Credit card giant will spend $3 billion on ‘BIPOC businesses in Canada’ and ‘Latinx’ events
Robert Schmad • August 12, 2022 11:00 am
American Express in an “Environmental, Social, and Governance” report released August 4 pledged to devote billions of dollars to left-wing social causes.
The credit card giant announced in its report that it would allocate $3 billion to a “Diversity, Equity, and Inclusion Action Plan,” in addition to the billion dollars the company already earmarked in October 2020. So far, American Express has spent funds on social justice nonprofits, “BIPOC businesses in Canada,” events that refer to Hispanic Americans as “Latinx,” and LGBT sites in New York City. The report also touts the company’s launch of “ByBlack,” a platform that checks whether a business is majority-owned by black people.
American Express has faced scrutiny for allegedly discriminating against white employees. Nick Williams, a former employee, alleges he was fired so that management could fill his position with a non-white worker. Williams has since filed a civil rights suit against American Express.
“Investors and customers should be wary of a company that spends billions on woke initiatives … and is willing to drop trusted vendors and employees based on race,” said a spokesman for Color Us United, a group that opposes “woke” policies at corporations.
The report comes as Republican attorneys general are pushing back against other financial giants’ spending on left-wing causes. Arizona’s Mark Brnovich and 18 other Republican attorneys general are putting pressure on BlackRock in response to its Environmental, Social, and Governance policies. According to a letter from the group, BlackRock’s spending on left-wing causes could represent a breach of its responsibility to stakeholders.
American Express in its report includes a chart that says “inclusion and diversity” is of more “importance to business” than data privacy and security, business ethics, financial resiliency, employee health and safety, stopping bribery, responsible investing, responsible tax practices, public policy, and customer satisfaction, among other things.
American Express beneficiaries include left-wing nonprofits such as the Hispanic Federation and the First Nations Development Institute. Aside from grant funding, the credit conglomerate will also consider race and sexual orientation when deciding suppliers.
The company also announced in the report that it will set aside $500 million for building “more resilient and equitable communities.”
In addition to its spending policies, American Express maintains internal diversity and equity policies. The company’s ESG report boasts that it has maintained “100 percent pay equity across genders” for two straight years. The report also says, however, that female employees’ median pay is 106.7 percent of male employees’ median pay. The company also promotes, hires, and retains women at higher rates than men.
American Express did not respond to the Washington Free Beacon‘s request for comment.