By Byron Tau 

President Barack Obama unveiled a new nonprofit on Monday aimed at assisting young men in disadvantaged communities.

The My Brother's Keeper Alliance, a private spinoff of the Obama administration's My Brother's Keeper initiative, announced $80 million in private-sector commitments to support men of color from early childhood into adulthood.

Connecting the subject directly to unrest following police shootings in Ferguson, Mo., Baltimore and elsewhere, Mr. Obama said it was essential for society to close the opportunity gap and make young black and Latino men feel that the country is invested in their success.

"By almost every measure, life chances of the average young man of color is worse than his peers," Mr. Obama said at a launch event in New York City.

"Those opportunity gaps begin early, often at birth, and they compound over time, becoming harder and harder to bridge, making too many young men and women feel like, no matter how hard they try, they many never achieve their dreams," he said.

"That sense of unfairness, powerlessness and people not hearing their voices, that's help fuel some of the protests we've seen in places like Baltimore and in Ferguson and right here in New York," the president said.

Baltimore has been rocked by protests and unrest after the April death of a 25-year old black man in police custody. New York City and Ferguson both saw similar demonstrations after African-American men died at the hands of police officers in both those cities, sparking a national conversation about the relationship between police and some of the communities they're charged with protecting.

The new nonprofit will aim to boost student achievement in early childhood, prepare young men for high school, college or vocational education and support workforce and career development. It will also aim to reduce violence and help foster second chances.

The foundation has already attracted major corporate commitments from companies like American Express Co., Deloitte Consulting, PepsiCo and Sprint Corp., among others. News Corp, which owns the Wall Street Journal and Dow Jones Newswires, is also a corporate sponsor of the effort. The company's executive vice president and global head of government affairs, Toni Cook Bush, will sit on the organization's board and leadership team.

The effort to get the nonprofit off the ground has been spearheaded by Joe Echevarria, the former Deloitte CEO who retired from the company last year to pursue his interest in public policy and public service.

Former NBA player Alonzo Mourning, musician John Legend, Washington consultant Robert Raben, and senior executives at Deloitte, American Express, Valor Equity Partners, BET, and other corporations will serve on the foundation's board.

The foundation also provides window into Mr. Obama's post-presidential life. With less than two years left in his presidency, Mr. Obama recently said he'd like to like to return to the kind of community-based organizing that propelled him into politics as a young man.

A White House spokesman didn't rule out Mr. Obama's future involvement in the foundation, but said that it would operate independently of the White House and the Obama administration. The administration will play no role in screening donations or running programs.

"You can expect the President will continue to be involved in these issues, but at this point, I would not commit to any sort of involvement by the former president directly in the day-to-day activities of the My Brother's Keeper Alliance," press secretary Josh Earnest said Monday.

The Obama administration first launched My Brother's Keeper as a public-private sector initiative in February 2014.

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