide. We’ve been especially focused on developing ways to expand a ordable lending and housing, increase credit and capital for Black-owned small businesses, and improve access to tools that will help Black people save money and get on a path to sustained financial health. This work led to us make a $30 billion commitment over the next five years to provide economic opportunities in underserved communities— with a special focus on Black and Latinx people. These commitments include loans, equity and direct funding to promote homeownership and a ordable housing. Over the last few months, we’ve reviewed our business practices, products and the role we play in communities across this country to understand the changes we need to make to address the largest drivers of the racial wealth divide. We’ve been especially focused on developing ways to expand a ordable lending and housing, increase credit and capital for Black-owned small businesses, and improve access to tools that will help Black people save money and get on a path to sustained financial health. Over the last few months, we’ve reviewed our business practices, products and the role we play in communities across this country to understand the changes we need to make to address the largest drivers of the racial wealth divide. We’ve been especially focused on developing ways to expand a ordable lending and housing, increase credit and capital for Black-owned small businesses, and improve access to tools that will help Black people save money and get on a path to sustained financial health. expand a ordable lending and housing, increase credit and capital for Black-owned small businesses, and improve access to tools that will help Black people save money and get on a path to sustained financial health. This work led to us make a $30 billion commitment over the next five years to provide economic opportunities in underserved communities— with a special focus on Black and Latinx people. These commitments include loans, equity and direct funding to promote homeownership and a ordable housing. We’ve set a goal of originating an additional 40,000 home purchase loans for Black and Latinx households. To do this we’ve committed $8 billion towards mortgages. We also want underserved communities to be able to take advantage of historically low interest rates, and we’ve committed $4 billion towards helping Black and Latinx households refinance their home loans. This work led to us make a $30 billion commitment over the next five years to provide economic opportunities in underserved communities— with a special focus on Black and Latinx people. These commitments include loans, equity and direct funding to promote homeownership and a ordable housing. This work led to us make a $30 billion commitment over the next five years to provide economic opportunities in underserved communities— with a special focus on Black and Latinx people. These commitments include loans, equity and direct funding to promote homeownership and a ordable housing. We’ve set a goal of originating an additional 40,000 home purchase loans for Black and Latinx households. To do this we’ve committed $8 billion towards mortgages. We also want underserved communities to be able to take advantage of historically low interest rates, and we’ve committed $4 billion towards helping Black and Latinx households refinance their home loans. Creating pathways to financial health Through our own research, we know that Black households tend to have lower savings and higher debt burdens than other groups. Historically, Black Americans have been forced to grapple with less access to credit, and often have to pay higher financing fees. Nearly one-in-five Black We’ve set a goal of originating an additional 40,000 home purchase loans for Black and Latinx households. To do this we’ve committed $8 billion towards mortgages. We also want underserved communities to be able to take advantage of historically low interest rates, and we’ve committed $4 billion towards helping Black and Latinx households refinance their home loans. We’ve set a goal of originating an additional 40,000 home purchase loans for Black and Latinx households. To do this we’ve committed $8 billion towards mortgages. We also want underserved communities to be able to take advantage of historically low interest rates, and we’ve committed $4 billion towards helping Black and Latinx households refinance their home loans. Creating pathways to financial health Through our own research, we know that Black households tend to have lower savings and higher debt burdens than other groups. Historically, Black Americans have been forced to grapple with less access to credit, and often have to pay higher financing fees. Nearly one-in-five Black Americans is completely unbanked4 as well, which increases the likelihood of turning to predatory alternative financial services like check cashing and payday lenders. To combat this challenge, we aim to help one million people open low-cost checking and savings accounts. To accomplish this, we