CPD IN THE NEWS

Hundreds of protesters attending the People's Convention in Downtown Pittsburgh took about two hours to march Friday in hot, humid weather from the David L. Lawrence Convention Center to Station Square.

The march, which started at 2:30 p.m., made stops at the U.S. Steel Building and the Allegheny County Courthouse on Grant Street before ending at Station Square.

Marchers carried hand-painted, cardboard busts of presidential candidate Donald Trump and UPMC CEO Jeffrey Romoff, orange butterflies on bamboo poles, and banners bearing the slogan, "still we rise." Chants rose above the din of after traffic as prosters cried phrases like, "No justice, no peace," and "Ain't no power like the power of the people, because the power of the people don't stop."

At Seventh and Grant Street, police and marchers talked. One woman took a selfie with an officer — typical of the friendly exchanges between protesters and police.

Jose Lopez, of Brooklyn said he attended the march with Make the Road New York, a nonprofit that advocates for immigrant rights.

"It's been really great. We have a lot of working people with us. A lot of our folks don't have the wages or the opportunity to meet the community and get off the block. So it's great to be here."

Pittsburgh police maintained a visible presence along the parade route. Officers on motorcycles and bicycles assembled before the march.

The march has been planned for some time, but it comes less than 24 hours after five Dallas police officers were fatally shot during a march protesting the recent shootings of black men in Minnesota and Louisiana by police officers.

Seven other Dallas officers were injured in an incident President Barack Obama said "horrified" America.

Erin Morey, of Mt. Lebanon, came out to show support, particularly for Martin Esqivel Hernandez, an undocumented immigrant who was arrested at his Pittsburgh home and faces deportation.

"Every voice should be heard," said Morey, whose son Max accompanied her. "I want to support an open dialogue."

The progressive groups involved in the Pittsburgh march were hosted by the Center for Popular Democracy. They voiced concerns regarding immigration, labor, environmental and civil rights causes. The group stopped at the courthouse, but officials there had already sent civilian workers home for the day and closed the building at 2:30 p.m.

"Right now, it's going great," said Pittsburgh police Chief Cameron McLay, who walked along with the marchers, shaking hands and chatting with reporters.

"I expected to find the atmosphere more tense," he said.

McLay said the officers he'd spoken with remained positive.

"I'm really, really proud of them," he said. "Right now, they're so focused on the task before them, they're not thinking about feelings," he said.

Some marchers delivered a sharper message with a red banner that said "fire killer cops."

Among others, the groups marched by the offices of the Federal Reserve, Republican U.S. Sen. Pat Toomey, the University of Pittsburgh Medical Center, Bank of New York Mellon and even train tracks, which the groups say carry crude oil, which is targeted by climate change opponents.

Toomey stayed away from his Station Square office on Pittsburgh's South Shore. Instead, the Lehigh Valley Republican held a news conference on the North Shore to express his support for law enforcement.

"It was not a good place to be," Toomey said of Station Square.

Toomey described the viral images of fatal police shootings of black men in Louisiana and Minnesota as "very disturbing," and said both incidents need to be thoroughly investigated. But the shooting rampage that left five police officers dead and seven others wounded in Dallas "has no possible justification," Toomey said.

"The vast majority of officers are good, decent, honest and hard-working individuals," Toomey said. "What is completely wrong is the narrative that somehow cops generally are the bad guys. That narrative is something I have been pushing back on because it's wrong."

Toomey's election opponent, Democrat Katie McGinty, also shared support for police and called for thorough investigations of the shootings in Louisiana and Minnesota.

In messages posted to Twitter, the city police department offered condolences to Dallas police and Gov. Tom Wolf ordered flags to be flown at half staff.

In Greensburg, the police department posted a lengthy message on Facebook that served, in part, to remind readers that police officers are human beings who are part of a larger community.

Pittsburgh Bishop David Zubik held a Mass at noon for about 70 people at Saint Mary of Mercy Church in Downtown to pray for peace and reconciliation in light of the Dallas shootings.

"Yesterday was Dallas, Wednesday was Baton Rouge, Tuesday was St. Paul. And Monday, July 4th our own Wood Street. Violence continues," Zubik said during the sermon.

"Where will it be today, where will it be tomorrow? Will it stop? Do we want it to stop?" he said.

Zubik compared violence to a disease and said that it rips families apart. He asked for attendees to think of the communities affected by violence across the nation, as they are neighbors and that it was senseless to direct blame at "one group of individuals." He said "it's imperative to tear down our own prejudices."

Zubik reminded the group that there's no competition for "whose life matters most," invoking the Black Lives Matter movement. The service ended with a prayer for first responders and others involved in public safety.

"I thought the sermon was incredible," said Marie Atria of Mt. Lebanon, "this is all terrible and it has to stop."

The Church said it was a normal attendance for a midday Friday mass. Pittsburgh has a potential for violence, but the "overwhelming response from the citizens of Western Pennsylvania is they're working for peace," Zubik said.

