One year into their $50 billion spending pledge, a mere $250 million seems to have been spent. What gives?

During the summer of 2020, America’s corporate leaders couldn’t make promises fast enough. As the murder of George Floyd sparked nationwide riots and set off months of unrest and tension, companies swore that this time, things would be different. Almost every member of the S&P 500 made some form of pledge to increase diversity representation and diversity-based spending. They’d be the change they wanted to see in the world, and they’d make it happen with money. Lots and lots of money…

All in all, some $50 billion was earmarked for racial equity, accordin....