Bankruptcy lenders say 'no' to more cash benefits for fired Toys 'R' Us workers
Bankruptcy lenders say 'no' to more cash benefits for fired Toys 'R' Us workers
Wachtell's letter said there's $180 million set aside for unsecured creditors with administrative claims. The two advocacy groups, which include the Center for Popular Democracy and the Private...
Wachtell's letter said there's $180 million set aside for unsecured creditors with administrative claims. The two advocacy groups, which include the Center for Popular Democracy and the Private Equity Stakeholder Project, estimated the workers should have received $75 million in severance under the company's policy, and are asking for contributions to meet that sum.
Read the full article here.
Live coverage of the Local Progress and the People's Convention in Pittsburgh
Live coverage of the Local Progress and the People's Convention in Pittsburgh
This weekend we'll be covering events at the Local Progress National Convening and Center for Popular Democracy's People's Convention that are happening in Pittsburgh this weekend. More than 1,000...
This weekend we'll be covering events at the Local Progress National Convening and Center for Popular Democracy's People's Convention that are happening in Pittsburgh this weekend. More than 1,000 grassroots activists and 100 elected municipal officials will attend conference sessions and a rally in the city from July 7-9. Follow our live blog for coverage.
People's Convention addresses Immigrants rights
This weekend during a panel discussion on immigration at the Local Progress conference, “sanctuary cities” were front and center. In places that have been classified as sanctuary cities, local law enforcement is dissuaded and sometimes barred from providing information to U.S. Immigration and Customs Enforcement.
Sanctuary cities have been a red hot topic in Pennsylvania recently with Republican U.S. Senator Pat Toomey trying (and failing) to pass a bill that would cut off funding to sanctuary cities and Democratic U.S. Senate Candidate Katie McGinty telling the Mayor of Philadelphia that his sanctuary city bill needs altering.
Opponents of sanctuary cities believe they lead to undocumented immigrants, who are arrested for violent crimes or terroristic charges, avoiding deportation. But advocates say these policies protect undocumented immigrants, who are charged with minor crimes, from falling into the hands of ICE.
“This is about trust between the community and the police department,” said Philadelphia City Councilor Helen Gym, who spoke during the panel discussion as a proponent of Philadelphia's sanctuary policy. “The community is not served when they fear the police.” The lack of a sanctuary policy in Allegheny County enabled the prosecution and possible deportation of Martin Esquivel-Hernandez, who City Paper wrote about in a cover story in June. Esquivel-Hernandez, an undocumented immigrant from Mexico living in Pittsburgh, was cited for driving without a valid license by Mount Lebanon Police and paid his fine in late April. Less than a week later he was detained by ICE.
Lt. Duane Fisher, of the Mount Lebanon Police, says the township's general policy is to make contact with ICE if police “find someone who is unlicensed” and to see whether ICE has “any reason to see if [the suspect] is wanted.” ICE officials have not returned multiple calls requesting information about Esquivel-Hernandez.
Gym says stories like these can harm relationships between immigrant communities and local law enforcement. “We don’t want people to be afraid to call the police to report crimes like burglary, etc.,” said Gym. “It is not the responsibility of local police departments to enforce immigration laws, since they are federal laws.”
She also adds that immigrants have helped Philadelphia grow after 50 years of losing population. Gym says that while the native-born population in Philadelphia has remained steady or dropped over the years, the foreign-born population has grown. “The vibrancy of Philadelphia, the part that seems exciting, hast to do with immigrants feeling welcome,” Gym says.
Other elected officials at the panel from across the country—even ones that are in rust belt cities like Pittsburgh—agreed that attracting immigrants is important to a region's prosperity. Summit County, Ohio County Councilor Liz Walters said immigrants and refugees breathe new life into struggling communities. Summit County, which is just south of Cleveland, has a manufacturing past and has been losing population for decades.
Even in the face of population decline, Walters said it has not been easy to sway other local politicians to the benefits of attracting and maintaining foreign-born populations. “For some, it's easier to see differences and so it's easy to be afraid,” said Walters.
But Walters said Summit County is starting to see successes. Akron, the county seat, now holds ethnic market bus tours where long-time residents sit next to social service providers and get to sample Italian, Mexican and Southeast Asian goods. She says strategies like these don’t just show people can live together, they are good for a region’s economy: “Any city that is not thinking about a [diverse] and global-minded local economy, is going to fall behind.”
— Ryan Deto
9-11 a.m. Fri., July 8
Linda Sarsour, executive director of the Arab American Association of New York, spoke at Local Progress' national meeting about combating Islamophobia. - PHOTO BY ASHLEY MURRAY
Photo by Ashley Murray
Linda Sarsour, executive director of the Arab American Association of New York, spoke at Local Progress' national meeting about combating Islamophobia.
Linda Sarsour is the executive director at the Arab American Association of New York and the co-founder of Empower Change, a Muslim online organizing platform. She spoke at this morning’s Local Progress panel discussion entitled “Our Role in this Political Moment: How local officials can fight back against hate, xenophobia and Islamophobia.” City Paper’s Ashley Murray caught up with her after the discussion.
Tell me about some of the work you’ve done in New York.
My organization predominately works with immigrants from the Arab world and South Asia and has been doing immigrants-rights work — language access to services for immigrants, police reform based on accounts of unwarranted surveillance against Arab Americans and Muslim Americans. That work has really opened up doors for being part of broader social-justice movements in New York City that includes working on city-wide immigrant-rights legislation and police reform with black and Latino civil-rights groups. We’ve had a lot of wins in New York. We are one of the most welcoming immigrant cities in the country. We have language-access legislation where government agencies are mandated to [provide] language access. We have passed landmark civil-rights legislation [including] police-reform legislation, creat[ing] the first-ever independent oversight for the New York Police Department. Really it was the most directly impacted communities [who were] at the forefront of those fights. I have committed myself to intersectional organizing because people are intersectional. I mean Muslims are black, white, Latino, Asian, Arab, and we also understand that within all of our communities we’re so complex. So we’re working on multiple issues because we’re not one-issue communities.