Pittsburgh Mayor Bill Peduto and Allegheny County Executive Rich Fitzgerald released a joint statement regarding the violence in Louisiana, Minnesota and Texas:

"Today, our nation is in mourning for the deaths of so many in our community. We are hurt, angry, confused and in pain as we struggle to cope with the violence plaguing us. Our answer to the violence in our community cannot be more violence. Pittsburgh's strength has always been in coming together to solve issues and supporting each other in times of need. We rely on that strength and we need it now more than ever.

"We have great faith that all of us – residents, communities, law enforcement, activists – have the capacity to come together to heal from our pain and anger, no matter how difficult that may be for us. We can do more to honor the lives of those who were killed by working together to stop the violence and have a more peaceful community."

Peduto called for a "peace summit" to be held next week, but a date hasn't been determined.

Reporting by Max Siegelbaum, Megan Guza, Justin Merriman and Matthew Santoni.

Source

“On behalf of our nine million supporters across the country, we are writing to request more information about your positions regarding the revolving door between Wall Street and the federal government,” reads a statement backed by Democracy For America, Rootstrikers, CREDO Action, MoveOn.Org Political Action, the Center for Popular Democracy Action, The Other 98%, Friends of the Earth Action, and American Family Voices.

The missive, which comes as Clinton interrupts her Hamptons vacation to unveil her rural policy platform in Iowa on Wednesday, specifically notes that Clinton has yet to support or comment on Sen. Tammy Baldwin’s Financial Services Conflict of Interest Act. Progressive icon Sen. Elizabeth Warren — who has ties to many of those who signed the letter — has encouraged all presidential candidates to back the legislation, as both Bernie Sanders and Martin O’Malley have done.

“These types of ‘golden parachute’ compensation packages are highly controversial, and for good reason,” the letter reads. “At worst, it results in undue and inappropriate corporate influence at the highest levels of government — in essence, a barely legal, backdoor form of bribery.”

The letter concludes by posing two questions to the Democratic front-runner: “Do you still support the use of this controversial compensation practice?” and “If you become president, will you allow officials who enter your administration to receive this sort of bonus?”

While Clinton has made steps to appeal to the types of progressive voters behind this letter, she has so far resisted pressure from the left to support reviving the Glass-Steagall Act, which separated commercial and investment banking before it was repealed in 1999. And members of these groups who wanted bank antagonist Warren to run for the presidency are on high alert this week after news broke that the Massachusetts senator met with Vice President Joe Biden over the weekend as he considers his own presidential ambitions.

“It’s hard to imagine Democrats’ 2016 nominee will be truly tough on Wall Street banks that break the law, if they won’t commit to banning their advisers from receiving legalized bribes from those same banks,” said Charles Chamberlain, executive director of Democracy for America, a group founded by former Vermont governor and current Clinton backer Howard Dean.

The letter names a pair of Clinton associates who moved from banks to the State Department: Robert Hormats, an undersecretary who came from Goldman Sachs, and Thomas Nides, a deputy secretary who came from Morgan Stanley.

Warren has suggested repeatedly that any candidate seeking her endorsement must agree not to appoint officials with Wall Street ties.

“Anyone who wants to be president should appoint only people who have already demonstrated they are independent, who have already demonstrated that they can hold giant banks accountable, who have already demonstrated that they embrace the kind of ambitious economic policies that we need to rebuild opportunity and a strong middle class in this country,” she said in July.

Source: Politico

Democratic presidential front-runner Hillary Clinton said she would support changes to the top ranks of the Federal Reserve, an issue recently championed by progressive groups amid debate over how long the central bank should keep supporting the American economy.

The Fed is led by a seven-member board of governors based in Washington and a dozen regional bank presidents based across the country, from New York to Kansas City to San Francisco. The governors are nominated by the White House and approved by the Senate, but regional bank presidents are selected by their boards of directors, whose occupants are chosen by the banking industry and by the Fed governors in Washington.

In a statement to The Washington Post, Clinton’s campaign said she supports removing bankers from the boards of directors and increasing diversity within the Fed.

"The Federal Reserve is a vital institution for our economy and the well-being of our middle class, and the American people should have no doubt that the Fed is serving the public interest,” spokesman Jesse Ferguson said. “That's why Secretary Clinton believes that the Fed needs to be more representative of America as a whole and that commonsense reforms — like getting bankers off the boards of regional Federal Reserve banks — are long overdue.”

The statement puts Clinton on the same page as her rival, Vermont Sen. Bernie Sanders. In an op-ed in the New York Times in December, he said removing bankers from the Fed’s governance would mean “the foxes would no longer guard the henhouse.”

On Thursday, Sanders and top Democratic lawmakers called on the Fed to increase the number of minorities in leadership positions. They also urged the central bank to consider the high unemployment rate among some racial groups as it debates whether to keep pulling back its support for the American economy.

