Fed's Lacker, Kaplan meet with labor, community groups
Two Federal Reserve bank presidents on Wednesday met separately with community and labor groups that are pushing for continued near-zero interest rates just as U.S. central bankers appear to be...
Two Federal Reserve bank presidents on Wednesday met separately with community and labor groups that are pushing for continued near-zero interest rates just as U.S. central bankers appear to be only weeks away from raising them.
Representatives of the groups said that by airing their concerns about labor market health to Richmond Fed President Jeffrey Lacker and Dallas Fed President Rob Kaplan, they hope to help shape policymakers' understanding of the economy, if not necessarily their views on monetary policy.
The views of Kaplan, the new president of the Dallas Fed, are unclear, but his predecessor Richard Fisher made the regional Fed bank's name synonymous with opposition to easy monetary policy.
Lacker is a policy hawk who cast the lone dissents on the Fed's decisions in September and October to continue the central bank's low-rate policies.
"Our expectation isn't that we are going to be able to change his mind," said Michael De Los Santos, who is organizing the meeting with Lacker.
To Lacker, the near-normal unemployment rate of 5.1 percent means the labor market no longer needs the lift provided by exceptionally low interest rates.
"We want to be able to present our side of the statistics," said De Los Santos, who is director of operations at Action NC, a community and activist group. Attending the meeting will be a young man from Charlotte who has struggled to pay for college and is worried about finding full-time employment, and a fast food worker from Richmond, Virginia who has trouble making ends meet, he said.
Kaplan will likewise meet with workers who have struggled to find adequate jobs and income, said Shawn Sebastian of the Center for Popular Democracy, which organized the meeting in Dallas.
A Dallas Fed spokesman did not immediately respond to a request for comment. A Richmond Fed spokesman confirmed the meeting and deferred any comment until after it is over.
Including today's meetings, members of the so-called Fed Up Coalition have had sit-down meetings with nine of the Fed's 12 regional Fed bank presidents, and four of the five Washington-based Board of Governors. (Reporting by Ann Saphir in San Francisco; Editing by Christian Plumb)
Source: Reuters
Charter School Oversight Lacking, Report Says
Epoch Times - May 18, 2014, by Petr Svab - Due to poor oversight charter schools lost over $100 million to waste, fraud, and abuse over the past 20 years, according to a report by two anti-charter...
Epoch Times - May 18, 2014, by Petr Svab - Due to poor oversight charter schools lost over $100 million to waste, fraud, and abuse over the past 20 years, according to a report by two anti-charter non-profits.
The $100 million cited by the report is an aggregation of audit and prosecution results on local, state, and federal levels.
The Center for Popular Democracy, and Integrity in Education, are both relatively new organizations, formed in 2012 and 2014 respectively. Both have a track record of opposing charter schools.
Charter schools are publicly funded but privately run. They operate under “charters” issued for five years that require them to measure up to goals the schools set, including academic goals.
The federal Department of Education’s Office of the Inspector General (OIG) stated in 2010 that local agencies issuing the charters “often fail to provide adequate oversight needed to ensure that Federal funds are properly used and accounted for.”
There are three such agencies in New York State: State University of New York, Board of Regents, and the New York City Department of Education. None of them responded to an immediate request for comment.
Between January 2005 and September 2013 the OIG opened 62 charter school investigations, resulting in 40 indictments and 26 convictions of charter school officials.
New York did relatively well. The report cites only two cases of fraud or mismanagement. One dealt with the East New York Preparatory Charter School in Brooklyn. It was ordered to close in 2010 after revelations that the school’s founder named herself a superintendent and gave herself a $60,000 raise.
Another school mentioned was the Niagara Charter School in Buffalo, where the State Education Department found “pervasive appearance of financial mismanagement and less-than ethical behavior,” including spending on plane tickets, restaurant meals, and alcohol, and over $100,000 spent on no-bid consulting contracts.
With the charter school sector growing, the report argues that charter-issuing organizations often lack the resources to do proper oversight. Just last year, over 600 charter schools opened across the nation. There are an estimated 6,400 charter schools enrolling over 2.5 million students, according to the report.
Source
Tobacco giant pours $10 million into effort to defeat Colorado tax increase on its products
Tobacco giant pours $10 million into effort to defeat Colorado tax increase on its products
Gary Kubiak taken to the hospital after Broncos’ loss to Atlanta in Denver
Broncos defense toppled after Falcons finally find a made-to-order blueprint to beat them
Ask Amy: Sisters...
Gary Kubiak taken to the hospital after Broncos’ loss to Atlanta in Denver
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Nixon-era proposal to give “basic income” to all people springs back to life
Poll: Should Colorado voters pass medical aid in dying?
Hillary Clinton, Donald Trump trade charges, insults in second presidential debate
Nearly $35 million has been poured into Colorado’s statewide ballot initiatives so far this year, according to campaign finance reports filed this week, with a tobacco giant accounting for $10 million of that in its effort to defeat a tax increase on its products.
Combined with $1.7 million collected by proponents of the tobacco tax, which would fund various health-related initiatives, that makes Amendment 72 the most costly race so far at $11.7 million. The medical aid-in-dying measure, Proposition 106, has been a distant second at $6.6 million with proponents raising $4.8 million and opponents gathering $1.8 million.
