07.22.2016

NEW YORK - The Fed Up campaign cheered the inclusion of reforms to the Federal Reserve in the Democratic Party platform that they have championed since the coalition was launched in 2014.

The final platform, released today, mentioned the Federal Reserve for the first time since 1984 and called for a major overhaul of Fed governance, saying that representatives of financial institutions should not be allowed to serve on regional Fed boards of directors or select the people who do. 

"Removing the influence of bankers would be revolutionary for an institution that has, for 100 years, been governed by the very institutions that it regulates," said Ady Barkan, campaign director of the Fed Up campaign, an initiative of the Center for Popular Democracy that brings together community groups and low-wage workers from around the country to demand a more equitable Federal Reserve. 

The platform calls for a Fed leadership that is more diverse and representative of the American people, a sign that racial and gender inequities in our economy are finally getting some of the attention they deserve.

Also included is language demanding the creation of a full employment economy for the first time in nearly three decades. A commitment to full employment was a feature of every Democratic Party platform from 1944 to 1988, but was removed in 1992 as part of the Democratic Party's shift to the right led by the Third Way coalition.

"We are really excited by these developments and believe they are strong evidence of the impact that Fed Up has had on the public discourse over the past two years. The entire Democratic Party is now lined up behind ideas that were not even discussed until we came on the scene," added Barkan.

www.whatrecovery.org

Fed Up is a coalition of community organizations and labor unions across the country calling on the Federal Reserve to reform its governance and adopt policies that build a strong economy for the American public. The Fed can keep interest rates low, give the economy a fair chance to recover, and prioritize full employment and rising wages for all communities.

www.populardemocracy.org 

The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.

Contact: 

Anita Jain, ajain@populardemocracy.org, 347-636-9761

Asya Pikovsky, apikovsky@populardemocracy.org, 207-522-2442