In a letter to Fed Chair Janet Yellen, the lawmakers argued that more minority representation would help broaden the Fed’s internal discussions about the health of the economy. In addition to Sanders, 10 senators signed the letter, including banking committee members Elizabeth Warren of Massachusetts, Jeff Merkley of Oregon and Robert Menendez of New Jersey. More than 100 congressmen joined the effort, which was led in the House by Michigan Rep. John Conyers and gained support from California Rep. Maxine Waters, ranking member of the House financial services committee.

“Given the critical linkage between monetary policy and the experiences of hardworking Americans, the importance of ensuring that such positions are filled by persons that reflect and represent the interests of our diverse country, cannot be understated,” the letter states. “When the voices of women, African-Americans, Latinos, and representatives of consumers and labor are excluded from key discussions, their interests are too often neglected.”

Donald Trump, the GOP’s presumptive nominee, did not return a request for comment.

The leaders of the Fed are responsible for steering the ship of the American economy, setting a benchmark interest rate that can influence the cost of borrowing money for everything from a car, to a home to a factory. They also regulate the country’s biggest banks and help ensure the nation's financial system can withstand another crisis, making them among the most influential policymakers in the world.

Those officials tend to be white males. Yellen is the first woman to serve as chair in the central bank’s 101-year history. Only three Fed governors have been African American, and there have been no black regional bank presidents. No one now in the top brass is Hispanic.

In addition, an analysis by the progressive Center for Popular Democracy found that 83 percent of the boards of directors are white and three-fourths are male. The group also found that 39 percent of directors come from the financial industry, while 11 percent are from community groups, labor organizations or academia.

There are nine seats on the boards of directors. Under current law, three are required to be filled by representatives of the banking industry. However, they are not allowed to participate in choosing reserve bank presidents — the officials who would be responsible for setting the nation’s monetary policy. The bank president must also win approval from the Fed's politically appointed board of governors, based in Washington.

In a statement, a spokesman for the Fed’s board of governors said it is committed to fostering diversity of all types within its leadership and that its track record has improved.

“To bring a variety of perspectives to Federal Reserve Bank and Branch boards, we have focused considerable attention in recent years on recruiting directors with diverse backgrounds and experience,” the statement said. “By law, we consider the interests of agriculture, commerce, industry, services, labor, and consumers.  We also are aiming to increase ethnic and gender diversity.” 

The criticism comes in the midst of a controversial debate within the central bank. The Fed hiked interest rates in December for the first time since the Great Recession, citing the strength in the U.S. recovery. It had anticipated increasing rates four more times this year but has since downgraded that expectation amid weakness in the global economy. Investors around the world are now carefully watching to see what the Fed will do when it meets again in June.

Federal Reserve chief Janet Yellen was joined by her three predecessors Ben Bernanke Paul Volcker and Alan Greenspan at a discussion in New York City on the global economy. (Reuters)

The Center for Popular Democracy and its activist coalition, Fed Up, are pressuring the central bank not to raise its benchmark interest rate until the unemployment rate falls to 4 percent. Sanders has endorsed that target in the past, though the letter released Thursday said only that the central bank should give “due consideration” to the unevenness of the recovery.

“It is unacceptable that discussion of the job market for these populations would be an afterthought, or worse, ignored entirely, and we are concerned that the lack of balanced representation may be a significant cause of this oversight,” Democratic lawmakers said in their letter to Yellen.

Democrats have generally supported the central bank’s aggressive stimulus efforts following the 2008 financial crisis, but the prospect of higher interest rates is prompting some to question the Fed’s stance. In congressional testimony earlier this year, Yellen said there are limits to the central bank’s ability to help disadvantaged communities.

"It’s important to recognize that our powers, which involve setting interest rates, affecting financial conditions, are not targeted and can't be targeted at the experience of particular groups,” she said. “I think it always has been true and continues to be true that when the labor market improves, the experience of all groups does improve."

The Fed established an internal diversity office in 2011 as part of sweeping congressional reforms of the country’s financial system. The latest annual report for the Washington-based board of governors found minorities made up just 18 percent of top management in 2015, down from 21 percent the previous year. However, more than half of mid-level managers and administrative and support workers are minorities.

The report outlines several steps the Fed is taking to improve the recruitment and promotion of minority employees, such as a teaching and mentoring partnership with Howard University, a prestigious historically black college in the District.

By Ylan Q. Mui

Source

The Wall Street Journal’s Michael Derby reports. “The Center for Popular Democracy’s Fed Up campaign broadcast a 30-second TV spot urging Mr. Trump to offer Fed Chairwoman Janet Yellen a second term. The ad ran during 'Fox & Friends,' a morning show the president watches and often reacts to on Twitter.” The group is behind Twitter ads bashing Kevin Warsh, another candidate for the chairmanship, that have popped up in my feed over the past couple of weeks, too.

Read the full article here.