LIVE: Obama speaks on 'My Brother’s Keeper'

President Obama on Thursday will establish a new interagency task force charged with promoting opportunities for young men from racial minorities through an examination of government policies and programs.

The program, dubbed “My Brother’s Keeper,” will ask businesses and foundations to fund programs across the country designed to keep young men employed or in school and out of jail.

“For decades, opportunity has lagged behind for boys and young men of color. But across the country, communities are adopting approaches to help put these boys and young men on the path to success,” a White House official said in a statement. “The president wants to build on that work.”

The president will announce that foundations supporting the initiative have pledged at least $200 million over the next five years to “find and rapidly spread solutions that have the highest potential for impact,” the White House said.

Efforts receiving commitments will include those targeting early child development and school readiness, parenting and parent engagement, third grade literacy, and school discipline reform.

Read more from The Hill.