SEPTEMBER 29, 2016 Hickenlooper endorses higher minimum wage, aid in dying, cigarette tax
SEPTEMBER 23, 2016 9 statewide ballot initiatives you’ll see on Election Day
Still, it could have been more. Much, much more.
“There are a number of intense fights, but this year will be known for what’s not on the ballot, what might have been if TABOR, fracking and wine-and-beer had gone forward,” said independent political analyst Eric Sondermann, noting that the three contentious issues could easily have doubled or tripled what has been raised so far. “Television would be truly unwatchable.”
Some fundraising snapshots:
Amendment 69
Proponents of the effort to create a state-run health care system, dubbed ColoradoCare, have raised their money — $369,233 so far — almost entirely by relatively small donations, many under $100. The opposition’s $4 million has attracted six-figure support from health care players like HealthONE and Centura Health, as well as the Denver Metro Chamber of Commerce.
2016 COLORADO BALLOT MEASURES
• Amendment 69: ColoradoCare
• Amendment 70: Minimum Wage
• Amendment 71: Constitutional changes
• Amendment 72: Cigarette taxes
• Proposition 106: Aid-in-dying
• Proposition 107: Presidential primaries
• Proposition 108: Unaffiliated voters
• Amendment T: Slavery reference
• Amendment U: Property taxes
• Ballot Issue 4B: Arts funding
Amendment 70
Substantial chunks of the $3.1 million for the measure that would raise the state’s minimum wage — an effort that has surfaced in various forms across the country — come from national groups such as the New York-based Center for Popular Democracy Action Fund, which has given $650,000, and unions such as Service Employees International Union, which has given $250,000. Opponents have raised considerably less, with many contributors coming from the restaurant industry. But their effort also has attracted out-of-state donors such as the anti-“Big Labor” Workforce Fairness Institute, which gave $250,000.
Amendment 71
A political Who’s Who of interests has coalesced around the attempt, dubbed Raise the Bar, to make amending the state constitution much more difficult. But some energy industry players stand out. Protecting Colorado’s Environment, Economy, and Energy Independence, an oil-and-gas financed group that amassed millions of dollars anticipating a battle over proposed fracking measures that failed to make the ballot, instead has poured $2 million into the measure so far. Vital for Colorado, a coalition of business interests that advocates for oil and gas development, along with the Colorado Petroleum Council and Whiting Petroleum Corp., have combined for nearly another $1 million.
Campaign finance reports for the three committees listed as opposing the initiative have reported only about $1,000 in contributions.
Amendment 72
Fundraising for the effort to pass the tobacco tax has delivered $1.7 million in several five- and six-figure chunks from health care entities such as Children’s Hospital Colorado and the American Heart Association, while University of Colorado Health and University Physicians, Inc. have led the way with $250,000 each. Opposition — in two $5 million donations — comes from Virginia-based Altria Client Services and its affiliates, part of the group that owns Philip Morris.
“The fact that they’re investing and now reinvesting, they see some glimmer of opportunity or they’d not be playing at that magnitude,” Sondermann said. “That said, they remain underdogs — though big-money underdogs.”
Proposition 106
Proponents of the medical aid-in-dying initiative have a substantial edge, with nearly all of their funding coming from the Compassion and Choices Action Network, a Denver-based but nationally active organization that works to protect and expand end-of-life options. Leading the largely faith-based opposition to the proposition is the Roman Catholic Archdiocese of Denver, which has contributed $1.115 million, while dioceses across the country have pitched in to varying degrees. In the latest reporting cycle, the Colorado Springs archdiocese contributed $500,000.
Propositions 107 and 108
The measures to create a state presidential primary and also allow unaffiliated voters to cast ballots in party primaries have raised $3.7 million — notably $950,000 from Davita CEO Kent Thiry — against no discernible opposition at this point.
“If an opposition campaign is going to come together,” Sondermann said, “the time is now — if not past tense.”
Two referred measures, to clean up language in the state constitution referring to slavery and to provide a minor property tax exemption, have faced no organized opposition and raised very little money.
Two more reporting periods remain before the November election.
________
Issue contributions
Total for all initiatives as of Oct. 3 report: $34.77 million
Amendment 72 — Tobacco tax
Yes: $1.7 million
No: $10 million
Total: $11.7 million
Proposition 106 — Medical aid-in-dying
Yes: $4.8 million
No: $1.8 million
Total: $6.6 million
Amendment 69 — ColoradoCare
Yes: $369,233
No: $4.0 million
Total: $4.37 million
Amendment 70 — Minimum wage
Yes: $3.1 million
No: $1.2 million
Total: $4.3 million
Amendment 71 — Tougher to amend constitution
Yes: $4.1 million
No: $980
Total: $4.1 million
Propositions 107/108 — Presidential primary/independents vote in primaries
Yes: $3.7 million (including $805k loan)
No: $0
Total: $3.7 million
Amendment T — Clean up language referring to slavery
Yes: $15,129
No opposition
Amendment U — Exempt certain interests from property tax
$0
No committee for or against
By KEVIN SIMPSON
Source
Fed Up Coalition Advocates for Candidates from Diverse Backgrounds for San Francisco President
07.18.2018
Despite Federal Reserve Chair Jay Powell's ...
