For immigrants fighting deportation, a push for government-funded lawyers
For immigrants fighting deportation, a push for government-funded lawyers
Nearly 4,000 immigrants in the Washington region face deportation every year without a lawyer, according to a report that calls on area governments to follow the lead of New...
Nearly 4,000 immigrants in the Washington region face deportation every year without a lawyer, according to a report that calls on area governments to follow the lead of New York and Los Angeles and provide funding for legal aid to immigrants.
The Center for Popular Democracy, a national nonprofit organization, analyzed thousands of deportation cases at immigration courts in Baltimore and Arlington and found that immigrants were far more likely to prevail if they had a lawyer...
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Top Fed Officials Field Questions From Activists Unhappy Over Monetary Policy
Top Fed Officials Field Questions From Activists Unhappy Over Monetary Policy
Top Federal Reserve officials defended their handling of monetary policy in a freewheeling meeting with liberal activists at the annual Fed conference in Jackson Hole, Wyo.
Much of the...
Top Federal Reserve officials defended their handling of monetary policy in a freewheeling meeting with liberal activists at the annual Fed conference in Jackson Hole, Wyo.
Much of the meeting centered on whether the Fed should raise interest rates, as it's widely expected to do before the end of the year, and the likely impact of a hike on poor and minority communities.
"The economy has recovered for much of white America, but for black and Latino workers it has not," said Rod Adams, of Neighborhoods Organizing for Change in Minneapolis.
"If you decide that we're at maximum employment now and you intentionally slow down the economy, you'll be leaving us behind, pulling up the ladder right after you've climbed it," Adams said.
"In no way do I want to see the economy stall. In no way do I want to see the economy stop growing," said John Williams, president of the Federal Reserve Bank of San Francisco.
Since monetary policy takes a while to have an impact, the unemployment rate is likely to keep falling for a while, even if the Fed raises rates this year, Williams said.
"If we do wait too long, what happens is eventually the economy creates imbalances or overheats and we get into situations somehow where we have to react to that and when we react to that, that often leads to a recession or some other bad outcome," Williams said.
"I think the Federal Reserve is very much committed to having a set of monetary policies in place that achieve maximum sustainable employment over time. Where there are differences are: What's the precise interest rate settings to achieve that goal?" said William Dudley, president of the Federal Reserve Bank of New York.
The hourlong meeting was organized by Fed Up, a coalition of some two dozen community groups, labor unions and liberal policy groups that have sought to influence Fed policy.
An unusually large number of Fed officials attended the meeting, including Vice Chair Stanley Fischer, Eric Rosengren of the Boston Fed and Kansas City Fed President Esther George.
While the meeting, which was billed as a "listening session," was mostly cordial, some of the activists made their unhappiness over Fed policy clear.
Fed officials did not object when Kendra Brooks of the Philadelphia group ACTION United called out the central bank for the lack of diversity among its governors, boards of directors and staff members.
"I would be very surprised if anybody in the Federal Reserve system thinks that we've done well on that," Dudley said.
Neel Kashkari, president of the Minneapolis Fed, said some progress has been made in diversifying his own staff and board of directors, but conceded more work needed to be done.
By JIM ZARROLI
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Senate's Kavanaugh Vote Ends in Chaos After GOP Sen. Flake Asks for FBI Sex-Assault Probe
Senate's Kavanaugh Vote Ends in Chaos After GOP Sen. Flake Asks for FBI Sex-Assault Probe
One day after Brett Kavanaugh and Christine Blasey Ford testified about her sexual assault allegations against the Supreme Court nominee, the Senate Judiciary Committee on Friday voted to send...
One day after Brett Kavanaugh and Christine Blasey Ford testified about her sexual assault allegations against the Supreme Court nominee, the Senate Judiciary Committee on Friday voted to send Kavanaugh’s confirmation to the full Senate — but it wasn’t without drama.
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Trump makes first mark on Fed as Senate approves key nominee
Trump makes first mark on Fed as Senate approves key nominee
President Donald Trump officially made his first mark on the Federal Reserve on Thursday, when the Senate voted 65-32 to approve his first and only nominee to the central bank’s board.
...
