By: Alyssa Wilson

Goldman Sachs has launched a new initiative to help fight gender and racial biases Black women face. 

In partnership with organizations led by Black women, the One Million Black Women initiative will give $10 billion in direct investment capital and $100 million in philanthropic support. 

According to the brand it will “address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic.” 

Research conducted by Goldman Sachs revealed that reducing the earning gap for Black women in the United States has the potential to create millions of new jobs. 

Black women are foundational to our families & communities, but they face disproportionate barriers to services & capital. Lower access to quality healthcare, childcare & housing all contribute to the wage and wealth gap. Tackling these barriers will create lasting opportunity.

— Goldman Sachs (@GoldmanSachs) March 10, 2021

The initiative will directly invest and give grants in healthcare, job creation & workforce advancement, education, housing, digital connectivity, financial health and access to capital. 

Goldman Sachs is working with influential Black women, including Rosalind Brewer, Issa Rae, and former Secretary of State Condoleezza Rice to oversee the initiative.

Asahi Pompey, President of the Goldman Sachs Foundation, joined Start Your Day hosts Sharon Reed and Mike Hill to talk about the plan. 

She says data shows that Black women are still struggling when compared to other groups and the goal of the initiative is to impact the lives of one million Black women by 2030.