One of the things you said on the panel today is that the same people who are promoting Islamophobia may also be against LGBTQ rights and promote deporting Latinos and separating them from their families. Can you talk about that intersection?
I like to look at things from a broader perspective, and because I'm an intersectional organizer, I get to see that the same legislators that are passing anti-LGBTQ laws are the ones passing anti-Sharia bills, which are basically limiting Muslims rights to practice Islam freely in this country. People who are unconditionally pro-police and anti-police reform [and] anti-refugee resettlement are mostly the same legislators around the country. Once we started understanding that, it really helped us build alliances so that when there is an anti -refugee legislation, different movements are showing up for others. When there is an anti-LGBTQ [bill], other communities are showing up. It’s been very powerful. We’ve been able to defeat a lot of anti-refugee legislation across the country. There have been hundreds of cities that have passed welcoming-immigrants resolutions. And I think many legislators are realizing opposition is not in opposition to one group. They are actually in opposition to multiple groups, many of whom are marginalized and minority communities.
Lastly, on the panel you talked about how “Daesh” uses Islamophobia as a tool. Can you talk about that? [Sarsour told the audience that she uses the Arabic acronym Daesh because the terrorist group does not like that name. Many English-speaking media outlets use the term “self-described Islamic State” or “ISIS”.]
I think Islamophobia is systemic targeting and discriminating against Muslims in America, and what it does is it isolates Muslim Americans from the larger American society. It puts people farther into the margins and what that does is, and especially when elected officials in particular are in the media spouting anti-Muslim rhetoric, it actually gives fuel to violent extremists on the other side of the world — and particularly watching Daesh create these social-media videos where they actually quote people like Trump. This feeds into the narrative that they are trying to propose that the West is at war with Islam and that you are not welcomed in your countries, you are a minority, you are at the margin. They use this very problematic rhetoric that is actually based on things people in our country have said. So I always tell people to be careful of what type of ammunition you’re giving to the violent extremists. Unity is the enemy of terrorism, and what Daesh does not want to see is people coming together saying, "We stand with our Muslim neighbors, we stand with our LGBT neighbors." They don’t want to see people working together. And I think we’ve done a very good job in some parts of the country, in places like New York City, where we said, "We’re not going to be divided. We’re not going to let Daesh divide us; we’re not going to let the right-wing divide us."
— Ashley Murray
6-8 p.m. Thu., July 7
Culver City, Calif., City Councilor Meghan Sahli-Wells spoke to a crowd of locally elected woman officials.
Culver City, Calif., City Councilor Meghan Sahli-Wells spoke to a crowd of locally elected woman officials.
Ana Maria Archila stood at the front of a small conference room and emotionally said, "All of you represent what's possible. I need you." She told this to a small conference room of locally elected woman officials after talking about her 4-year-old daughter who told her mom that she could "be Michelle" but couldn't be president.
"She's only 4, but she already learned gender roles. That's why I need you," Archila said.
Nearly 40 women — including local city councilors, county supervisors and school-board members from as close as Wilkinsburg, Pa., to as far as Tacoma, Wash. — gathered for the Local Progress' Inagural Women's Caucus Gathering to kick off the weekend at the Westin Hotel in Downtown Pittsburgh. Local Progress, which has the tagline "The National Municipal Policy Network," is part of the Center for Public Democracy, also holding its People's Convention in town this weekend.
The purpose of the Local Progress national meeting is to "create a community to share best practices around policy and learn from campaign best practices," says Sarah Johnson, co-director of the organization. "We think local progress can play a role in supporting women."
Meghan Sahli-Wells, a city councilor from Culver City, Calif., said that although her city was founded 100 years ago, there have only been five women elected to local government. "We can still count the number on one hand," she said, holding five fingers up to drive home the point.
Various participants shared concerns about obstacles for women wanting to run — like lack of a network to raise capital — and issues once in office — like needing a career mentor.
Sequanna Taylor, now a supervisor for the 2nd District of Milwaukee County, said, "I didn't have the money, but I couldn't let that be an issue. I was out in blizzards getting signatures." Taylor said when her county came under financial distress, she grew concerned about representation in her district and decided to run. She said the board had a reputation for being made up of "good old boys."
"I have to make sure they [District 2 residents] have a voice," Taylor said.
A collective, disappointed "wow" could be heard when political scientist Dana Brown, of the Pennsylvania Center for Women and Politics at Chatham University, told the room that 82 percent of the locally elected officials in Pa.'s 67 counties are male. Her organization is a bipartisan center that encourages women to run for office.
"Public policy is happening whether women are at the table or not," Brown said. "Somewhere right now there is a vote happening. ... We, in Pa., have a long way to go."
She shared research findings that show when women are at the table, they change agendas by bringing a new perspective; change procedures by changing content of discussions and enforcing transparency; and change policy outcomes because they use more collaborative and inclusive language in negotiations.
Two local politicians attended the discussion — Pittsburgh City Councilor Natalia Rudiak and Wilkinsburg Council Vice President Marita Garrett.
Rudiak said that when she was a young activist, "a man always had the megaphone [at protests]. I remember wondering if I'll ever have it." Now Rudiak, one of the youngest people ever elected to council, says "I'm doing everything I can locally to get women elected."
— Ashley Murray
By Rebecca Addison, Ryan Deto and Ashley Murray
Source
Communities Demand End to HUD Distressed Loan Sales
US Finance Post - September 10, 2014, by Christine Layton - Community groups and homeowners in 10 cities have started to rally at local offices of the...
US Finance Post - September 10, 2014, by Christine Layton - Community groups and homeowners in 10 cities have started to rally at local offices of the Department of Housing and Urban Development (HUD), calling for an end to a program that sells off delinquent loans to investors, HousingWire reports.
The groups are protesting the HUD Distressed Asset Stabilization Program, which was created two years ago to auction delinquent loans to the highest bidders. In 2010, the government began selling delinquent mortgages that are at least 90 days past due to the highest bidder in an attempt to help the FHA rebuild cash reserves that were hit hard by loan defaults during the recession.
In the first 2 years, the FHA sold 2,000 loans in six auctions. In September 2012, when the loan pools were expanded under the new DASP program, it sold over 3,000 loans during the first auction.