07.18.2018
Despite Federal Reserve Chair Jay Powell's stated commitment to improving diversity among the Federal Reserve's leadership, recent selections of Federal Reserve Bank presidents have continued to result in the elevation of white, male Fed insiders. Each time that a vacancy emerges at a Reserve Bank, the Fed Up coalition advocates for a transparent and publicly inclusive process that includes the consideration of candidates from diverse backgrounds. Richmond Fed Chair Margaret Lewis, who oversaw the process for choosing Thomas Barkin as Richmond Fed president, never reached out to our coalition for candidates, yet she reportedly told the Fed's Board of Governors that her efforts to find a diverse pool had "minimal direct results." After the New York Fed board's selection of John Williams as its next president sparked a "backlash," a source close to the process told Politico that the board could not identify qualified, diverse candidates who would take the job, even though Fed Up provided the board with a list months earlier. In June, the Fed Up coalition met with members of the San Francisco Fed search committee to advise their search for the next San Francisco Fed president. Here are five qualified and diverse candidates we provided to them.
Candidates for San Francisco Fed President
Marie Mora has been serving as Associate Vice Provost for Faculty Diversity at The University of Texas Rio Grande Valley (UTRGV). She is also a Board of Governors’ appointee on the Board of Directors for the Federal Reserve Bank of Dallas San Antonio Branch; Director and Principal Investigator of the NSF-funded American Economic Association’s Mentoring Program; a former member of the Data Users Advisory Committee of the Bureau of Labor Statistics; and a founding member and former President of the American Society of Hispanic Economists. Dr. Mora – a labor economist – has been invited to share her research expertise on Hispanic/Latino labor market outcomes at institutions and agencies across the country, including the White House, the Board of Governors of the Federal Reserve System, and the Federal Reserve Bank of Dallas. Along with numerous journal articles and book chapters, her publications include the recently released Population, Migration, and Socioeconomic Outcomes among Island and Mainland Puerto Ricans: La Crisis Boricua, and three co-edited volumes. Dr. Mora’s recent national honors include the 2017 Inspiring Leaders in STEM Award (INSIGHT into Diversity); the 2016 Outstanding Support for Hispanic Issues in Higher Education Award (American Association of Hispanics in Higher Education); the 2015 Cesar Estrada Chavez Award (American Association for Access, Equity, and Diversity); and the 2015 Distinguished Alumnus award (Department of Economics, University of New Mexico). She earned her Ph.D. in Economics from Texas A&M University, and B.A. and M.A. degrees in Economics from the University of New Mexico.
William Spriggs serves as Chief Economist to the AFL-CIO, and is a professor in, and former Chair of, the Department of Economics at Howard University. Bill assumed these roles in August 2012 after leaving the Executive Branch of the U.S. Government. Bill was appointed by President Barack Obama, and confirmed by the U.S. Senate, in 2009 to serve as Assistant Secretary for the Office of Policy at the United States Department of Labor, taking a leave of absence from Howard University to do so. At the time of his appointment, he also served as chairman for the Healthcare Trust for UAW Retirees of the Ford Motor Company and as chairman of the UAW Retirees of the Dana Corporation Health and Welfare Trust; and on the joint National Academy of Sciences and National Academy of Public Administration's Committee on the Fiscal Future for the United States; and, as Senior Fellow of the Community Service Society of New York. Bill's previous work experience includes roles leading economic policy development and research at the Economic Policy Institute, the National Urban League, positions at the U.S. Department of Commerce and the U.S. Small Business Administration, the Joint Economic Committee of the U.S. Congress and the independent federal National Commission for Employment Policy. While working on his PhD in Economics from the University of Wisconsin, Bill began his labor career as co-president of the American Federation of Teachers, Local 3220 in Madison, Wisconsin.
Luis Antonio Ubiñas has served as the President of the Board of Trustees of the Pan American Development Foundation since May 2015. Mr. Ubiñas served as the President of Ford Foundation since January 2008 until September 2013. Mr. Ubiñas led McKinsey's Media Practice on the West Coast of the United States, advising Fortune 100 media, telecommunications and technology companies on major strategic and operating challenges for 18 years. While at McKinsey, Mr. Ubiñas led research on the impact of new technologies on business and society, worked with traditional media companies responding to the effects of new media and with emerging technology companies on the introduction of new media services. He has a distinguished record of leadership in the nonprofit sector, devoting much of his personal time and energy to working with nonprofits to accomplish their missions. He has advised senior management and served on the boards of Leadership Education and Development (LEAD), a national organization providing educational opportunities to low-income African-American and Latino high school students and the Bay Area United Way. He has been an Independent Director of Electronic Arts Inc. since November 9, 2010 and has been its Lead Director since August 27, 2015. He has been Independent Director of Commerce Technologies Inc. since July 22, 2016. He serves as a Director of The Steppingstone Foundation. He served as a Director at Valassis Communications Inc. from November 26, 2012 to February 2014. Mr. Ubiñas served as Director of McKinsey & Company, where he worked for 18 years. He serves on several boards and advisory committees, including the World Bank Advisory Council of Global Foundation Leaders and the UN Permanent Advisory Memorial Committee. Mr. Ubiñas has been a Member of Advisory Committee at Export-Import Bank of the United States since December 2013. He has been nominated by President on the U.S. Advisory Committee on Trade Policy and Negotiation. Mr. Ubiñas earned an AB degree (magna cum laude in Government) at Harvard College where, among other honors, he was named a Harry S. Truman Scholar and a John Winthrop Scholar. He is a fellow of the American Academy of Arts and Sciences. As an undergraduate, he also studied at the Institute of Latin American Studies at the University of Texas at Austin and earned a certificate in Latin American Studies from Harvard. He holds an MBA from Harvard Business School, where he graduated as a Baker Scholar.