must build stronger connections to underserved communities, and so we’ve committed to hiring 150 new community managers. We’re also planning to open new Community Center branches in the areas that need them most, and increase our marketing outreach to our Black and Latinx populations to raise awareness of these e orts. Creating pathways to financial health Through our own research, we know that Black households tend to have lower savings and higher debt burdens than other groups. Historically, Black Americans have been forced to grapple with less access to credit, and often have to pay higher financing fees. Nearly one-in-five Black Americans is completely unbanked4 as well, which increases the likelihood of turning to predatory alternative financial services like check cashing and payday lenders. Creating pathways to financial health Through our own research, we know that Black households tend to have lower savings and higher debt burdens than other groups. Historically, Black Americans have been forced to grapple with less access to credit, and often have to pay higher financing fees. Nearly one-in-five Black Americans is completely unbanked4 as well, which increases the likelihood of turning to predatory alternative financial services like check cashing and payday lenders. Americans is completely unbanked4 as well, which increases the likelihood of turning to predatory alternative financial services like check cashing and payday lenders. To combat this challenge, we aim to help one million people open low-cost checking and savings accounts. To accomplish this, we must build stronger connections to underserved communities, and so we’ve committed to hiring 150 new community managers. We’re also planning to open new Community Center branches in the areas that need them most, and increase our marketing outreach to our Black and Latinx populations to raise awareness of these e orts. Leaning in on Black entrepreneurship If we are to make any meaningful progress in closing the racial wealth divide, entrepreneurship must be a key part of the equation. We’re committed to helping the job creators in Black and Latinx communities get access to the credit they need to launch, grow and scale their businesses. As part of this e ort, we’ve committed to delivering $2 billion in loans, and to spend an additional $750 million with Black and Latinx To combat this challenge, we aim to help one million people open low-cost checking and savings accounts. To accomplish this, we must build stronger connections to underserved communities, and so we’ve committed to hiring 150 new community managers. We’re also planning to open new Community Center branches in the areas that need them most, and increase our marketing outreach to our Black and Latinx populations to raise awareness of these e orts. To combat this challenge, we aim to help one million people open low-cost checking and savings accounts. To accomplish this, we must build stronger connections to underserved communities, and so we’ve committed to hiring 150 new community managers. We’re also planning to open new Community Center branches in the areas that need them most, and increase our marketing outreach to our Black and Latinx populations to raise awareness of these e orts. Leaning in on Black entrepreneurship If we are to make any meaningful progress in closing the racial wealth divide, entrepreneurship must be a key part of the equation. We’re committed to helping the job creators in Black and Latinx communities get access to the credit they need to launch, grow and scale their businesses. As part of this e ort, we’ve committed to delivering $2 billion in loans, and to spend an additional $750 million with Black and Latinx companies that can supply products and services to JPMorgan Chase. Leaning in on Black entrepreneurship Leaning in on Black entrepreneurship companies that can supply products and services to JPMorgan Chase. We’re also going to expand our Entrepreneurs of Color Fund to support more Black and Latinx small business owners nationwide. If we are to make any meaningful progress in closing the racial wealth divide, entrepreneurship must be a key part of the equation. We’re If we are to make any meaningful progress in closing the racial wealth divide, entrepreneurship must be a key part of the equation. We’re We’re also going to expand our Entrepreneurs of Color Fund to support more Black and Latinx small business owners nationwide. As we move forward with these e orts, we know we must hold ourselves accountable if they’re going to achieve their intended impact. We are committed to helping the job creators in Black and Latinx communities get access to the credit they need to launch, grow and scale their committed to helping the job creators in Black and Latinx communities get access to the credit they need to launch, grow and scale their As we move forward with these e orts, we know we must hold ourselves accountable if they’re going to achieve their intended impact. We are going to continually assess how these commitments are