The community groups claims these sales harm stabilization goals in neighborhoods, including affordable housng and homeownership.
“We’re seeing an unprecedented rise of the corporate landlord, and HUD’s DASP is just facilitating the process,” said Rachest Laforest, executive director of the Right To The City Alliance. She argues that HUD should instead use a system to favor nonprofit bidders whose mission is to invest in the community with greater requirements for winning bidders to preserve homeownership and offer affordable housing options to homeowners.
In a report released earlier this month, HUD said it sold $15.8 billion in nonperforming loans since 2010, which reduces losses to its insurance fund and saves homeowners from foreclosure. New reports claim the program helps the FHA avoid having to get more money from taxpayers, although it is questioned whether there are any efforts to protect neighborhoods that are hit hard by foreclosures.
About 97% of loans sold have gone to for-profit, private investors, such as private equity firms, hedge funds and mutual funds. Just 11% of the loans sold under DASP are considered “re-performing,” according to a report released by the Center for American Progress, while 22% were allowed to short sale or the property was surrendered for loan forgiveness. One-third were turned around and re-sold, while another one-third went into foreclosure.
“These are companies that put the financial gains of their shareholders first and community stabilization second — or I would say it’s not even necessarily a priority for them,” said Connie Razza, co-author of a report released by the Center for Popular Democracy and the Right To The City Alliance.
The group has sent a petition to Julian Castro, who took over HUD, which houses the FHA, asking that he stop selling loans under DASP until the program an be strengthened and refocused on improving neighborhoods.
During the housing crash, the share of FHA loans skyrocketed as homeowners could not get private loans, increasing from 2% of mortgages in 2006 to almost one-third by 2009. A wave of defaults put the FHA’s mortgage insurance fund into the red, and it took its first $1.7 billion taxpayer bailout in 2013. So far, almost 100,000 non-performing loans have been sold under DASP, giving the FHA a net of $8.8 billion.
Source: US Finance Post
Report: In MN, Jobless Rate for Blacks is Nearly 4 Times Higher than Whites
Bring Me the News - March 5, 2015, by Adam Uren - Minnesota has the third-highest unemployment gap between white and black people in the country – with the jobless rate among blacks almost four...
Bring Me the News - March 5, 2015, by Adam Uren - Minnesota has the third-highest unemployment gap between white and black people in the country – with the jobless rate among blacks almost four times higher than among whites.
The figures come from a new study by the Center for Popular Democracy, which shows that the unemployment rate in Minnesota among black resident is 3.7 times higher compared to white people.
This is second only to the District of Columbia (5.6 times) and Wisconsin (4.6 times).
The gap in Minnesota has lessened since 2007 however, when 3.85 times
It also found that the jobless rate among Hispanic people is more than two times greater than for white people.
A rally will be held Thursday, WCCO reports, which will “draw attention to the racial differences between wages and jobs available” in the Twin Cities and Minnesota as a whole.
It is being organized by representatives of Neighborhoods Organizing for Change (NOC), the Center for Popular Democracy and the Economy Policy Institute, and held at the NOC offices in W. Broadway Ave., Minneapolis, starting at 3 p.m.
Unemployment falling, gap still wide
The significant disparity between black and white unemployment remains, even though overall unemployment has dropped in recent years thanks to the recovery of Minnesota’s economy since the financial crisis.
The unemployment rate among black people across the state fell to 11.9 percent in 2014, compared to 15.4 per cent in 2007.
However, the rate among white people stood at just 3.2 percent in 2014, down from 4 percent in 2007. The report also found that the unemployment rate among Hispanics stood at 7 percent in 2014, almost the same as it was in 2007.
The unemployment gap is even worse in the metro area, with the graph above showing that the black unemployment rate is 3.89 times higher than white.
The report features a case study of 23-year-old Minneapolis resident Tyrone Raino, who told the Center for Popular Democracy the only full-time job he could find is 40 minutes outside the city, and he works there 40 hours a week while taking a further 20 hours of classes every week.
Disparity is nothing new
Minnesota regularly features among the worst states for racial unemployment gaps.
In 2013, Minnesota was second only to Wyoming according to the Bureau of Labor Statistics, the Star Tribune reports, when the black unemployment rate was triple the white rate.
And in 2011, MPR reported on a study by the Economic Policy Institute, which found the Twin Cities along with Memphis had the biggest white-black unemployment gaps out of the nation’s 50 biggest metropolitan areas.
When The Atlantic ran a piece last month lauding the metro area for its winning mix of affordability, opportunity and wealth, several publications responded by highlighting the gaps that suggest not everything is rosy in the Twin Cities.
It’s not just with unemployment either. WalletHub found Minnesota has the second-worst wealth gap between white people and people of color in the United States, as well as one of the biggest gaps for home ownership levels.
Source
Survey of New Yorkers Show Strong Backing for Paid Family Leave, Stringer and Several Politicos Say
New Yorkers need policies that would help them balance work and family responsibilities, according to a report released today by New York City Comptroller Scott M. Stringer, in partnership with A...
New Yorkers need policies that would help them balance work and family responsibilities, according to a report released today by New York City Comptroller Scott M. Stringer, in partnership with A Better Balance.