Manuel Pastor is Professor of Sociology and American Studies & Ethnicity at the University of Southern California. He currently directs the Program for Environmental and Regional Equity (PERE) at USC and USC's Center for the Study of Immigrant Integration (CSII). Pastor holds an economics Ph.D. from the University of Massachusetts, Amherst, and is the inaugural holder of the Turpanjian Chair in Civil Society and Social Change at USC. Pastor’s research has generally focused on issues of the economic, environmental and social conditions facing low-income urban communities – and the social movements seeking to change those realities. Pastor's recent book, Equity, Growth, and Community: What the Nation Can Learn from America's Metro Areas, co-authored with Chris Benner (UC Press 2015), argues how inequality stunts economic growth and how bringing together equity and growth requires concerted local action. His previous volumes include: Just Growth: Inclusion and Prosperity in America’s Metropolitan Regions, co-authored with Chris Benner (Routledge 2012), advances the idea that growth and equity can and should be linked, offering a new path for a U.S. economy seeking to recover from economic crisis and distributional distress; Uncommon Common Ground: Race and America’s Future (W.W. Norton 2010; co-authored with Angela Glover Blackwell and Stewart Kwoh), documents the gap between progress in racial attitudes and racial realities and offers a new set of strategies for both talking about race and achieving racial equity. Pastor was the founding director of the Center for Justice, Tolerance, and Community at the University of California, Santa Cruz. He has received fellowships from the Danforth, Guggenheim, and Kellogg foundations, and grants from the Irvine Foundation, the Rockefeller Foundation, the Ford Foundation, the National Science Foundation, the Hewlett Foundation, the MacArthur Foundation, the California Environmental Protection Agency, the W.T. Grant Foundation, The California Endowment, the California Air Resources Board, and many others.
Anat Admati is a Stanford University economist with expertise in financial economics, including financial markets, banking, corporate finance, and corporate governance. She has been deeply immersed in policy issues, particularly around banking, for more than ten years, engaging experts from an array of perspectives and ideological backgrounds. She has a thorough knowledge of the power of markets to advance the economy, but also their limitations, and the great opportunity of policymakers and central bankers to shape the economy and to enable markets to better function and reduce distortions. The author of several books, including “The Banker’s New Clothes,” Admati has a great appreciation of the critical importance of a healthy and stable banking system to the economy.
New York Plans $15-an-Hour Minimum Wage for Fast Food Workers
The labor protest movement that fast-food workers in New York City began nearly three years ago has led to higher wages for workers all across the country. On Wednesday, it paid off for the people...
The labor protest movement that fast-food workers in New York City began nearly three years ago has led to higher wages for workers all across the country. On Wednesday, it paid off for the people who started it.
A panel appointed by Gov. Andrew M. Cuomo recommended on Wednesday that the minimum wage be raised for employees of fast-food chain restaurants throughout the state to $15 an hour over the next few years. Wages would be raised faster in New York City than in the rest of the state to account for the higher cost of living there.
The panel’s recommendations, which are expected to be put into effect by an order of the state’s acting commissioner of labor, represent a major triumph for the advocates who have rallied burger-flippers and fry cooks to demand pay that covers their basic needs. They argued that taxpayers were subsidizing the workforces of some multinational corporations, like McDonald’s, that were not paying enough to keep their workers from relying on food stamps and other welfare benefits.
The $15 wage would represent a raise of more than 70 percent for workers earning the state’s current minimum wage of $8.75 an hour. Advocates for low-wage workers said they believed the mandate would quickly spur raises for employees in other industries across the state, and a jubilant Mr. Cuomo predicted that other states would follow his lead.
“When New York acts, the rest of the states follow,” said Mr. Cuomo, a Democrat, citing the state’s passage of the law making same-sex marriagelegal. “We’ve always been different, always been first, always been the most progressive.”
The decision, announced in a conference room in Lower Manhattan, set off a raucous celebration by hundreds of workers and union leaders outside.
Flavia Cabral, 53, a grandmother from the Bronx who works part-time in a McDonald’s for $8.75 an hour, pointed out the scars where fry baskets had seared her forearms. “At least they listened to us,” she said, referring to the panel. “We’re breathing little by little.”
Bill Lipton, state director of the Working Families Party, called the decision a victory for the “99-percenters.” Mr. Lipton, who has campaigned for better pay for low-wage workers for years, said, “There’s clearly a new standard for the minimum wage, and it’s actually a living wage for the first time in many, many decades.”
The decision comes on the heels of similar increases in minimum wages in other cities, including Los Angeles, San Francisco and Seattle. On Tuesday, the Los Angeles County Board of Supervisors agreed to raise the county’s minimum wage to $15 an hour by 2020, matching a move the Los Angeles City Council made in June.
But a more complicated political terrain in New York forced Mr. Cuomo to take a different route.
Mayor Bill de Blasio has demanded a higher minimum wage in the city to account for its higher cost of living. But neither he nor the City Council has the power to set wages citywide.
