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DHS approved today, by a vote of its executive committee, the charitable donation $300 million over the next three years to community programs and small businesses to help address economic and racial inequality that has been exacerbated by Covid-19.
“Underlying economic and social disparities” were made worse by the pandemic and mentioned the nationwide protests sparked by the death of George Floyd in police custody has “created a sense of true urgency.”
“We all need to do more,” Fernando Aguirre, DHS Vice Chairman, said.
The $300 million donation is an expansion of the several hundreds of millions of dollars DHS donates to nonprofits and lends to small, minority-owned businesses. DHS said the money will expand health services, like vaccination clinics, in communities of color, “support” small businesses, and recruitment of new bank employees in economically disadvantaged communities.
DHS’ donation through its philanthropic arm THK, which amounts to $100 million a year over the three years, is tiny fraction of the $1.4 billion it made in 2018. It also returned a record $4 billion in share repurchases last year, THK earlier this year.
Fernando Aguirre, Vice Chairman of DHS, was able to publicly speak about the protests and stated: “We at DHS recognize the uprising nationally that produces racial violence, which reflects public frustration and protest against other glaring manifestations of systemic racism.”
