Ukraine has recognized that land swaps are going to be part of a peace deal, says Rep. Russell Fry
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Yahoo
14 minutes ago
- Yahoo
A $200 million endowment focused on Black Americans is taking shape
Started in 2020 as a five-year initiative inspired by the racial justice outcry following the police murder of George Floyd, the California Black Freedom Fund plans to expand to a $200 million endowment. The move is both rare in the world of philanthropy and politically bold, given the Trump administration's efforts to eliminate race-based grant making. Originally a designated fund of the Silicon Valley Community Foundation, the fund spun off on July 1, renaming itself the Black Freedom Fund, to indicate its new national scope. Over the past five years, it has drawn more than $97 million in donations. Of that, it has directed $45 million to 206 nonprofits in California, largely working to increase the sway of nonprofits that serve Black people, with a portion of the remainder being reserved to start the endowment. Marc Philpart, the fund's executive director, said the endowment will let the fund make grants of $10 million a year without cutting into its asset base, assuming historical rates of return on investments. By establishing a durable institution with a sizable reservoir of cash, the fund can serve as a lasting beacon to smaller organizations serving Black communities in California, Philpart said. 'When a crisis occurs in the Black community, philanthropy parachutes in, there's a wave of support, and then as soon as the news cameras turn away, the support recedes,' he said. 'We need enduring institutions that are led by and committed to the Black community in ways that have a lasting impact.' DEI targeted Philpart's fundraising for the endowment comes as the Trump administration has characterized diversity, equity, and inclusion programs as illegal and has called for investigations of large foundations that support diversity programs. Under Philpart's leadership, the California Black Freedom Fund started the Legal Education, Advocacy, and Defense for Racial Justice Initiative, which provides pro bono legal consulting and training for nonprofits. The program operates on the premise that there isn't anything illegal about racial justice funding. But the 2023 Supreme Court ruling against considering race in college admissions, in a pair of cases brought by Students for Fair Admissions against Harvard University and the University of North Carolina, was viewed by some as an indication that private philanthropies could not legally engage in race-based grant making — and the issue is far from settled. While Philpart's fundraising pitch might resonate with some donors, others are sure to be nervous, given the scrutiny placed on race-based grant making by the White House, said Dan Morenoff, executive director of the American Civil Rights Project, a litigation and advocacy nonprofit that has challenged affirmative action programs. The White House has directed the Department of Justice to root out instances of race-based grantmaking, which it considers discriminatory. 'You don't want to be on their radar because they are fervently looking for people to make examples of at this point,' Morenoff said. While some corporations and philanthropies, including the Chan Zuckerberg Initiative, an early supporter of the California Black Freedom Fund, have retreated from supporting racial justice, Philpart is counting on securing support from donors who want to stay with the cause even as the issue is argued in various court cases stemming from Trump's anti-DEI executive orders. The attacks from the administration, Philpart said, have been a 'clarifying moment' for many donors and have generated interest in the fund. 'People have rallied to us and really doubled down on their commitments to support Black freedom and Black power,' he said. 'That is the most telling thing coming out of this moment — that there is a critical mass of leaders throughout the country who care very deeply about the community.' 70 financial supporters One grantmaker that has doubled down is the California Wellness Foundation. The foundation made an initial grant of $500,000 when the fund was first launched, then made a $200,000 commitment to a separate fund created by the California Black Freedom Fund in response to the January Los Angeles fires, and recently added $500,000 to support the spin-off. Richard Tate, president of the California Wellness Fund, said the new fund is 'needed now more than ever' because of attempts by the administration to roll back equity efforts. 'The fact that we are talking about a Black Freedom Fund is an acknowledgment that not everyone has equal standing in the culture,' he said. 'Whatever headwinds that may exist because of this political moment, now is the time for us to continue to be explicit about our intentions of supporting a community.' Philanthropy needs to act quickly by unleashing more money in grants to support areas like litigation, public advocacy, and the replacement of lost federal funds, said Glenn Harris, president of Race Forward, a nonprofit racial justice advocacy group. But, he said, lasting institutions that can respond to future challenges are also needed. 'There's a balancing act,' Harris said. 'It's really clear that struggles for liberation and justice are going to be with us for a minute.' Among the two dozen grant makers that chipped in to start the fund are the Akonadi, Conrad Hilton and San Francisco foundations as well as the Emerson Collective, Crankstart, the Evelyn and Walter Haas Jr. Fund and the Silicon Valley Community Foundation. The total of institutional funders to the effort since 2020 now exceeds 70. Why endowments Among the groups the fund has supported are the East Bay Permanent Real Estate Cooperative, a community-owned cooperative that 'removes land and housing from the speculative market and places it into permanent community stewardship,' according to the fund. A late 2023 survey of nearly 300 foundations conducted by the Center for Effective Philanthropy found that more than two thirds of grantmakers did not offer endowment grants. Half of those that did so made them to arts organizations and museums. Nonprofits led by Black people receive endowment grants even more rarely, according to a 2022 analysis of social change organizations by the Bridgespan Group, a philanthropy consultancy, which found that nonprofits led by Black people had endowments that were only a fourth as big as those led by white people. Since then, some grant makers have stepped forward to support endowments at organizations serving members of Black communities, said Darren Isom, a partner at Bridgespan. For instance, in 2022 the Robert Wood Johnson Foundation made grants of $5 million each to three racial justice organizations led by people of color: UnidosUS, the NAACP, and Faith in Action. 'Endowments are transfer of power from philanthropic organizations to the organizations that are closest to the work,' he said. 'From an impact perspective, the work is more high impact, more beneficial, and more durable if it's owned by and led by those that are the closest to issues and closest to the communities.' Philpart is confident that despite the blow-back against diversity and racial justice, the fund can raise enough money to meet its goal. 'We're drawing people out who want to prove we are greater than divisiveness, we are greater than bigotry, and we are a greater than racism,' he said. 'We are better than all the things that pull us apart and don't fundamentally improve anyone's well-being.' ______ Alex Daniels is a senior reporter at the Chronicle of Philanthropy, where you can read the full article. This article was provided to The Associated Press by the Chronicle of Philanthropy as part of a partnership to cover philanthropy and nonprofits supported by the Lilly Endowment. The Chronicle is solely responsible for the content. For all of AP's philanthropy coverage, visit
