Buffett foundation to focus on helping young girls of color

WASHINGTON (AP) — A foundation run by the youngest son of billionaire investor Warren Buffett plans to spend $90 million to improve the lives of young women of color.

The NoVo Foundation, created in 2006 by Jennifer and Peter Buffett, the youngest son of Warren Buffett, today announced the multimillion investment. The foundation says this will be the largest single investment dedicated solely to addressing inequities faced by young female minorities in the United States.

The foundation will canvas the nation, talking to girls and their advocates to solicit ideas from them on how best to invest the money. The official funding process won't begin until early 2017, the Buffetts said.

"Our goal is to create the conditions for change by advancing the work of the real experts in this movement: girls and young women of color and the advocates working with them," Peter Buffett said.

The investment is the latest public acknowledgment that adolescent female minorities need as much assistance as boys. One of President Barack Obama's signature achievements is the "My Brother's Keeper" initiative, a public-private effort started by the White House to help younger generations of blacks and other minorities stay on the right path.