Lewis Campion, president and CEO of the Maryland Motor Truck Association, spoke about the recovery from the Francis Scott Key Bridge collapse and its impact on the trucking industry.
CFG Bank, headquartered in Baltimore A special short-term offer that allows depositors to use a portion of the interest they accrued after the Francis Scott Key Bridge collapsed when a container ship without power collided with it in late March to support relief and recovery efforts in the city. It operates financial market accounts. .
CFG’s Maryland Tough Baltimore Strong High Yield Money Market Account allows commercial and retail customers to contribute 0.05% of their accrued interest to the Maryland Tough Baltimore Strong Key Bridge Fund by the end of the year. I can. An existing depositor can easily transfer funds from his existing CFG bank account, and interested new customers can create an account online or in person.
This fund was established by baltimore community foundation It is also providing funds to the families of the six people killed in the tragedy, first responders and their families, evacuated dockworkers and small businesses facing disruption. Mr Dwyer said interest contributed through the account would be valued at up to $500,000 by the bank.
“In light of this terrible tragedy, I was really trying to think about what I could really do to help,” CFG CEO Jack Dwyer said in an interview with FOX Business. He said the money market funds providing interest to the Baltimore Relief Fund make it a “unique product,” adding, “To my knowledge, no one has ever attempted anything like this before.” Not at all,” he added.
Body of sixth victim of Baltimore bridge collapse pulled from water
Salvage workers are working to remove the Key Bridge span from the container ship Dali to open a larger waterway for shipping to the Port of Baltimore. (Chip Somodevilla/File/Getty Images)
“I want as many people as possible to contribute to this. maryland tough baltimore strong“And we thought the way to do that was to basically offer this product to existing depositors and then solicit other depositors,” Dwyer said.
“For me, it’s an easier way. bank money “And instead of writing a check, you can basically say, ‘Okay, I’m going to contribute five basis points of interest to this account, Tough Baltimore, Maryland,'” he added. Ta.
Baltimore bridge collapse poses ‘temporary risk’ to local and state economies: Moody’s
In March, the MV Dali lost power while navigating the main waterway in the Port of Baltimore, crashed into the Francis Scott Key Bridge, and collapsed, killing six people. (Tassos Katopodis/File/Getty Images)
“My goal was to raise at least $1 million to really help the families of those who lost their lives, the longshoremen and their families who were in complete turmoil, and small businesses in nearby communities.” “Doing something for them because of a terrible tragedy means there are so many people who are suffering as a result of it,” Dwyer said.
“That’s not a good situation, and you know; federal and state governments“They are doing everything they can to help,” he added, “but in my opinion, in situations like this, it is necessary for the private sector to act in earnest. That’s what they really need to do, and that’s what I think ‘I’ll do it.’ ”
Maryland officials say rebuilding the Baltimore Key Bridge could cost $1.9 billion
The remains of the Francis Scott Key Bridge have blocked the main waterway to the Port of Baltimore, disrupting the livelihoods of longshoremen and related businesses. (Michael A. McCoy, The Washington Post/File/Getty Images)
He added that he “absolutely” hopes that philanthropy through dedicated bank accounts will be replicated at other financial institutions across the country. disaster and tragedy happen.
“They absolutely should,” Dwyer said. “And you know, I try to be innovative, but I also hope to be emulated by others, because it all serves a good purpose and that’s the key.”
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“Government can’t do everything. We need the private sector to play a role, we need individuals and businesses to play a role. If I can encourage others to follow in my footsteps, that would be a great compliment. “I think it’s a word,” he said. Added.