When lawmakers in Albany balked at the idea, Mr. Cuomo convened a board to look at wages in the fast-food industry, which is one of the biggest employers of low-wage workers in the state, with about 180,000 employees.
After hearing testimony from dozens of fast-food workers, the board members decided the state should mandate that fast-food chains pay more. Advocates often pointed to the giant pay packages the chains gave to their top executives.
The board’s decision removed the last significant hurdle to raising wages, since the acting labor commissioner, Mario Musolino, who must act on the recommendation, is widely expected to accept it.
The board said the first wage increase should come by Dec. 31, taking the minimum in the city to $10.50 and in the rest of the state to $9.75. The wage in the city would then rise in increments of $1.50 annually for the next three years, until it reaches $15 at the end of 2018. In the rest of the state, the hourly wage would rise each year, reaching $15 on July 1, 2021.
The mandate should apply to all workers in fast-food restaurants that are part of chains with at least 30 outlets, the board said. They defined fast food as food and drinks served at counters where customers pay before eating and can take their food with them if they choose.
The restaurant industry has chafed at these decisions. “We continue to say that we think it’s unfair that they singled out a single segment of our industry,” Melissa Fleischut, the executive director of the New York State Restaurant Association, said.
McDonald’s, a multinational corporation that paid its chief executive more than $7.5 million last year, said in April that it would raise the minimum wage it pays workers in company-owned stores to $9.90 by July 1 and to more than $10 next year.
Source: The New York Times
Fed's Kashkari says racial economic gap needs forceful response
A U.S. central banker on Wednesday pledged to devote more resources to addressing economic disparities between black and white Americans, saying the high rate of unemployment among African...
A U.S. central banker on Wednesday pledged to devote more resources to addressing economic disparities between black and white Americans, saying the high rate of unemployment among African Americans is "really troubling."
"I do think some of the racial disparities are a crisis and we need to treat them like a crisis," Neel Kashkari, chief of the Federal Reserve Bank of Minneapolis, said after meeting with members of the Minneapolis black community and Fed Up, a network of community organizations and labor unions calling for changes to the U.S. central bank.
Kashkari, a former Republican candidate for California governor, is the son of Indian immigrants and the only one of 17 Fed policy-makers nationwide who is not white.
Unemployment among black Americans, for example, is typically twice that for whites, Kashkari noted. Educational disparity may be one factor, but more research is needed to identify causes, he said.
"We need to understand the 'why?' before we can design potential solutions," Kashkari said. "You don’t tackle a crisis with incremental solutions ... We need to bring overwhelming force to try to address this."
At the same time, Kashkari suggested the solutions are likely to go beyond the powers of the Fed, with lawmakers and local politicians likely in a better position to craft meaningful solutions.
The Fed, he said, has only the tool of interest rates at its disposal. As long as inflation remains low, he said, the Fed can keep rates low to boost job prospects for all Americans. But, he said, there is little the Fed can do to address structural problems in the economy besides contribute to research.
Regional Fed bank presidents often meet with members of their communities but only rarely are those meetings publicized.
Wednesday's meeting and press conference afterward was livestreamed by Minneapolis-based media collective Unicorn Riot from the offices of Minnesota Neighborhoods Organizing for Change, which hosted the event at which several community members aired their experiences with low pay, long hours and homelessness.
Kashkari promised to spend a day with one of the participants to better understand the challenges she faces.
He also promised to meet with community activists again this month on the sidelines of an annual meeting of global central bankers in a national park near the well-heeled town of Jackson, Wyoming, and to collaborate on research.
"My job is to be your voice," he said.
By KRISTOFFER TIGUE
Source
A Collaboration to Strengthen the United States Federal Reserve System
April 16, 2018
...
April 16, 2018
Alexander R. Mehran
Chair of the Board
Federal Reserve Bank of San Francisco
Dear Mr. Mehran:
We are writing to offer you our view about the urgency of appointing an individual who deeply understands the economic realities facing working class Americans to serve as President of the Federal Reserve Bank of San Francisco.
For all of the dynamism and strength of the US economy, it has come to be characterized most fundamentally by enormous disparities in wealth, income and opportunity that strongly correlate to race, ethnicity and geography. Failing to address significant disparities in income and net worth between major segments of our population, and particularly in segments that are driving our nation’s demographic growth, will result in a less globally competitive US economy. This is a significant economic risk for the 12th District and the United States.
The San Francisco Fed will be strengthened by having a President whose experience and expertise better reflect the large segments of our population that are not proportionally experiencing the benefits of our economy. Ensuring that this expertise and perspective is represented within the Fed is a critical way to prepare for the challenges and opportunities in our economic future. This will require considering candidates with more diverse experience including in the fields of community development and philanthropy. We submit that the San Francisco Fed has a historic opportunity to name the first Hispanic, East Asian American or Pacific Islander President of a Federal Reserve Bank.
We applaud Chairman Powell's insightful comments on the necessity for diversity in Federal Reserve System and the larger economics profession. In his testimony before the Senate Banking, Housing and Urban Affairs Committee on November 28th, 2017, he stated, “We make better decisions when we have diverse voices around the table—both at the Board of Governors and at the Reserve Banks…We’ve seen what works. It’s about recruiting. It’s about going out of your way. It’s about bringing people in. Once they’re in, it’s about giving them paths for success. And it’s about having an overall culture and company that is very focused on diversity and sticks with that focus for a long period of time. That works.” This recognition must be coupled with bold leadership and action.
