Williams Promises Transparency After Meeting with Fed Up Coalition

Fed Up Met with President of San Francisco Federal Reserve Bank, Made Case for Prioritizing Wages and Transparency

Coalition Deliver New EPI and CPD Report on Fed and Wages – Read Here; /news/mind-gap-how-federal-reserve-can-help-raise-wages-america-s-women-and-men

On Monday, the Fed Up coalition met with John Williams, the president of the Federal Reserve Bank of San Francisco, as part of the push for Fed decision-makers to target full employment and higher wages and to make Fed governance more transparent. Following the meeting, Williams committed to more transparency in how the Fed selects its presidents. In addition, Fed Up members made the case for prioritizing wages in the Fed’s interest rate decision and presented Williams with Mind the Gap: How the Federal Reserve Can Help Raise Wages for America’s Women and Men, a report published today by the Economic Policy Institute (EPI) and the Center for Popular Democracy (CPD).

“President Williams deserves credit for agreeing with us and the broad swath of Americans who want a more transparent Federal Reserve,” said Ady Barkan, director of the Fed Up campaign at the Center for Popular Democracy. “A more accessible and accountable Fed is essential, given its enormous impact on everyday Americans’ wages, employment opportunities, and overall wellbeing. Presidents Williams and Kocherlakota should be commended for beginning to open up the Fed’s decision-making process about whether to reappoint regional presidents and, if not, whom to replace them with. We expect all regional Fed banks to do the same this year, as they select presidents for the upcoming five year terms.

“President Williams was also receptive to our perspectives on wages, acknowledging that wage growth is too low and unemployment too high. This week he showed openness to the simple premise we present: The decision about whether to raise interest rates should be guided by the principle that wage growth is good. With inflation still below the Fed’s already low two percent target, the Fed should be in no rush to slow down the economy. The only humane option for a truly inclusive recovery is for Fed officials to prioritize wage growth in their decision-making – they should not raise the rates any time soon.”

For interview opportunities with workers, policy experts, or Fed Up campaign leaders, members of the press should write an email to press@populardemocracy.org.

### 

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