President Donald Trump officially made his first mark on the Federal Reserve on Thursday, when the Senate voted 65-32 to approve his first and only nominee to the central bank’s board.
Randal Quarles, a private equity investor and veteran of the Treasury Department, will also take over as the Fed's top banking regulator as the first appointee to the position of vice chairman of supervision, a role created by the 2010 Dodd-Frank Act.
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Austin Passed a Landmark Paid Leave Policy. Will Texas Republicans Undermine It?
Austin Passed a Landmark Paid Leave Policy. Will Texas Republicans Undermine It?
It can have a chilling impact on the introduction of policies that have the potential to be pre-empted,” said Sarah Johnson, director of Local Progress, which was involved in advocating for the...
It can have a chilling impact on the introduction of policies that have the potential to be pre-empted,” said Sarah Johnson, director of Local Progress, which was involved in advocating for the legislation. But Austin decided to take a different approach. The city “realiz[ed] their power and [fought] back and [went] on offense despite that.
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Does Your Bay Area Neighborhood Have a High Wells Fargo Foreclosure Rate?
KQED - March 12, 2013 - California is still struggling to get back on its feet after a devastating housing crisis. And Wells Fargo is partly to blame for the sluggish recovery because it is...
KQED - March 12, 2013 - California is still struggling to get back on its feet after a devastating housing crisis. And Wells Fargo is partly to blame for the sluggish recovery because it is refusing to modify home loans, according to a coalition of homeowners groups.
By foreclosing on homeowners who can't make their payments, the San Francisco-based bank will suck billions of dollars out of the state's economy, according to the Alliance of Californians for Community Empowerment, the Center for Popular Democracy and the Home Defenders League.
In a new report, the coalition charges that Wells Fargo has been less inclined to reduce the principle of home loans than have other banks, such as Bank of America.
Wells Fargo responded that it has a low foreclosure rate compared to the industry in general.
Wells Fargo's bias toward foreclosures is disproportionately affecting predominantly black and Latino neighborhoods, the report charges.
Right now, about 65,000 California homeowners have received notice of a pending foreclosure, and about 20 percent of these loans are serviced by Wells Fargo, the report says.
The report estimates that as of February 2013, Wells Fargo had 11,616 homes in its "foreclosure pipeline."
Foreclosing on the homes will have the following effects, according to the report:
Each home would lose approximately 22 percent of its value, for a total loss of approximately $1.07 billion,
Homes in the surrounding neighborhood would lose value as well, for an additional loss of about $2.2 billion, and
Government tax revenues would be cut by $20 million, as a result of that depreciation.
If the bank were to reduce the principle on the borrowers' loans, homeowners would have more money to spend. This would boost the state's economy, the coalition says.
Wells Fargo often bundles loans to sell to other entities, such as Fannie Mae, but acts as an agent for the new lender, collecting payments and handling foreclosures. In that capacity, Wells Fargo makes more money through foreclosures than loan modifications, the report says.
Wells Fargo has had an aggressive principal reduction program for loans that we own since 2009. Wells Fargo conducts all lending and servicing activities in a fair and responsible manner without regard to race or ethnicity. We are proud to be the nation’s leading lender.
Wells Fargo issued a written statement in response to the report:
Over the last four years, Wells Fargo has: • Helped more than 841,000 customers with loan modifications. • Provided $6.3 billion in principal forgiveness—most of which has gone to borrowers in California.
Wells Fargo consistently provides assistance to customers facing financial challenges. Wells Fargo’s delinquency and foreclosure rates continue to rate below the industry average. Here are the facts: • The combined national industry delinquency and foreclosure rates are roughly 11%. Wells Fargo’s is 7.04%. • The Wells Fargo foreclosure rate in California is 1.04%*, less than half of our national rate.
*As of Q4 2012
Source
Whose Recovery? We’re ‘Fed Up’
The Fed Up campaign made their presence known in Jackson Hole, Wyoming hoping to convince the Republican Party that the Federal Reserve is ruining the economy. CNBC’s Heesun Wee and campaigner...