The report, “Families and Flexibility: Building the 21st Century Workplace,” is based on a survey of more than 1,100 New Yorkers working in a broad range of industries and provides a follow up to Comptroller Stringer’s report, “Families and Flexibility,” from June 2014. The online survey, while not scientific, asked workers in all five boroughs about: · The availability of flexible work arrangements; · How comfortable they are requesting flexible schedules; · The need for paid family leave; and · For “shift workers,” the predictability of their work schedules. “No New Yorker should ever have to choose between keeping their job and caring for their family,” said Comptroller Stringer. “With policies like FlexTime, paid family leave, and advanced notification of schedules, we can give workers the tools they need to address their personal and professional responsibilities.” Flexible work arrangements, which allow employees to work outside the traditional 9-to-5 schedule and from locations other than their offices, are one of the most effective ways to help individuals establish a work-life balance. Flexible work arrangements also help businesses boost their bottom line by improving morale and minimizing turnover. But, nearly half of workers surveyed do not have access to flexible work arrangements. Just as troubling, respondents who had requested flexible work arrangements in the past reported that they had experienced missed promotions, negative reviews, and belittling comments. Among respondents without office-wide policies on flexible scheduling: 59% were “uncomfortable” or “very uncomfortable” asking for FlexTime; and 71% said they would be more likely to ask for flexibility if everyone in their workplace had the right to request it. People who did have flexible work arrangements reported that it allowed them to better manage their lives. For example, one respondent was able to complete a Master’s program thanks to FlexTime, while another was able to care for her father during the last six weeks of his life without worrying about losing her job. Comptroller Stringer calls on Congress to pass the Flexibility for Working Families Act and on Albany and City Hall to enact local “right-to-request” laws These laws – which are sponsored by Representative Carolyn Maloney in Congress and Assemblywoman Nily Rozic and State Senator Daniel Squadron in Albany – would create a framework for employees to discuss FlexTime with their bosses without fear of retaliation. “New Yorkers shouldn’t be intimidated or fearful when asking for flexibility in their schedules,” Comptroller Stringer said. “That’s why it is critical that we pass right-to-request legislation which would enable employees to discuss FlexTime without fear of retaliation. New Yorkers should be able to take their son to the doctor, pick their daughter up from school, or care for their elderly parents without having to worry about their jobs.” The Comptroller’s survey also found strong support for paid family leave, which allows new parents to bond with their children and provides support for individuals caring for sick family members: 80% of respondents support a paid family leave system funded by a small employee payroll deduction, as state legislation in Albany has proposed; and 86% support equal amounts of paid family leave for both mothers and fathers. A 2011 study of California’s program by the Center for Economic and Policy Research shows that paid family leave helps employees care for their loved ones, and is also good for business. Over 89% of employers reported it had a “positive effect” or “no noticeable effect” on productivity, profitability, turnover, and employee morale. This legislation, sponsored by Assemblywoman Catherine Nolan and State Senator Joseph Addabbo, Jr., would create a state-wide paid family leave insurance system, which would be funded by a small employee payroll deduction. “Two countries in the world don’t have paid family leave: New Guinea and the United States,” the Comptroller said, referring to a study by the International Labor Organization. “That needs to change. Mothers and fathers should have the opportunity to bond with their newborns, and all workers should be able to care for sick family members without fear of losing their job. While this issue should be addressed at the federal level, we can and must take steps now in Albany to support paid family leave for all New Yorkers.” The survey found that among “shift workers,” whose schedules often change week-to-week, 18% receive their schedule only a day in advance, with some respondents reporting that they often don’t know their schedule until the day of—or even during their shift. This uncertainty prevents workers from scheduling day care for their kids, providing elder care for their loved ones, and furthering their own education. Among these workers: Nearly one-fifth receive their schedules a mere 24-hours before their shift begins; and Almost one-third reported retaliation after requesting schedule changes. “Advance notification of schedules isn’t a perk – it’s a basic necessity for millions of Americans who deserve to know when they need to clock in so that they can plan their lives accordingly,” Stringer said. “Enacting this as standard workplace policy is long overdue." “Now more than ever, so many workers are struggling to juggle the responsibilities of their jobs with the demanding tasks that come with having a family. In a city as high-paced as New York, that battle is only intensified, and no one should be forced to have to ultimately choose between their job and their family. I commend Comptroller Stringer for not only providing us with hard evidence that proves flexible work arrangements really are needed in our city, but for putting forth recommendations that can help us one day make that a reality,” said Senator Addabbo, Jr. “Everyone has the right to strike a balance between work and their personal lives, so they can plan to take care of important issues, including healthcare, education and childcare matters,” added Senator Jose Peralta. “Flexible scheduling creates a win-win scenario for both employers and workers. Employees perform at their best when they are free from the worry of finding time to manage all aspects of their personal and professional lives. I want to thank the City Comptroller Scott Stringer for taking an important step towards facilitating the balance between one’s work schedule and one’s private life.” “With flexible work hours, individuals will no longer have to choose between work and their family,” State Senator Toby Stavisky said. “The Comptroller’s findings show how truly beneficial flexible work arrangements can be, not only for the employee, but employers as well. I applaud Comptroller Stringer for advocating for a better work-life balance for city workers.” "Flexible work schedules are important to allowing parents and families the ability to coordinate and plan," said State Senator Daniel Squadron. "I'm proud to carry legislation giving workers the right to request flexible work schedules, as well as better understand the feasibility of broader implementation, along with Assemblymember Rozic. I thank City Comptroller Stringer and colleagues for continued focus on this issue for families." “Right to Request legislation helps hardworking New Yorkers to negotiate non-traditional hours with their employers in order to accommodate their personal needs and ultimately work more effectively and efficiently. Flexible Work Arrangements benefit employees, businesses, and New York City as a whole, and I am proud to support this legislation,” said Assemblyman Michael DenDekker. “New York is moving towards the economy of the future, but in many ways, we’re still operating under the rules of the workplace of the past,” said Assemblyman Francisco Moya, Chair of the Subcommittee on Workplace Safety. “Flexible work arrangements give workers, especially single working parents and those who care for elderly relatives, the flexibility they need to prioritize both work and family. New York must create an environment that is as hospitable to working families as possible. I commend Comptroller Scott Stringer for boldly championing the important, but oft-overlooked issue of work-life balance.” “When a significant portion of the workforce is made up of working parents, caregivers, and students who find themselves unable to achieve work-life balance, we must consider implementing flextime policies that reflect changing workforce dynamics. As the sponsor of 'Right to Request' legislation, I am proud to see us moving in a direction that recognizes the benefits of flexible working arrangements. I thank Comptroller Stringer for his leadership on this issue, and I call on my fellow State Legislators to pass this bill come January,” said Assemblywoman Nily Rozic. "Flex Time presents a great opportunity for the employers and workers of New York City. Not only would flexible work hours allow for employees to meet their obligations outside of the workplace, but giving them the opportunity to work outside of normal 9 to 5 business hours could greatly reduce traffic congestion during the rush hour commute. Giving working New Yorkers the time to take care of aging relatives as well as their children allows them to meet their own needs and also provides new means to foster greater productivity," said Assemblyman David Weprin. "Hardworking New Yorkers should be given the opportunity of Paid Family Leave. Employees perform their best when they know their employer is on their side and that they and their families are cared for. I thank Comptroller Scott Stringer for conducting this survey and his commitment to creating a fair workplace environment for every working individual,” said City Council Member Elizabeth Crowley. "A one-size-fits-all approach to the work day is