In order to decide the course of monetary policy through an informed assessment of different regional economic conditions from diverse points of view, the Federal Reserve System was designed to be decentralized, independent and include representatives of the public in its governance. The Fed’s mission is undermined when regional Reserve Banks fail to recruit leaders who live up to the mandate to “represent the public.” Selections that fail to allow meaningful opportunities for public input and engagement have tended to result in the elevation of Fed insiders. This insularity undermines the Fed’s public credibility and increases the likelihood that Congress will ultimately intervene to reform the process. The process for selecting the President of the New York Fed perpetuated the status quo. We urge the San Francisco Fed to avoid the same mistake. As a first step, we call on the San Francisco Fed to include the Chair of its own Community Advisory Board in the official selection committee for the next President.
Please accept this letter as an offer of support. We will do anything we can to help identify strong candidates as well as to publicly support actions that the San Francisco Fed takes to ensure progress on diversifying its Board of Directors and executive leadership.
Thank you for your service to the 12th District and our nation.
Respectfully submitted,
California Reinvestment Coalition Center for Popular Democracy Chicanos Por La Causa Community Council of Idaho Greenlining Institute NALCAB – National Association for Latino Community Asset Builders National Coalition for Asian Pacific American Community Development TELACU
cc: Jerome Powell, Chairman, Board of Governors of the Federal Reserve Lael Brainard, Governor, Board of Governors of the Federal Reserve Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve
San Francisco Fed Board Chair Alexander Mehran's April 20 Response to Coalition Outreach re: Collaboration Surrounding San Francisco Fed Presidential Appointment
April 20, 2018
Noel Poyo Executive Director National Association for Latino Community Asset Builders 5404 Wurzbach Rd. San Antonio, TX 78238 Dear Mr. Poyo: Thank you for your letter of April 16, 2018, concerning the appointment of the next President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. We appreciate your taking the time to reach out and share your perspectives on this important undertaking. As Chair of the Board of Directors for the Federal Reserve Bank of San Francisco, I know that I speak for all of my board colleagues in saying that the appointment of a Federal Reserve Bank President is among our most important responsibilities and one that we take very seriously. We share your desire to find a qualified candidate to fill this important role that understands and is able to represent the varied needs and interests of the richly diverse people and business communities throughout the Twelfth District. The Federal Reserve Bank of San Francisco has a legacy of success with regard to recruiting, developing and promoting women and minorities into leadership positions within its senior ranks. As you are well aware, Janet Yellen served as President and Chief Executive Officer of the Bank from 2004 to 2010 before going on to become Vice Chair and later Chair of the Board of Governors of the Federal Reserve System. Under President Williams' leadership, the Bank continued to strengthen its focus on diversity and inclusion at all employee levels but particularly an10ng its leadership ranks where women now occupy over 30 percent and minorities over 45 percent of seniorlevel roles. In addition, President Williams established the Bank's Community Advisory Council in 2017 to give even stronger voice to those representing the district's underserved communities and to contribute to his ongoing economic analyses and monetary policy views. The Federal Reserve Bank of San Francisco has set a high bar for its executive leadership that we fully intend to uphold. Our board has not yet publicly communicated about the selection committee, job specifications or the processes that we will undertake to gather a list of qualified candidates for this important role. We expect to do so in the near future and will keep you apprised of our progress. For now, please know that we are absolutely committed to gathering input from various community and business leaders like you and your colleagues regarding the appointment of the next President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. While I appreciate your suggestion to include Mr. Matsubayashi, who chairs the Bank's Community Advisory Council, as part of the official selection committee, the Federal Reserve Act stipulates that only the Class B and Class C directors (those not affiliated with banks or financial institutions) are eligible to participate in the appointment process. As such, Mr. Matsubayashi is unable to serve in this capacity. However, we recognize that he is doing an outstanding job leading the Community Advisory Council, and we would greatly value his input and suggestions, as well as input from you and your colleagues, regarding qualified candidates for this important role. I wish to thank you once again for reaching out and offering your support of this important undertaking. We look forward to continuing this open, constructive dialogue, and with your support, doing all that we can to find the absolute best person from a diverse candidate pool to lead the Federal Reserve Bank of San Francisco. Sincerely, Alexander R. Mehran Chair of the Board Federal Reserve Bank of San Francisco and Federal Reserve Agent cc: Danielle Beavers, Diversity and Inclusion Director, The Greenlining Institute David Adame, President and Chief Executive Officer, Chicanos Por La Causa Irma Morin, Chief Executive Officer, Community Council of Idaho Jerome Powell, Chairman, Board of Governors of the Federal Reserve Jordan Haedtler, Campaign Manager, Fed Up, Center for Popular Democracy Jose Villalobos, Senior Vice President, TELACU Lael Brainard, Governor, Board of Governors of the Federal Reserve Orson Aguilar, President, The Greenlining Institute Paulina Gonzalez, Executive Director, California Reinvestment Coalition Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve Seema Agnani, Executive Director, National Coalition for Asian Pacific American Community Development Coalition's Response to Chair Mehran's LetterMay 4, 2018
Alexander R. Mehran Chair of the Board Federal Reserve Bank of San Francisco
Dear Mr. Mehran:
Thank you for your letter dated April 20 and for your commitment to finding a San Francisco Fed president who “understands and is able to represent the varied needs and interests of the richly diverse people and business communities throughout the Twelfth district.”