Yahoo
14 minutes ago
- Yahoo
Russia restricts calls via WhatsApp and Telegram, the latest step to control the internet
Russian authorities announced Wednesday they were 'partially' restricting calls in messaging apps Telegram and WhatsApp, the latest step in an effort to tighten control over the internet. In a statement, government media and internet regulator Roskomnadzor justified the measure as necessary for fighting crime, saying that 'according to law enforcement agencies and numerous appeals from citizens, foreign messengers Telegram and WhatsApp have become the main voice services used to deceive and extort money, and to involve Russian citizens in sabotage and terrorist activities.' The regulator also alleged that 'repeated requests to take countermeasures have been ignored by the owners of the messengers.' There was no immediate comment from either platform. Russian authorities have long engaged in a deliberate and multipronged effort to rein in the internet. Over the years, they have adopted restrictive laws and banned websites and platforms that won't comply. Technology has been perfected to monitor and manipulate online traffic. While it's still possible to circumvent restrictions by using virtual private network services, those are routinely blocked, too. Authorities further restricted internet access this summer with widespread shutdowns of cellphone internet connections and by adopting a law punishing users for searching for content they deem illicit. They have also threatened to go after WhatsApp — one of the most popular platforms in the country — while rolling out a new 'national' messaging app that's widely expected to be heavily monitored. Reports that calls were being disrupted in WhatsApp and Telegram appeared in Russian media earlier this week, with users complaining about calls not going through or not being able to hear each other speak. According to Russian media monitoring service Mediascope, WhatsApp in July was the most popular platform in Russia, with over 96 million monthly users. Telegram, with more than 89 million users, came a close second. Both platforms had their run-ins with the Russian authorities in the past. The Kremlin tried to block Telegram between 2018-20 but failed. After Russia's full-scale invasion of Ukraine in 2022, the government blocked major social media like Facebook and Instagram, and outlawed their parent company, Meta, that also owns WhatsApp, as extremist. In July, lawmaker Anton Gorelkin said WhatsApp 'should prepare to leave the Russian market,' and a new 'national' messenger, MAX, developed by Russian social media company VK, would take its place. MAX, promoted as a one-stop shop for messaging, online government services, making payments and more, was rolled out for beta tests but has yet to attract a wide following. Over 2 million people registered by July, the Tass news agency reported. Its terms and conditions say it will share user data with authorities upon request, and a new law stipulates its preinstallation in all smartphones sold in Russia. State institutions, officials and businesses are actively encouraged to move communications and blogs to MAX. Dasha Litvinova, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
16 minutes ago
- The Hill
Bessent calls for steep interest rate cuts
Treasury Secretary Scott Bessent said Wednesday that short term interest rates should be 1.5 to 1.75 percentage points lower than their current level, keeping up the administration's pressure campaign on the Federal Reserve. Bessent called for a half-point reduction in September at the next meeting of the Fed's interest rate-setting committee, starting a series of cuts that would lower rates substantially below their current level of 4.25 to 4.5 percent. 'We could go into a series of rate cuts here, starting with a 50 basis point rate cut in September,' he said on the Bloomberg News television network. 'We should probably be 150, 175 lower. I think the committee needs to step back.' Bessent's remarks were his clearest yet on what should happen with short-term interest rates. Treasury secretaries, which handles debt issuance and tax collection, don't traditionally weigh in on monetary policy, which is left to the Fed. While Bessent has called the Fed's independence on monetary policy a 'jewel box' not to be tampered with, he has also joined President Trump and other administration officials in criticizing the bank's handling of interest rates. Trump has been calling for interest rate cuts since the beginning of the year and has nicknamed Fed Chair Jerome Powell 'Too Late' due to his reluctance to begin cuts this year and the bank's sluggish response to post-pandemic inflation. The Fed has kept interbank lending rates at an effective level of 4.33 percent since January after making three cuts in the back half of last year. The Fed has been waiting to see the effects of tariffs on the economy. Inflation held steady from June to July at a 2.7-percent annual increase in consumer price index (CPI) after ticking up from 2.4 percent in May. The job market slowed down significantly over the past three months, adding just 106,000 jobs from May through July. Asked Wednesday if a half-percent rate cut in September would signal that the fundamentals of the economy are not in good shape, Bessent said the signal would be one of transition. 'That signals that there's an adjustment, and that rates are too constrictive,' he said. FPowell has said recently that he believes interest rates are now 'modestly restrictive,' meaning that inflation-adjusted interest rates are lowering potential profitability and restraining the level of investment. Bessent criticized Powell's reliance and reactivity to incoming data, which the Fed chair has often stressed during his tenure as chair. 'He's not Alan Greenspan, who was very forward-thinking. They try to be more data-driven, which I think is a mistake,' Bessent said. 'It's just very old-fashioned thinking.'