The Fed Up campaign made their presence known in Jackson Hole, Wyoming hoping to convince the Republican Party that the Federal Reserve is ruining the economy. CNBC’s Heesun Wee and campaigner Connie Razza discuss.
Duration: 12:05
Source: MSNBC
Progressive Group Sues Fed, Seeking Information on Presidential Selection
Progressive Group Sues Fed, Seeking Information on Presidential Selection
The left-leaning Center for Popular Democracy on Wednesday filed a lawsuit in federal court against the Federal Reserve, seeking to shine light on the central bank’s president selection process....
The left-leaning Center for Popular Democracy on Wednesday filed a lawsuit in federal court against the Federal Reserve, seeking to shine light on the central bank’s president selection process.
The lawsuit, filed under the Freedom of Information Act, is a product of the “Fed Up” campaign to strip private bankers’ influence from the Fed’s top rungs and increase transparency in its leadership selection. The suit was filed after the Fed ignored a FOIA request filed in August seeking information on president selections in 2015 and 2016, the group said.
“The leaders of the twelve Reserve Banks are among the most powerful and influential actors in shaping the nation’s monetary policies, yet the process by which they are chosen is completely non-transparent,” the group wrote in the complaint, filed in the U.S. District Court for the Eastern District of New York.
The lawsuit comes as Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, prepares to leave the bank in February.
“The public has a right to obtain records about how the Federal Reserve’s leaders are selected, and there is no justification for the Fed’s withholding of basic information about its governance,” said Connie Chan, an attorney representing Fed Up, in a statement. “The fact that Fed Up has to bring this FOIA lawsuit is itself further evidence of the Fed’s lack of transparency.”
By Tara Jeffries
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Lawmakers Call for “Fair Work Week” for Workers with Changing Schedules
WTNH News 8 - April 27, 2015, by Kent Pierce - Once you hit adulthood, life becomes a balance between your personal life and work. But, for people who deal with a constantly changing schedule,...
WTNH News 8 - April 27, 2015, by Kent Pierce - Once you hit adulthood, life becomes a balance between your personal life and work. But, for people who deal with a constantly changing schedule, having a life outside of work can be tough.
Which is why lawmakers and advocates are stepping up and calling for a “fair work week.” They’re joining forces with the people who deal with unpredictable schedules to make that happen.
Connecticut may be the wealthiest state in the nation, but for every Greenwich millionaire, there are a lot of other folks getting by on hourly wages. That’s not necessarily bad. What this report says is bad for workers is the way some employers schedule their hourly workers.
The Center for Popular Democracy says, nationwide, 3 out of 5 Americans are hourly workers. In Connecticut, 885,000 people are hourly workers. That’s about 57 percent of the workforce, and about a third, 300,000, get very little notice about what hours they have to work.
That’s very tough for anyone with family or childcare responsibilities, or for workers trying to better themselves by taking some college classes, or anyone who works two jobs to support a family. There are some organizations working to get some policies in place to force employers to structure their schedules differently and give workers some notice.
Some employers, like retail chains, say they depend on last-minute scheduling to deal with sick calls or busy shopping days, and they can’t afford to pay workers to come in when they’re not really needed.
This report will be released in Hartford Monday morning at a press conference with some of those workers, some of the organizations, and Congresswoman Rosa DeLauro.
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How Janet Yellen Is Embracing The Fed’s Role In Racial Justice
How Janet Yellen Is Embracing The Fed’s Role In Racial Justice
Oh, what a difference a year can make.
Last July, Federal Reserve chairwoman Janet Yellen endured criticism for House testimony in which she seemed to imply that there was little the Fed...
Oh, what a difference a year can make.
Last July, Federal Reserve chairwoman Janet Yellen endured criticism for House testimony in which she seemed to imply that there was little the Fed could do to address the disproportionately high African-American unemployment rate.
Not so on Tuesday. In her semi-annual testimony to the Senate Banking Committee, Yellen emphasized that the failure of the economic recovery to reach communities of color influences the Fed’s decision-making, and made a strong commitment to improving diversity at the central bank.
“Jobless rates have declined for all major demographic groups, including for African Americans and Hispanics,” Yellen said, according to her prepared remarks. “Despite these declines, however, it is troubling that unemployment rates for these minority groups remain higher than for the nation overall, and that the annual income of the median African-American household is still well below the median income of other U.S. households.”
