The Rev. Jesse L. Jackson on Friday endorsed the plan that the Citigroup partners have offered for the giant company to meet its Community Reinvestment Act obligations.
"As the new world leader in financial services, Citigroup, the product of the proposed merger between Travelers and Citibank, has a special obligation to make capital available to residents and businesses located in low and moderate-income neighborhoods," Mr. Jackson said in a statement released by the Rainbow/Push Coalition.
"And so I am pleased with the pledge made by Citigroup to make loans and investments totaling $115 billion over the next 10 years into these communities, to voluntarily include insurance products and services and to place a heavy emphasis on financial literacy.
"I look forward to working with Citigroup and other community groups in ensuring that the pledge is realized and maximized, and that representatives of low- and moderate-income communities are at the table when decisions are made regarding the allocation of that money."