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Fearless Fund responds to racial discrimination lawsuit on August 10, 2023 at 3:00 pm
Fearless Fund, an Atlanta-based fund that invests solely in women founders of color, has responded to the suit filed against it by the American Alliance for Equal Rights (AAER), accusing it of racial discrimination.
In a statement, the fund said that it was “proud of the work [it has] done at the Fearless Fund and Fearless Foundation with the consistent and invaluable support from our corporate partners, investors, mentors, and advisors,” adding that it is “firm in [its] purpose to provide a gateway to economic freedom.” Fearless Fund also noted that of the $288 billion that venture investors put to work in 2022, less than 0.4% of was raised by women of color.
Arian Simone, the fund’s co-founder and CEO, also went on CBS this morning to talk more about the lawsuit, calling it “an attack to dismantle and address our economic freedom as people of color.” She added that the fund’s response is simple: it will continue the work it is doing to help support women of color.
In its lawsuit, AAER accused Fearless Fund of racial discrimination over a grant program that offers $20,000 to Black-women-owned small businesses. AAER argues the grant violated Section 1981 of the 1866 Civil Rights Act, which states private contracts must be made and enforced without regard to race.
When we contacted AAER’s founder Edward J. Blum last week, he said he was initially reached by a woman-owned business that wanted help to challenge Fearless Fund’s grant program. “It is to be hoped that other programs like this one end these practices and offer the benefits to all small businesses regardless of the owner’s race,” he said at the time.
This is not the first time Blum-associated groups have sued organizations for implementing policies that regard race. He is perhaps best known as the man who challenged affirmative action in educational institutions, alleging that Harvard’s admission policies discriminated against Asian Americans by taking race into account.
Several founders and investors we spoke to said AAER’s suit could be the first of many, as funds focused on solely backing diverse founders have grown prevalent in recent years.
Grants are often the only way many overlooked founders raise capital for their businesses. Investing in diversity might also now come with heightened legal risk, Bernard Coleman, a lawyer at The Coleman Law Firm, told TechCrunch last week.
“The outcome of the American Alliance for Equal Rights’ lawsuit against Fearless Fund has the potential to reshape venture capital investments, spotlighting the intersection of civil rights legislation and startup funding practices,” he said at the time. “As the legal proceedings unfold, the implications for venture capital investments and startup support will undoubtedly be closely watched by stakeholders across the business landscape.”
Fearless Fund recently announced a multi-million-dollar fundraise for its efforts from Costco and Mastercard, the latter of which is the sponsor of the fund’s the Strivers Grant Contest that’s being challenged in the lawsuit.
This marks the first time Fearless Fund has publicly and officially acknowledged AAER’s lawsuit against it since the news broke last week.
President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.
What Trump Is Saying
Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.
How Taxes Work Now
Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.
Questions From Experts
Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.
What Congress Must Do
The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.
What It Means Right Now
For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.
Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.
The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.
“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”
U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.
Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.
The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.
Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.
Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.
As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.
What Happened at the United Nations
On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.
Why Did Delegates and Protesters Walk Out?
The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.
International Reaction and Significance
The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.
Why Is This News Important?
The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.
This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.
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