outmoded and unfair to hardworking New Yorkers who serve as caretakers for elderly, disabled and young family members," said City Council Member Daniel Dromm. "I applaud Comptroller Stringer's efforts to revise and reform this outdated model and look forward to working with him to implement his progressive vision for New York City families." "Comptroller Stringer's report shows the urgent need for action to make sure working New Yorkers have schedules that work for their lives and their families. I was especially struck by the retail worker who said 'There are no words to describe the frustration and anxiety that comes from not knowing my schedule for the next week and the inability to plan my life and finances.' I look forward to supporting legislation that gives hard-working New Yorkers schedules that work," said City Councilmember Brad Lander. “Flexible work arrangements benefit both employers and employees. They allow employers to maximize the productivity of work hours while providing workers with a reasonable work and home life balance. A 21st Century workplace needs this flexibility so company policies can be made to fit the unique circumstances of individual workers and employer settings,” said City Council Member Mark Levine. “I believe that we have all at one time or another experienced the unexpected and, as a result, we do whatever is necessary to deal with the situation. Providing New Yorkers with flexibility in their jobs and/or prospect of flexibility would be of great support. Comptroller Stringer is raising awareness around an issue that everyone – employee and employer can relate to.” – City Councilwoman Rosie Mendez. “In today’s world, many people do not have the same 9-to-5 availability that was common for so long,” said City Council Member Donovan Richards. “With the amount of college students who must work through school, single mothers and parents who must both work to survive in this city, we need to accommodate a variety of different schedules for our residents. Too many New Yorkers are being burdened by school loans and day care fees to not come together to account for the vastly changing dynamic in homes today.” “New Yorkers across all professions are negatively impacted by inflexible work schedules that make juggling careers and families increasingly difficult. I applaud Comptroller Stringer for advocating flexible work arrangements that allow employees to work outside the confines of the traditional 9-to-5, and for advancing forward-thinking policy recommendations to improve work-life balance,” said City Councilman Ritchie Torres. "This groundbreaking report sheds light on the urgent need for predictable and flexible work schedules and paid family leave to help New York parents and caregivers stay attached to the workforce,” said Dina Bakst and Sherry Leiwant, co-presidents of A Better Balance. “Policymakers should heed the call from working families and enact legislation to establish a floor so all workers, not just a select few, can better meet the conflicting demands of work and family and have the opportunity to succeed." “This study shows how important it is for working New Yorkers and their families to have access to paid family leave and the right to request flexible schedules when they need them,” said 32BJ President Hector Figueroa. “Fast-food and other low-wage workers find it nearly impossible to arrange for childcare, attend classes or work another job due to the practice of on-call scheduling that requires them to be constantly at the disposal of their employers. As we continue to fight for access to $15 an hour and a union for all workers, we need to promote policies that ensure hard-working people can take care of their families instead of allowing employers to maximize their profits at workers’ expense.” “As more and more New York City residents find themselves in the role of family caregiver, it is no surprise to AARP that concepts like paid family leave, flexible scheduling and predictive scheduling are so popular,” said Christopher Widelo, associate state director of AARP New York. “We hope all policymakers at both the city and state level join City Comptroller Stringer in appreciating the benefits of these forward-looking policies not only for New York’s families but for business and taxpayers in terms of increased productivity on the job and the ability to provide cost-effective care for our aging loved ones at home. Already under a great deal of stress, family caregivers need support, and these policies would provide them the peace of mind of knowing they can care for their loved one without paying an unreasonable price.” “We applaud the New York City Comptroller’s attention to these critical issues facing New York City’s workers. The survey results make clear that action is needed to make working schedules match the needs of our families. We look forward to working with the Comptroller and the City Council to take action on the issue of scheduling in New York City,” said Andrew Friedman, Co-Executive Director, Center for Popular Democracy. "This powerful new report from Comptroller Scott Stringer underlines the urgency for enactment of public policies like paid family leave and advance notice of work schedules that will make it possible for New Yorkers to support their families without neglecting them," said Nancy Rankin, Vice President for Policy Research and Advocacy at Community Service Society. "We found widespread support for such laws in our annual Unheard Third survey." “For 45 years, Legal Momentum has fought to make the workplace more family-friendly and welcoming to women, including pregnant women and working mothers,” said Penny M. Venetis, Executive Vice President and Legal Director of Legal Momentum. “Legal Momentum supports any legislation that would allow women and men to reach their full potential as workers, without abandoning their responsibilities to their families. Today’s technology permits all workers to have more flexible work hours so that they don’t have to choose between their work and their families.” Deborah Axt, Co-Executive Director of Make the Road New York, said: "We applaud the Comptroller for being one of the earliest and best champions on the critically important issue of workplace scheduling. All too many immigrant and low wage workers know the reality that this report documents: being called into work with little notice, having hours that fluctuate significantly from week to week, and reporting to work only to be sent home without pay. These scheduling practices create economic instability and make it incredibly difficult for people to plan their lives--to arrange for day care, go to the doctor, and fulfill their obligations as parents and family members.” “A woman’s ability to exercise her full reproductive rights, including determining when and whether to have children, is often dependent on the degree of flexibility provided by her employer,” said Andrea Miller, president of NARAL Pro-Choice New York. “NARAL Pro-Choice New York looks forward to working with Comptroller Stringer and other elected officials to pursue flexible workplace policies that improve women’s lives and enable their financial stability.” “The Comptroller’s survey confirms how critically important paid family leave is to both New York women and men,” said Donna Lieberman, Executive Director of the New York Civil Liberties Union. “The state legislature has no reason to delay passing a paid family leave program – it’s good for business, it costs the state nothing, and it will finally ensure New Yorkers can take the time they need to care for their families without facing debt or bankruptcy.” “Comptroller Stringer asked and New Yorkers resoundingly answered: The public wants and needs stronger family-friendly policies and protections to create work-life balance and economic security. New laws ensuring paid family leave, flex-time, and advanced notice of schedules will provide workers with the necessary tools to manage the demands of the 21st Century workforce,” said Beverly Neufeld, President of PowHer New York. “Due to on-call scheduling, many retail workers not only live paycheck to paycheck, but now hour to hour. Our union has long been fighting the unfair practice of erratic scheduling and the hourly injustice of on-call shifts in retail jobs. When low-wage workers face changing schedules week to week and even within hours of a shift can be told not to come in, it puts a major strain on their lives. This leads to family and financial stress, not knowing when one will work or how much they will make week to week. I would like to thank Comptroller Scott Stringer for this report that will now provide city policymakers with necessary details of how 'flexible' work schedules harm workers at the low end of wage scale,” said Stuart Appelbaum, President RWDSU Rachel Laforest, Director of the Retail Action Project (RWDSU), says: "In retail, and across the service sector, workers face increasingly erratic hours due to employers’ efforts to match labor costs to consumer demand. These scheduling practices are not sustainable: families don’t know if they can meet weekly expenses, caregivers can’t predict when they will have to arrange for care for children or relatives, and students don’t know if they will be able to attend classes. It’s time to call for worker-driven flexibility where employees’ scheduling needs are respected. The Retail Action Project applauds Comptroller Stringer for bringing work-life balance to the forefront and calling for the right to request a flexible schedule." Source: Black Star NewsWhat We Know About Trump and Clinton's Treasury Picks
Clinton has been defending herself from accusations that she is too cozy with Wall Street since the primaries, when an obscure U.S. senator from Vermont built a movement in part by blasting her...
