Hatfield highlights Bank of America commitment to fight racial, economic inequality

PROVIDENCE – William F. Hatfield, Bank of America Corp. market president in Rhode Island, pledged to collaborate with community members and institutions in determining how best to invest in combating racial and economic inequality during a recent interview with Greater Providence Chamber of Commerce President Laurie White.

Bank of America recently announced a $1 billion commitment over the next four years aimed at “economic opportunity, health care initiatives and racial equality, particularly focused on creating opportunity for people and communities of color.” While the specific dollar amount that will be invested in Rhode Island has not been made public, Hatfield said the bank will be reaching out to the community to determine how best to prioritize the company’s investment in the state.

“We want to put a finer point on what those priorities are, we want those priorities to be aligned with a broader collaboration of institutions, organizations and businesses that want to get involved,” Hatfield said.

Areas of investment will include health care, workforce development, social justice and housing, he said.

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Hatfield also spoke to the bank’s commitment to address racial inequities through its lending criteria, acknowledging that the banking market as it exists now is often inaccessible to small and minority-owned businesses.

The full interview is available on the Chamber’s website, recorded as part of its ongoing Chamber Chats series.

Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.

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