JPMorgan is urging its 100 largest business partners to accelerate spending with Black- and Hispanic-owned businesses. Failure to do so means JPMorgan may revisit its contract with the supplier. If a supplier doesn’t increase its spending with Black- or Hispanic-owned businesses, JPMorgan would first downgrade its contract from preferred or “Gold Status” to “regular. Forty percent of JPMorgan’s largest 100 suppliers have formally agreed to increase their spending with Black- or Hispanic-owned businesses, and some $6.2 billion will be directed to diverse businesses, including minority-owned businesses, over the next three years. The firm expected suppliers to spend a “significant” amount on minority-owned businesses or risk their status with the firm, though they did not specify how much. It’s worth noting that JPMorgan is pressuring other companies to increase spending with Black- and Hispanic-owned businesses. The result is a “multiplier effect” in the economy. JPMorgan’s supplier push was the result of conversations with CEO Jamie Dimon and other team members and the next step in the company’s plan to advance racial equity in the US economy. The $6.2 billion that JPMorgan’s suppliers are set to spend on minority businesses is expected to increase as more suppliers sign on over the next weeks and months. Less funding for Black- and Hispanic-owned businesses compared with white-owned businesses is one of the reasons a stark racial wealth gap persists. JPMorgan could inspire other companies to pressure their own suppliers to do more business with Black- and Hispanic-owned companies.