Fed Up Campaign Cheers Interest Rate Decision
09.21.2016
Ady Barkan, director of the Fed Up campaign, made the following statement following the Federal Reserve's decision not to raise interest rates today:
"We applaud the Federal Reserve for rejecting pressure from the financial sector to raise interest rates. The census data from 2015 shows that a growing economy dramatically improves people's lives and pulls families out of poverty. The Fed should work hard to replicate 2015, not stifle this fragile recovery before Black and Latino communities around the country have the opportunity to benefit from a full employment economy. I hope today's decision is a sign that the eight regional Fed presidents and two Governors who met with us last month in Jackson Hole heard our voices loudly and clearly.
"The Fed's decision shows that the arguments of those who wish to raise rates are not sound enough to justify a policy change. Communities of color cannot afford to sacrifice job growth and wage gains for the sake of the hawks' old-fashioned models that are no longer grounded in the data. The Fed has room to continue exploring how low unemployment can go. Fed Up urges policymakers to continue with accommodative monetary policy in December and next year. The benefits of true full employment are too valuable to sacrifice for the sake of ideology."
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.
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 genuine full employment and rising wages for all communities.
Contact:
Anita Jain, ajain@populardemocracy.org, 347-636-9761
Asya Pikovsky, apikovsky@populardemocracy.org, 207-522-2442