Clinton has been defending herself from accusations that she is too cozy with Wall Street since the primaries, when an obscure U.S. senator from Vermont built a movement in part by blasting her for collecting chunky speaking fees from Goldman Sachs Group Inc. (GS). Trump has carried on with that line of attack, telling an Iowa rally in late September, "if she ever got the chance, she'd put the Oval Office up for sale." So it may seem odd that Trump's campaign finance chair and apparent favorite for the Secretary of the Treasury, according to a Fox Business report on November 3rd, is second-generation Goldman Sachs partner Steve Mnuchin.
There is less clarity about who Clinton would nominate if she won, perhaps because she has to contend with skepticism of capitalism-as-usual among fans of Bernie Sanders and Elizabeth Warren, without veering too far to the left of the general electorate. Two names tend to pop up, however: Facebook Inc. (FB) COO and Lean In author Sheryl Sandberg, followed by Federal Reserve Board Governor Lael Brainard. Other possibilities include TIAA CEO and Alphabet Inc. (GOOGL, GOOG) board member Roger Ferguson.
Trump: Mnuchin
Steve Mnuchin may not seem to be the obvious choice to fashion economic policy for a populist, anti-establishment campaign like Trump's. Before taking over as the Republican's campaign finance chair in May, Mnuchin pursued a varied career as an investment banker, hedge fund manager, retail bank owner and film producer. (See also, Trump Announces New Economic Advisory Team.)
After graduating from Yale, where he roomed with Sears Holdings Corp.'s (SHLD) current CEO Edward Lampert, Mnuchin cut his teeth at Salomon Brothers. He joined Goldman Sachs, where his father was a partner, in 1985. According to a 2012 Bloomberg profile, Mnuchin was "front and center" when instruments such as collateralized debt obligations and credit default swaps were created. Fairly or unfairly, such exotic securities carry a whiff of the financial crisis, as does Goldman Sachs' mortgage department, which Mnuchin headed for a spell before becoming chief information officer in 1999.
He left Goldman Sachs in 2002 to work at his college roommate's hedge fund. The next year he started another fund with George Soros, and a year after that he formed Dune Capital with two other Goldman alums. This period marked the beginning of Mnuchin's Hollywood career, with Dune Capital's production wing funding dozens of films including Mad Max: Fury Road, American Sniper and Avatar.
Mnuchin's biggest financial opportunity came with the collapse of the subprime mortgage bubble. "In 2008 the world was a scary place," Mnuchin told Bloomberg in 2012. The market for mortgage-backed securities, with which he was intimately familiar, had collapsed, and no one seemed able to assign a value to assets such as IndyMac, a bank the FDIC had taken over. Mnuchin and a consortium of private equity investors he managed to woo over, including Soros, bought it on the cheap. The deal included a loss-sharing agreement with the FDIC. They renamed the bank OneWest and began foreclosing on borrowers, attracting criticism from campaigners who portrayed it as overly zealous and possibly driven by a profit incentive – born of the loss-sharing agreement – to foreclose rather than pursuing other options. (See also, Lessons Learned from the Banking Crisis.)
Mnuchin has donated to Clinton in the past, as has Trump. Speaking to Bloomberg in August, though, he was on message: "she's obviously raised a ton of money in speaking fees, in other things, from special interest groups. This campaign is focused on people who want to help rebuild the economy."
Clinton: Sandberg, Brainard or Ferguson
Clinton suggested at a town hall meeting in April that she plans to fill half of her cabinet with women. Most reports regarding her pick for Treasury secretary, a position that has never been filled by a woman, mentioned Facebook's Sheryl Sanderberg and the Fed's Lael Brainard. Another, less-frequently mentioned name is Roger Ferguson, who would be the first African-American to hold the job.
Sandberg
Sandberg has Treasury Department experience. Before becoming one of the most successful women in notoriously macho Silicon Valley, she served as chief of staff to Bill Clinton's Treasury Secretary Larry Summers. She received her BA and MBA from Harvard in the 1990s and spent a year at McKinsey & Co. She worked for Summers, who had been her professor at Harvard, from 1996 to 2001, which offered her the experience of dealing with the Asian financial crisis. She spent the next seven years as a vice-president of Google, then Mark Zuckerberg hired her away as Facebook's chief operating officer. Within two years she had turned the company profitable. In 2012 she became the first female member of Facebook's board. (See also, Who Is Driving Facebook's Management Team?)
