The University of Chicago is helping launch a grant program to lessen the racial wealth gap. The plan will award 35-thousand dollar grants to two nonprofit groups. Officials hope the money will promote financial education, debt reduction, and long-term savings; homeownership; skills improvement; and entrepreneurship.

Research shows the earning gap between black and white men is the same as it was 60 years ago. And black and Latino median household wealth lags behind whites and continues to decline.