Breaking the Silence: Business leaders pledge millions to the fight against anti-Asian bigotry

A coalition of Asian American business leaders have made it clear that they will no longer be silent against the racism facing AAPI communities.

Almost 1,000 AAPI business executives from across the country added their voices and their pocketbooks against the attacks targeting Asian Americans and Pacific Islanders with a full page ad in the Wall Street Journal Wednesday, March 31, by pledging to donate $10 million to organizations fighting against the anti-Asian violence.

Part of the "open letter" published in the WSJ states:

"We, the Asian American business leaders of America, are tired, angry and afraid — and not for the first time. We are tired of being treated as less than American, subject to harassment and now, every day, we read about another member of our community being physically attacked — simply for being Asian. We are afraid for the safety of our loved ones. We are angry that our families can no longer go outside in their own neighborhoods where they have lived for decades because it may not be safe. 

"We have given a lot to this country where we were born or to which we immigrated. Our community includes your cashiers, your teachers, your cooks, your doctors, your dry cleaners, your colleagues, your neighbors, your friends. We cut your nails. We write your code. We, together, have launched rovers to Mars and back. Many of us have created jobs for hundreds of thousands of Americans. We choose to make America our home and we strive every day to make America better — just like you.

"We don’t deserve to live in fear in our own country."  

The violence against AAPI communities has been growing for over a year since the Trump administration began blaming the coronavirus to China, calling it the China Virus, the Wuhan Virus and the Kung Flu.

By insisting on associated the virus to China, Trump has successfully playing to the country's centuries-old fear of Asians by blaming Asians for the pandemic that has disrupted the economy.

The mass shooting in Georgia that killed eight people, six of whom were Asian women, sparked nationwide demonstrations condemning the anti-Asian attacks and prompted statements and actions by the business community.

Zoom CEO Eric Yuan, YouTube cofounder Steve Chen,  DoorDash founder Tony Xu, OpenTable CEO Debby Soo and Care.com founder Sheila Marcelo are among the business leaders who have signed onto the open letter.

Other high-profile signatories include Facebook vice president of product George Lee, Boxed CEO Chieh Huang, Peloton Interactive co-founders Yony Feng and Hisao Kushi, and Alfred Lin, partner at Sequoia Capital.

“As a proud Asian American, it is disheartening to see the hatred and violence against our community,” Zoom’s Yuan told CNBC in a statement. “Racism in any form is unacceptable, and I feel strongly it is important to lend my voice and stand up with my fellow colleagues, friends and family who are suffering during this time.”

Since the ad appeared two days ago, over 2,800 AAPI business leaders and their allies have joined the pledge.

Part of the commitment the coalitions is asking includes "creating and funding AAPI employee resource groups to ensure Asian employees, especially women who bear the brunt of the harassment, have a safe space to tell their stories, receive support and report discrimination without fear of retaliation" and a commitment "to reporting out on diversity of all groups and to redefine Asian Americans as a group worth representation at all levels of the organization."

$1.25 BILLION INITIATIVE FROM BANK OF AMERICA

Prompted by the attacks against the AAPI communities, has caused an awakening of the business community to the scourge of racial discrimination has prompted other big corporations to create their own initiatives.  The giant banking behemoth, Bank of America, committed $1-billion over a four-year period to fight racial inequities. Since the rise in anti-Asian violence, the bank has extended the initial initiative to a fifth year and added $250 million.

“The urgency we feel to address long-standing issues of inclusion and racial inequality has only increased following the attacks and hate speech directed at Asian people over the last year,” said Bank of America Chairman and CEO Brian Moynihan. “Across the public and private sectors, it is clear that we must do more – to take action, help others convene, and serve as a catalyst for a broad-based, collective response to the critical issues affecting our nation.”

“The urgency we feel to address long-standing issues of inclusion and racial inequality has only increased following the attacks and hate speech directed at Asian people over the last year,” added Brian Moynihan.

Immediate actions taken to help accelerate and expand pre-existing work include:

• A grant to the Asian Americans Advancing Justice (Advancing Justice) organization to advance the nonprofit’s work to promote civil rights, bystander intervention, in-language advocacy, social services assistance and legal support. This funding supports five Asian Americans Advancing Justice affiliates based in Atlanta, Washington, D.C., Los Angeles, San Francisco and Chicago.
• The addition of Connie Chung Joe, chief executive officer of Asian Americans Advancing Justice – Los Angeles, to serve as a member of Bank of America’s National Community Advisory Council (NCAC), in support of ongoing dialogue and stakeholder engagement with the Asian community in the U.S., and on broad issues of gender and racial equality. Members of the NCAC engage with leaders on Bank of America’s business policies, practices and products in support of employees, clients and local communities.
• Additional support for the National Coalition for Asian Pacific American Community Development (National CAPACD) and The Leadership Conference Education Fund as the two organizations work to advance local community advocacy, training, and resources through community-based efforts.
• Increased philanthropic support through Bank of America’s employee matching gift program. Bank of America employees can double their charitable donations to these three nonprofits and select others; the company’s matching gift minimum has been lowered to $1 for the next 90 days, to expand the impact of their support to the Asian community in the U.S.

“The rising number of attacks against Asian people, including the tragic shootings in Atlanta recently, have served as a stark reminder that we must stand united against discrimination, hate speech and violence,” said Thong Nguyen, vice chairman at Bank of America. “We will not tolerate acts of racism in any form. Today’s commitment builds upon Bank of America’s many years of work in support of inclusion and racial equality.”

SONY'S $100 MILLION RACIAL JUSTICE INITIATIVE

In June 2020, Sony Music Group led to the establishment of a $100 millionGlobal Social Justice Fund with the full support of all Sony Group companies. This fund is used to support initiatives that promote social justice, anti-racism initiatives and to foster diversity, equity and inclusion both inside and outside of the company around the world.

This past week, Sony announced it has made donations to Asian Americans Advancing Justice (AAJC) and Asian American Legal and Education Fund (AALDEF).

"Racial injustice is a global issue that affects us all," said Kenichiro Yoshida, Chairman, President and CEO, Sony Corporation. "Today I join together with the leaders of Sony's businesses in the U.S. to denounce the appalling violence against the Asian American community. 

"As a company that cherishes diversity as one of our core values, we are committed to the human rights of all people. Sony places great importance on treating everyone with dignity and respect, regardless of race, gender, sexual orientation, age, religious beliefs or physical ability," said Yoshida. "I stand shoulder to shoulder with our group leaders to condemn this ongoing violence and discrimination."