Yellen’s policy argument has not fundamentally changed. It is the Fed’s job to maximize employment in the economy as the whole, she says, and it lacks the tools to target particular communities. And the Fed chief has clarified since last summer that she takes seriously how the Fed’s adjustment of interest rates can have an especially big impact on African Americans and Latinos, who have higher jobless rates.
But Yellen’s remarks and actions on Tuesday represent the Fed’s greatest demonstration yet that it is putting the concerns of communities of color front and center on its agenda.
The Fed Up campaign, a coalition of progressive groups that has led the push to make the Federal Reserve more responsive to workers in general, and communities of color in particular, was pleased with the focus of Yellen’s testimony.
“Each time since Yellen spoke last July, when she got pushback over what she said, she has gotten a little bit better,” said Jordan Haedtler, Fed Up’s campaign manager. “Now she is proactively showing that the Fed is assessing this data and does take this data into account.”
Diversity is an extremely important goal and I will do everything I can to further advance it.
This week’s hearings, held every six months in both chambers of Congress — the House will hold its hearing on Wednesday — are an opportunity for the Fed chair to update lawmakers about the overall state of the economy. As part of the briefing, the Fed releases an accompanying monetary policy report summarizing its economic assessment and research.
For the first time, the Fed chose to devote a section of its report to whether the “gains of the economic expansion [have] been widely shared.” That section focused on how the recovery affected different races and ethnicities differently.
The results are discouraging. Despite years of job growth, the rates of full-time work for African Americans and Latinos are a few percentage points lower than they were before the recession, while the rates among white and Asian-American workers have more or less reached pre-recession levels. And the median income of black households, which took the biggest hit of any group during the recession, has also been slower to recover, reaching only 88 percent of what it was in 2007, compared with about 94 percent for the other three groups.
Responding to a question about the new section from Sen. Sherrod Brown (D-Ohio), Yellen insisted that weighing the disparate impact of economic growth on a range of different groups is a key part of the Fed’s mission.
“There are very significant differences in success in the labor market across demographic groups,” she said. “It is important for us to be aware of those differences and to focus on them as we think about monetary policy and the broader work that the Federal Reserve does in the area of community development and trying to make sure that financial services are widely available to those that need it, including low- and moderate-income [households].”
Yellen also recognized the importance of diversity — of race, gender, professional background and ideology — within the Fed’s ranks in ensuring the bank remains sensitive to a broad array of Americans’ economic experiences.
She touted her creation of a task force in the Fed to improve its gender and ethnic diversity, but acknowledged there is more to be done.
“Diversity is an extremely important goal and I will do everything I can to further advance it,” Yellen said.
Progressive groups and their allies in Congress trying to make the Fed more accountable to the public have focused on increasing diversity and reducing Wall Street’s influence at the central bank. Eleven senators, including Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.), and 116 House members sent a letter to Yellen on May 12 urging her to prioritize the diversity of Fed officials, especially at the 12 regional Fed banks, which are privately owned. (Hillary Clinton expressed similar sentiments in a statement later that day.)
The makeup of the regional Fed bank boards is important because they are dominated by the big banks and have free reign to appoint their presidents. The regional Fed bank presidents hold five seats on the Federal Open Market Committee, the central bank panel that adjusts the benchmark interest rate. Currently, regional Fed presidents make up half of the FOMC’s influential votes.
As a result, the Fed officials with the power to raise interest rates and effectively increase unemployment are selected by people who are disproportionately white, male and from the finance and business sectors.
In the interests of changing that, the Fed Up campaign on Monday released a slate of 39 candidates for the regional Federal Reserve bank boards of directors. The candidates not only reflect racial and gender diversity, but also come exclusively from academic institutions, community groups and labor organizations.
“On racial and gender diversity there has been modest progress, though it has not taken place at the rate we would like to see,” Haedtler said. Haedtler added that there is even greater room for improvement when it comes to the diversity of professional backgrounds of board members and other top Fed officials, an area where he said there has been “regression” under Yellen’s watch.
By Daniel Marans
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