Wall Street Gatekeepers Quietly Starve Civil Rights

The ProPublica (Civil Rights) reports:

Surprise, surprise: Wall Street’s tax-haven charity arms are playing political police with your donations. Using opaque, selective rules, these suit-and-tie middleman funds quietly strangle grassroots racial justice causes while keeping cash flowing to right-wing slush funds without missing a beat.

Donor-advised funds, or DAFs, have grown into the largest vehicle for charitable giving in America, controlling tens of billions of dollars. But behind the scenes, the nonprofit arms of Wall Street giants like Fidelity, Schwab, and Vanguard are quietly exercising broad, unchecked authority to veto where donors can send their money. Using vague guidelines and secretive vetting processes, these financial gatekeepers have repeatedly blocked grants to progressive and civil rights organizations while continuing to funnel millions into conservative causes, effectively choking off crucial funding for marginalized communities with zero public accountability.

— ProPublica (Civil Rights)