Sandberg has also become an icon for some feminists for her 2013 book Lean In – and its attendant hashtag – which documents the barriers women face in the workplace while encouraging them to dispense with internalized barriers, fears and excuses that hold them back. Despite a generally enthusiastic reception, some critics have labeled the book as elitist: the opportunity to network at Davos may have made Sandberg's barrier-breaking easier. (See also, Sheryl Sandberg's Latest Speech Goes Viral.)
Brainard
Lael Brainard spent part of her childhood in communist East Germany and Poland with her diplomat father. She studied at Wesleyan and went on to get a masters and a doctorate in economics from Harvard. She taught at MIT's Sloan School of Management and worked at McKinsey before joining the Clinton administration as deputy director of the National Economic Council. She went to work at the Brookings Institution during the Bush administration, then served in Obama's Treasury as undersecretary for international affairs. At that time, that position – often described as the Treasury's top diplomat – was the highest Treasury post a woman had held. (See also, Fed's Brainard Urges Caution on Interest Rate Hike.)
Brainard has been a member of the Federal Reserve Board of Governors since June 2014, where she's attracted praise from progressives and deep suspicion from conservatives for appearing to depart from the central bank's technocratic, apolitical norms. She engaged with "Fed Up" activists protesting plans to tighten monetary policy at August's Jackson Hole meeting. (See also, Rising U.S. Labor Productivity Cements Fed Hike.)
Brainard also gave the maximum amount of $2,700 to Hillary Clinton's campaign. That decision earned furious condemnation from Republican members of the House Financial Services Committee during Fed chair Janet Yellen's September testimony, which came just two days after Trump accused the Fed of "doing political things" at the first presidential debate. Yellen defended Brainard's donation, saying she had not violated the Hatch Act, which prohibits federal employees in the executive branch from engaging in certain political activities.
Ferguson
Roger Ferguson earned a BA, JD and Ph. D in economics from Harvard then worked as an attorney in New York from 1981 to 1984. He spent the following 13 years at McKinsey, then joined the Fed Board of Governors in 1997. He became vice chair two years later, and rumors began to swirl in 2005 that he would be the next chair. Bush nominated Ben Bernanke instead, and Ferguson resigned shortly after Bernanke's term began the following February.
In 2008 he became president and CEO of Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF, since shortened to TIAA). He has been a board member of Alphabet since June 2016.
By David Floyd
Source
New Orleans experience a warning to Texas
Behind Frenemy Lines - May 10, 2014, by Jason Stanford - This is a typical day for Greg Abbott’s gubernatorial bid: He goes into the office, screws up his own campaign and goes home. If it weren’t...
Behind Frenemy Lines - May 10, 2014, by Jason Stanford - This is a typical day for Greg Abbott’s gubernatorial bid: He goes into the office, screws up his own campaign and goes home. If it weren’t for his mistakes—Ted Nugent, thanking a supporter who called Wendy Davis “retard Barbie”, calling South Texas a “Third-World Country”, and his bungled opposition to equal pay come to mind—Abbott would seem to have no campaign at all. But it’s when you separate the wheat from the gaffe on education that Abbott’s campaign looks like a disaster waiting to happen.
The negative coverage of Abbott’s education plan—and boy howdy has there been a lot—is focused on Abbott’s mistakes. His education plan cites Charles Murray, whose retrograde views on race and gender got him called a “White Nationalist” by the Southern Poverty Law Center. On page 20, his plan calls for “standardized tests” in pre-K. As a dodge, his campaign spokesmanclaimed that was in the plan “for informational purposes only.” And then he cancels campaign events at public schools when the Davis campaign points out that the schools are suing him over funding cuts.
But behind this façade of denials, backpedaling, and obliviousness sits the luckiest man in American politics, because almost no one has bothered to discuss his idea to create “takeover districts” for low-performing schools. He has reportedly modeled his plan on the privatization reforms in New Orleans.
That last bit should scare you. Education reformers—that is, those who think private charters would do better than public schools at educating poor children—call the Recovery School District in New Orleans a success. If the RSD is a success, I’m the third baseman for the Baltimore Orioles. No matter how much I wish that to be true, the facts say otherwise. Here’s why:
No one argues that schools in New Orleans were turning out Harvard scholars by the boatload, so the legislature created the RSD, a takeover district as Abbott has conceived. Davis also supports recovery districts, but Abbott likes the New Orleans model in which “failing” schools would be run by private charters that promised to get the schools shipshape and back into the public school system within five years.
Before taking a look at the results, we must first figure out what “failure” means, because they keep moving that target. RSD used to takeover any school that failed to get a passing score of 60 on the state performance index. After Katrina, the legislature changed that to allow RSD to scoop up any school that fell short of the state’s 87.4 average. The New Orleans private charter district took over 94 schools, 26 of which met the old passing standard. The state redefined failure to mean below average so more schools could get privatized.
Almost a decade later, the takeover district in New Orleans has failed to turn around even one school, so “improvement” became the new goal. Not one school has received an “A” or even a “B” grade. In fact, RSD stopped disclosing the grades their schools received, preferring to publicize percentages of improvement without disclosing the underlying data or that they were cherry-picking the data every year, making it impossible to honestly chart progress. By their original standards, though, all the RSD schools are still failing.
Remember, Louisiana was throwing millions of tax dollars at what were essentially startup small businesses. Fraud and bankruptcy are commonplace, and if you think that’s confined to New Orleans, think again.
Integrity in Education and the Center for Popular Democracy looked at 15 states that have charter schools, one of which was Texas and found “rampant fraud, waste and abuse,” according to a report released last week. The two groups found numerous cases of embezzlement, misuse of tax dollars, child endangerment, bilking taxpayers for services not rendered, inflated enrollment numbers, and general mismanagement. Private charters are running schools like a business. Unfortunately, that business is Wall Street.
It’s never the schools in the wealthy neighborhoods that get taken over. On average, poor children score worse than their wealthier peers. We have always known that, but we cannot get poor children to achieve in school simply by insisting they act like wealthy children.
