Prudential Commits $13 million to Support President Obama’s My Brother’s Keeper Initiative
My Brother’s Keeper co-chair Joe Echevarria, Deloitte CEO (ret.) Lauds Major Corporate Contribution to Cross-Sector Initiative
WASHINGTON, Feb. 12, 2015 –In a large-scale announcement of corporate support for President Obama’s My Brother’s Keeper (MBK) initiative, Prudential today made public a commitment of $13 million in support of the My Brother’s Keeper initiative and for related efforts to improve education and life outcomes for boys and young men of color.
Last September, President Obama issued a call to action for communities nationwide to implement evidence-based, cradle-to-college and career strategies aimed at improving life outcomes for young people regardless of who they are, where they come from, or the circumstances into which they are born. To date, more than 150 communities have responded and developed plans involving partnerships between local governments, public- and private-sector partners.
Prudential’s commitment includes a $3 million grant contribution to provide technical assistance to these cities, municipalities and tribal nations.The funds will support communities in building the collective impact infrastructure and capacity necessary to implement evidence-based programs to improve the lives of boys and young men of color.
Lata Reddy, Prudential’s vice president of Corporate Social Responsibility, said that the company’s commitment was intended to maximize communities’ ability to enact the comprehensive plans they developed. “So many communities have stepped up to the challenge to take concrete steps that will make a positive difference in the lives of young people. Through this commitment, Prudential wants to help ensure that there are resources available to make those plans real,” Reddy said. “Our commitment is a further extension of Prudential’s legacy of helping individuals and communities achieve financial security and peace of mind.”
Prudential has committed an additional $10 million in impact investments to support:
- Innovative for-profit and nonprofit social purpose enterprises that eliminate barriers to financial and social mobility for boys and young men of color.
- Financial intermediaries like community banks and socially oriented venture capital funds that can redeploy institutional capital to ensure the long-term financial security of boys and young men of color.
- Real assets in local communities that help revitalize communities, develop skills and provide job opportunities to improve the lives of boys and young men of color.
Joe Echevarria, retired CEO of Deloitte, who co-chairs My Brother’s Keeper and recently called on the business community to lend its expertise and resources in support of the initiative, lauded Prudential’s announcement.
“With this commitment, Prudential is demonstrating the meaning of ‘strategic investment,” Echevarria said. “Prudential understands that strengthening ladders to success will put the American Dream within the reach of young men and boys of color, and will help us all in terms of closer communities, healthier families, and a stronger economy.”