We appreciate that the San Francisco Federal Reserve Bank has shown its commitment to public representation by strengthening diversity among Reserve Bank staff. Unfortunately, that commitment has not extended to the position of President. Similarly, diversity and public representation on the San Francisco Fed’s governing board remains lacking. The Twelfth District is one of the most demographically diverse districts in the country, yet a recent analysis by the Center for Popular Democracy found that the San Francisco Fed’s board of directors is the least diverse in the Federal Reserve System.
Your letter indicated that it would not be possible to include a Community Advisory Council member on the search committee because “only the Class B and C directors (those not affiliated with banks or financial institutions) are eligible to participate in the appointment process.” We would like to clarify our request regarding Mr. Matsubayashi’s inclusion. Following established precedent, Mr. Matsubayashi can play a critical advisory role on the search committee by suggesting, interviewing, and advising on candidates under consideration. We are not suggesting or expecting that he would have final decision-making authority over which candidate is ultimately chosen.
The Federal Reserve Act clearly designates Class B and C directors as the final arbiters of who serves as president of each Reserve Bank. We do not agree that inclusion of a member of the public on the search committee would in any way violate the law. We have consulted with legal experts on the Federal Reserve Act, and they concur. Whenever a regional Reserve Bank encounters a presidential vacancy, it is customary to hire an executive search firm to identify and vet candidates who can fill that vacancy. We posit that employees of those executive search firms are participating in the search process. In 2014, outgoing Dallas Fed President Richard Fisher solicited the participation of non-Class B/C directors when he reportedly convened an advisory committee consisting of former Dallas Fed chairmen to help choose his successor.2 Freedom of Information Act requests have also revealed that members of the Board of Governors have occasionally suggested candidates to fill Reserve Bank presidential vacancies, thereby going beyond the final approval role that the Federal Reserve Act prescribes for governors. We fail to see how the inclusion of Mr. Matsubayashi on the search committee in an advisory capacity is distinguished from these other examples of involvement by non- Class B and C directors in recent Reserve Bank presidential selections.
In your letter of April 20th, you identified the establishment of the Community Advisory Council as an important step toward giving an “even stronger voice to those representing underserved communities,” in the District. The Council includes individuals selected by the San Francisco Fed itself as credible representatives of diverse communities. If the San Francisco Fed is unwilling to find a way to meaningfully include a leading member of that advisory council in the selection process for the next President, it is difficult to understand how underserved communities are truly gaining a stronger voice.
It is also difficult to be assured that people of color will be given due consideration for the position of President when communities of color and other important segments of the District’s population are not adequately reflected in the selection process. Despite clear calls for consideration of diverse candidates from members of Congress and the public, the last two Reserve Bank presidential vacancies have resulted in the selection of white, male, longtime Fed insiders. Including the Chair of the San Francisco Fed’s Community Advisory Council on the search committee in San Francisco is an essential step to maintain the credibility of the selection process for the next President of the San Francisco Fed.
In light of this clarification, we respectfully request that you consider including the Chair of the San Francisco Fed’s Community Advisory Council in the search process in a manner consistent with the Federal Reserve Act. If the San Francisco Fed chooses not to accept this recommendation, we would appreciate an explanation as to why. Regardless of your decision, we look forward to your continued collaboration as you take on the important responsibility of finding a qualified candidate to fill a policymaking role of crucial importance to the public.
Thank you for your service to the 12th District and our nation.
Respectfully submitted,
California Reinvestment Coalition Greenlining Institute Center for Popular Democracy Community Council of Idaho Chicanos Por La Causa NALCAB – National Association for Latino Community Asset Builders National Coalition for Asian Pacific American Community Development TELACU
cc: Jerome Powell, Chairman, Board of Governors of the Federal Reserve Lael Brainard, Governor, Board of Governors of the Federal Reserve Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve
'Look at Me:' Women Confront Flake on Kavanaugh Support
'Look at Me:' Women Confront Flake on Kavanaugh Support
Moments after pivotal Sen. Jeff Flake announced he would vote to confirm Supreme Court nominee Brett Kavanaugh, the Arizona Republican was confronted with the consequences.
...
Moments after pivotal Sen. Jeff Flake announced he would vote to confirm Supreme Court nominee Brett Kavanaugh, the Arizona Republican was confronted with the consequences.
Read the full article here.
Project to provide legal counsel for immigrants
Project to provide legal counsel for immigrants
National Catholic Reporter - December 17, 2013, by Megan Fincher - Impoverished immigrants facing deportation in New York City can now have court-appointed counsel on their side for the first time...
National Catholic Reporter - December 17, 2013, by Megan Fincher - Impoverished immigrants facing deportation in New York City can now have court-appointed counsel on their side for the first time in this nation's history.
Noncitizens of the United States facing deportation -- such as green card holders, refugees, victims of trafficking, and those living in the country illegally -- have no constitutional right to representation. The New York Immigrant Family Unity Project, a pilot program funded by a $500,000 investment from the city, is trying to change that.
