Influential business leaders from corporate America have backed the launch of The Asian American Foundation (TAAF) to help fight discrimination directed at Asian American and Pacific Islander (AAPI) communities in the US.
The new foundation has launched thanks to backing from influential executives and major companies, such as Bank of America, Himalaya Capital, National Basketball Association, the Ford Foundation and Walmart. The organisation has already raised $125 million among its board members to support AAPI organisations and causes over the next five years. It’s reported to be the largest philanthropic commitment in history by Asian Americans fully focused on supporting AAPI communities.
In addition to its initial commitment of $125 million, TAAF is inviting leaders from business and philanthropy to participate in its ‘AAPI Giving Challenge’; a five-year commitment to bringing sorely needed resources to under-funded AAPI communities and causes.
IMPROVING AAPI ADVOCACY
TAAF has been founded to solve the longstanding lack of investment in AAPI communities; particularly as anti-AAPI hate and violence persist at alarming rates, as reported. Historically, AAPI communities have received less than 0.5% of charitable giving from foundations, confirmed TAAF. It will address this severe underinvestment by offering funding and resources to the ecosystem of advocates and organisations committed to AAPI causes. It also seeks to bring AAPI communities together to more effectively mobilise action against hate and violence; and to build the infrastructure needed to improve AAPI advocacy, power and representation across American society. Its ‘AAPI Giving Challenge’ will also galvanise resources to meet the needs of AAPI communities.
“We created TAAF to stand up for the 23 million Asian Americans and Pacific Islanders living in this country and help bring us all together in the fight for our own prosperity. TAAF wants to strengthen and build power for AAPIs, particularly as we face an exponential increase in hate and violence,” stated Sonal Shah, President of TAAF. Shah previously served as Deputy Assistant to President Obama and founded the White House Office of Social Innovation and Civic Participation. “AAPI communities need systemic change to ensure we are better supported, represented, and celebrated across all aspects of American life,” added Shah. “TAAF plans to spark that systemic change and help fundamentally transform AAPI empowerment and support well into the future.”
DEVELOPING LONG-TERM SOLUTIONS
TAAF will focus its efforts on anti-hate, data/research and education. The foundation will support organisations and leaders building long-term solutions for measuring and defending against anti-AAPI violence. It will also develop the common data standards to better track incidents of hate and violence targeting AAPI communities; while investing in data-driven research that identify the needs of AAPI communities to inform future policymaking, advocacy and philanthropy. For education, it will help create K-12 and higher education curricula that reflect the history of AAPIs as part of the American story. TAAF will also fund storytelling across the arts, media and film to include the AAPI experience and AAPI contributions to American history.
TAAF’s Board is led by Board Chair Li Lu, Founder & Chairman of Himalaya Capital. Founding Advisory Council members include CNN hosts Lisa Ling and Fareed Zakaria, CEO of the George W Bush Center Ken Hersh, actor and producer Daniel Dae Kim, basketball player Jeremy Lin, former President of The World Bank Dr Jim Kim, and former Secretary of State Condoleezza Rice.
ADDRESSING ANTI-AAPI HATE & VIOLENCE
The foundation will also benefit from the support of an Advisory Council of over 30 leading AAPI leaders and allies of the community working in public policy, business, philanthropy, media and the arts who will act as ambassadors to support the advancement of TAAF’s work. It has already made several critical investments in AAPI communities to help organisations address anti-AAPI hate and violence. In the aftermath of the tragic Atlanta-area shooting that took place in March 2021, TAAF distributed $1 million to Asian Americans Advancing Justice (AAJC) coalition; $1 million to Stop AAPI Hate; and $1 million to the National Asian American Women’s Forum (NAPAWF).
These grants will offer ongoing support as these organisations monitor anti-AAPI hate incidents and build systems to measure and defend hate against the community for the long-term. “It is vital that we all are working toward furthering solutions to meet the needs of our community at this pivotal moment in our history and Advancing Justice – AAJC is committed to that movement,” stated AAJC’s President and Executive Director John C Yang. “AAJC is proud to be working with TAAF to bring new resources and collaborative partners together on behalf of the Asian American community.”
TAAF will be officially launched during a virtual event tomorrow (Tuesday 4 May at 3pm ET), entitled Claiming Power: The Future of Asian Americans. President Bill Clinton, President George W Bush and President Barack Obama are expected to deliver opening addresses at the event during Asian American and Pacific Islander Heritage Month.
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