performing and will adjust when necessary. Ultimately, we know that no single company can close the racial wealth gap, but it is our responsibility to try—and work with other companies and policymakers along the way. We’re owning our part in this—and we’re just getting started. businesses. As part of this e ort, we’ve committed to delivering $2 billion in loans, and to spend an additional $750 million with Black and Latinx companies that can supply products and services to JPMorgan Chase. We’re also going to expand our Entrepreneurs of Color Fund to support more Black and Latinx small business owners nationwide. businesses. As part of this e ort, we’ve committed to delivering $2 billion in loans, and to spend an additional $750 million with Black and Latinx companies that can supply products and services to JPMorgan Chase. We’re also going to expand our Entrepreneurs of Color Fund to support more Black and Latinx small business owners nationwide. going to continually assess how these commitments are performing and will adjust when necessary. Ultimately, we know that no single company can close the racial wealth gap, but it is our responsibility to try—and work with other companies and policymakers along the way. We’re owning our part in this—and we’re just getting started. Visit JPMorganChase.com/Pathforward to learn more about our e orts to advance racial equity, which include a ordable-housing, minority-owned businesses, financial health, workforce diversity and more. JPMorgan Chase Bank, N.A. Member FDIC As we move forward with these e orts, we know we must hold ourselves accountable if they’re going to achieve their intended impact. We are going to continually assess how these commitments are performing and will adjust when necessary. Ultimately, we know that no single company can close the racial wealth gap, but it is our responsibility to try—and work with other companies and policymakers along the way. As we move forward with these e orts, we know we must hold ourselves accountable if they’re going to achieve their intended impact. We are going to continually assess how these commitments are performing and will adjust when necessary. Ultimately, we know that no single company can close the racial wealth gap, but it is our responsibility to try—and work with other companies and policymakers along the way. Visit JPMorganChase.com/Pathforward to learn more about our e orts to advance racial equity, which include a ordable-housing, minority-owned businesses, financial health, workforce diversity and more. JPMorgan Chase Bank, N.A. Member FDIC 1 National Urban League, “The State of Black America 2020”; 2 Propublica.org, “What Coronavirus Job Losses Reveal About Racism in America” July 20, 2020; 3 JPMorgan Chase Institute, “Small Business Financial Outcomes during the Onset of COVID-19” July 2020; 4 “FDIC National Survey of Unbanked and Underbanked Households” We’re owning our part in this—and we’re just getting started. We’re owning our part in this—and we’re just getting started. 1 National Urban League, “The State of Black America 2020”; 2 Propublica.org, “What Coronavirus Job Losses Reveal About Racism in America” July 20, 2020; 3 JPMorgan Chase Institute, “Small Business Financial Outcomes during the Onset of COVID-19” July 2020; 4 “FDIC National Survey of Unbanked and Underbanked Households” 2017 2017 Visit JPMorganChase.com/Pathforward to learn more about our e orts to advance racial equity,Visit JPMorganChase.com/Pathforward to learn more about our e orts to advance racial equity, which include a ordable-housing, minority-owned businesses, financial health, workforce diversity and more. which include a ordable-housing, minority-owned businesses, financial health, workforce diversity and more. JPMorgan Chase Bank, N.A. Member FDIC JPMorgan Chase Bank, N.A. Member FDIC
Award Winning Care
In 2020, Newark Beth Israel Medical Center, an RWJBarnabas Health facility, received national recognition for its commitment to world-class care.
Newark Beth Israel received its second consecutive World’s Best Hospital-USA designation from Newsweek. Newark Beth Israel ranked among the top 250 U.S. hospitals and is one of only five New Jersey hospitals on this prestigious list, which also includes The Mayo Clinic, Cleveland Clinic, Johns Hopkins, and Massachusetts General.
“It is truly an honor to receive these awards and recognitions. Newark Beth Israel remains committed to delivering world class, high quality, safe care and an excellent experience to all of our patients and their families,” said Darrell K. Terry, Sr., president and chief executive officer of Newark Beth Israel Medical Center and Children’s Hospital of New Jersey.
“The worldwide COVID-19 pandemic has made clear, among other lessons, that having first-rate frontline care can be a matter of life or death. It has never been more crucial to know where to turn for health care for yourself or a loved one when confronted with a health crisis or a frightening diagnosis,” said Nancy Cooper, global editor in chief of Newsweek.