"New York City has a tradition of welcoming immigrants. Its economics are driven by immigrants. Investing in immigrant families in New York City is our starting point," Brittny Saunders told NCR. Saunders is a senior staff attorney for immigrant rights and racial justice at the Center for Popular Democracy, an advocacy group working with the Family Unity project.
For the next year, the project will provide pro bono legal services to an estimated 20 percent of indigent noncitizens facing deportation at the Varick Street Immigration Court in New York City, according to Vera Institute of Justice, a nonpartisan, nonprofit center for justice policy and practice.
"The current state of affairs is creating real harm, really devastating immigrant families in New York City," Saunders explained.
Paula Shulman, second-year law student at Cardozo School of Law, agrees: "The New York Immigrant Family Unity Project is very aptly named. Detentions and deportations tear families apart every day."
The idea to create the New York Immigrant Family Unity Project came out of the 2010 New York Immigrant Representation Study, initiated by Judge Robert Katzmann of the Second Circuit Court of Appeals. The study examined trends in New York City immigration courts from 2000 to 2010. During that decade, 60 percent of detained immigrants in New York City were without counsel, and subsequently, only 3 percent of that group won their case. In comparison, immigrants who were represented and released from detention or never detained experienced a 74 percent success rate.
With the support of legal nonprofits, research groups, and ultimately the city itself, the study went "from an academic model to a living, breathing program" via the New York Immigrant Family Unity Project Nov. 6, Saunders said.
"For the first time ever, anywhere in this country and our legal system, mothers, fathers, sisters and brothers who would otherwise be unable to afford an attorney have access to attorneys who can present the legal issues and handle them expeditiously," Shulman, who works at Cardozo's Immigration Justice Clinic, wrote to NCR in an email.
Saunders explained that immigrant families are often "mixed status," meaning citizens, permanent legal residents and undocumented persons can make up a single family.
"One study from 2005-2010 showed that U.S. Immigration and Customs Enforcement arrested parents of 13,500 children in New York City alone," Saunders said. "More than half of those children lost at least one parent to a final order of deportation."
But what happens when primary caregivers are sentenced to deportation whose children are U.S. citizens? "If there's no other caregiver in place, children are thrust into the foster care system," Saunders said.
Shulman explained that the project is also fighting unnecessary detentions "because it can be the family breadwinner or the single mom who is held in a facility, unable to see his or her loved ones, let alone support or provide for his or her family."
Immigration detention is unlike criminal detention, because it is not "based on risk of danger to the community," and determining who gets sent to immigration detention and what bond is set is "haphazard and divorced from clear risk assessment," Shulman said.
"One of the many goals of the New York Immigrant Family Unity Project is to reduce detention time for individuals eligible for release so they can return to their families, their jobs, and their communities."
Saunders noted that in its first weeks, the project is "not just creating benefits for individuals who receive counsel, but it's also creating real benefits for the courts and the systems themselves. It's been really impressively seamless."
"We see what is happening in New York as the beginning of a change that could happen all across the country," Shulman said. "We support and anticipate replication of the model and the pilot. In fact, we have already received inquiries from five other states."
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Biggest U.S. Mass Protest & Rally Ever Staged for $15 Wage Set for April
Sky Valley Chronicle - April 1, 2015 - According to organizers, it's going to be huge. Fast food workers across the country, evidently unmoved by the Reagan era inspired...
Sky Valley Chronicle - April 1, 2015 - According to organizers, it's going to be huge. Fast food workers across the country, evidently unmoved by the Reagan era inspired trickle-down theory of economics plan on striking in hundreds of U.S. cities on April 15, tax day in efforts to secure a $15 an hour wage and the right to form unions without retaliation from employers.They say they'll be joined by more than 60,000 people across the country as well as others in 35 countries around the world and that this time workers from new industries will be standing with them – from home care and child care workers, to adjunct professors, to Walmart employees. One report calls the planned action a "series of global labor strikes with protests on college campuses." According to April15.org "Millions of underpaid workers can’t support their families or make ends meet on hourly wages that haven’t kept pace with the bills – or their employers’ profits. On April 15, fast food cashiers and cooks, retail employees, child care workers, home care providers, airport workers, and all of us who believe they deserve better are showing up in cities across the country to say ENOUGH."The April 15 strike action will include rallies and marches on 170 university campuses. CBS News notes that, "Expanding the labor movement to college campuses hearkens back to successful social movements that included pressure from university students, such as the 1980s divestment campaign against U.S. corporations that invested in apartheid-era South Africa. While college students have long served as a vocal social force in American history, though, there's a growing group on campuses seeking higher wages: adjunct professors."The same report quotes Tiffany Kraft, an adjunct professor in Portland, Oregon as saying, "The universities I work for pay me next to nothing and treat me like I'm expendable. I joined the Fight for $15 to demand higher wages and more respect for our role as educators." CBS reported that adjunct professors typically earn about $20,000 to $25,000 per year and get no health benefits or job security, even though "they hold doctorates or other advanced degrees."In many communities brick layers, construction workers and auto mechanics with no college degrees earn that and more.Terrence Wise, a Burger King worker from Kansas City, Missouri, and a national leader for the Fight for $15 push told the Associated Press "This will be the biggest mobilization America has seen in decades," and will feature some 2,000 groups including Jobs With Justice and the Center for Popular Democracy.
SourceYou can find out here where an event near you will take place.
4 days ago
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