Now Abbott is using the false dogma of education reform as cover to give up on public schools. Giving up on public schools will not fix public schools, but if Abbott becomes governor, he’ll go into the office every morning, screw up public schools, and go home.
Don’t say you weren’t warned.
Source
Hillary Clinton just endorsed serious Federal Reserve reform
Hillary Clinton embraced an ambitious proposal for reforming the Federal Reserve on Wednesday, according to a statement her campaign gave to The Washington Post.
Five of the 12 Fed...
Hillary Clinton embraced an ambitious proposal for reforming the Federal Reserve on Wednesday, according to a statement her campaign gave to The Washington Post.
Five of the 12 Fed officials who decide the course of monetary policy at the national level are selected by six of the nine governors that run each regional bank in the Federal Reserve system. Three of those six governors are effectively picked by the banking industry in each region. The three who don't pick the officials for the national Fed board are drawn directly from the banking industry, but they still wield considerable influence.
Leftwing reform campaigns have argued for removing the financial industry's influence in the Fed system, and that's what Clinton endorsed. "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," said campaign spokesman Jesse Ferguson.
This effectively puts Clinton in the same ballpark as Bernie Sanders on the issue. It also arrives the same day 111 representatives in the House and 11 senators — including Elizabeth Warren — released a letter calling for more diversity among Fed officials. Those officials are overwhelmingly white men, and the letter noted that racial minorities are disproportionately affected when the Fed prioritizes low inflation over high employment.
By Jeff Spross
Source
Fed says rate hike next month hinges on market volatility
Some top policymakers, including Fed Vice Chairman Stanley Fischer, said recent volatility in global markets could quickly ease and possibly pave the way for the U.S. rate hike, for which...
Some top policymakers, including Fed Vice Chairman Stanley Fischer, said recent volatility in global markets could quickly ease and possibly pave the way for the U.S. rate hike, for which investors, governments and central banks around the world are bracing.
With a key policy meeting set for Sept. 16-17, at least five Fed officials spoke publicly in what amounted to a jockeying for position on whether increasing the Fed's benchmark overnight lending rate was too risky amid an economic slowdown in China, a rising U.S. dollar .DXY and falling commodity prices XAU= CMCU3.
"It's early to tell," Fischer told CNBC on the sidelines of the annual central banking conference in Jackson Hole, Wyoming. "We're still watching how it unfolds." He, along with other Fed officials, acknowledged that the global equities sell-off that began last week would influence the timing of a rate hike, which until only a couple of weeks ago seemed increasingly likely to occur in September.
Concerns about China's economy have whipsawed markets, including Wall Street, even while U.S. economic data has been robust. U.S. stock indexes ended largely unchanged, capping a week that included both the market's worst day in four years and biggest two-day gain since the 2007-2009 financial crisis.
"I think they could settle fairly quickly," said Fischer, a close ally of Fed Chair Janet Yellen.
St. Louis Fed President James Bullard told Reuters he still favored hiking rates next month, though he added that his colleagues would be hesitant to do so if global markets continued to be volatile in mid-September.
The Fed's policy committee "does not like to move right in the middle of a global financial storm," Bullard, a Fed hawk, said in an interview. "So one of the advantages we have is that this storm is occurring now and, at least as of now, we think it will be settled down" by the September meeting.
The comments suggest the next two and a half weeks will be critical for the Fed as well as for global markets. A U.S. rate hike is expected to hit emerging market equities and currencies particularly hard, adding to the sell-offs already seen.
Source: Reuters
More Cities Should Do What States and Federal Government Aren't on Minimum Wage
More Cities Should Do What States and Federal Government Aren't on Minimum Wage
Source: Gotham Gazette
Early...
Source: Gotham Gazette
Early this month, New York City Mayor Bill de Blasio announced a guaranteed $15 minimum wage for all city government employees by the end of 2018. This is a big win for over 50,000 workers across the city struggling to provide for their families, including those directly on the payroll and tens of thousands working at non-profits that contract with the city.
Unlike in Seattle and Los Angeles, where city officials are empowered to raise the minimum wage for the entire workforce in their cities, Mayor de Blasio is unable to unilaterally raise wages for all New York City workers. That power lies with Gov. Andrew Cuomo and the state legislature. The governor's efforts to lift the minimum wage to $15 are being hampered by a Republican-controlled state Senate.
De Blasio's decision to raise wages for city employees is a crucial independent step towards a more equitable city - and should be seen as an inspiration for cities around the nation. It also reflects the power and momentum of a groundbreaking worker-led countrywide movement demanding higher wages.
Even as state and federal administrations drag their feet on the inevitable question of a decent minimum wage for working families in the United States, de Blasio's gutsy move shows cities can and should take matters into their own hands.
The mayor's minimum wage raise closely follows his announcement last month giving six weeks paid parental leave, and up to 12 weeks when combined with existing leave, to the city's 20,000 non-unionized employees. The mayor has now moved to negotiate the same benefits with municipal unions. Again, New York City private sector workers must look to Albany or Washington, D.C. to move on paid family leave for all.
Mayor de Blasio's recent actions support his goal of lifting 800,000 New Yorkers out of poverty over ten years. More than 20 percent of the city's population lives in poverty, a huge swath of a city commonly associated with extraordinary wealth.
The last couple of years have seen unparalleled momentum from workers themselves - from New York City to Los Angeles and Chicago - calling for livable wages, resulting in minimum wage raises for fast food workers and other groups.
Workers are not waiting patiently on government officials – they are organizing in an unprecedented way. Progressive mayors like de Blasio are responding with sound policy, while less responsive officials are being put on notice. Cities like Los Angeles, New York City, and Chicago are paving the way, showing that it is possible to act independently of state and federal governments.
In addition, laws raising the minimum wage to more than the pitiful federal standard of $7.25 an hour have passed in a number of states. There are now campaigns to raise the floor and standards for workers being led in 14 states and four cities. This momentum is building into a crescendo that will have deep implications for the 2016 presidential election.
Nearly half of our country's workers earn less than $15 an hour and 43 million are forced to work or place their jobs at risk when sick or faced with a critical care-giving need. Now is the time for cities to listen to their workers and override state and federal passivity to allow millions of hard-working Americans to provide for their families.
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