Newark Beth Israel also received Newsweek’s Best Maternity Care Hospital designation. Newark Beth Israel is one of 231 hospitals across the country that demonstrated excellence in maternity care, including nine New Jersey hospitals. The distinction recognizes facilities that have excelled in providing care to mothers, newborns, and their families, as verified by the 2019 Leapfrog Hospital Survey.
In addition, Newark Beth Israel received its fifth consecutive “A” safety score from the Leapfrog Group, a Healthgrades 5-star rating for Women’s Care, and a Patient Safety Excellence Award from Healthgrades. Only 13 hospitals in New Jersey earned this prestigious recognition, placing Newark Beth Israel among the top 10 percent in the nation for patient safety.
PSEG, through philanthropy and corporate citizenship initiatives, supports, PSEG, through philanthropy and corporate citizenship initiatives, supports, empowers and invests in the people, economy, environment and infrastructure empowers and invests in the people, economy, environment and infrastructure of the communities we serve. of the communities we serve. The tragic death of George Floyd revealed systemic challenges faced by people The tragic death of George Floyd revealed systemic challenges faced by people of color and has provided a platform for people from all walks of life to have of color and has provided a platform for people from all walks of life to have open conversations about social justice. In the wake of this tragedy, we began PSEG, through philanthropy and corporate citizenship initiatives, supports, open conversations about social justice. In the wake of this tragedy, we began a “Relevant Conversation Series” where employees could share stories and empowers and invests in the people, economy, environment and infrastructure a “Relevant Conversation Series” where employees could share stories and engage in conversations about race. of the communities we serve. engage in conversations about race. The tragic death of George Floyd revealed systemic challenges faced by people In June, PSEG announced its Powering Equity and Social Justice Initiative of color and has provided a platform for people from all walks of life to have In June, PSEG announced its Powering Equity and Social Justice Initiative to provide philanthropic support for organizations that work to confront open conversations about social justice. In the wake of this tragedy, we began to provide philanthropic support for organizations that work to confront and address systemic racism and advance social and economic equity for a “Relevant Conversation Series” where employees could share stories and and address systemic racism and advance social and economic equity for communities of color. The initiative includes a $1 million commitment from the engage in conversations about race. communities of color. The initiative includes a $1 million commitment from the PSEG Foundation. PSEG Foundation.In June, PSEG announced its Powering Equity and Social Justice Initiative to provide philanthropic support for organizations that work to confront PSEG and the PSEG Foundation also recognize the impact of COVID-19 in the and address systemic racism and advance social and economic equity for PSEG and the PSEG Foundation also recognize the impact of COVID-19 in the communities we serve, many of which are overwhelmingly diverse, and this communities of color. The initiative includes a $1 million commitment from the communities we serve, many of which are overwhelmingly diverse, and this spring announced a $2.5 million philanthropic commitment to pandemic relief. PSEG Foundation. spring announced a $2.5 million philanthropic commitment to pandemic relief. PSEG and the PSEG Foundation also recognize the impact of COVID-19 in the At PSEG, diversity and inclusion are among our Core Commitments. The communities we serve, many of which are overwhelmingly diverse, and this At PSEG, diversity and inclusion are among our Core Commitments. The company has focused heavily on developing inclusive leadership through a spring announced a $2.5 million philanthropic commitment to pandemic relief. company has focused heavily on developing inclusive leadership through a series of workshops, trainings and hands-on experiences to allow leaders to series of workshops, trainings and hands-on experiences to allow leaders to create an inclusive environment for all employees. create an inclusive environment for all employees. At PSEG, diversity and inclusion are among our Core Commitments. The company has focused heavily on developing inclusive leadership through a series of workshops, trainings and hands-on experiences to allow leaders to create an inclusive environment for all employees.
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