Fed officials tell activists rate hikes won't derail economy
An unusually large group of Federal Reserve policymakers appeared before activists on Thursday and defended their plans to raise interest rates to keep the U.S. economy from eventually overheating...
An unusually large group of Federal Reserve policymakers appeared before activists on Thursday and defended their plans to raise interest rates to keep the U.S. economy from eventually overheating.
Several policymakers said raising interest rates gradually would allow them to stimulate the economy for longer, but that an overheating economy could end in a recession.
"It's not about trying to stop the economy from growing," San Francisco Fed President John Williams told about 100 labor activists from the Fed Up coalition who pressed policymakers not to raise interest rates. "We're going to keep this economy growing, we are going to run it hot."
"My objective is not to slow down the economy," said Kansas City Fed President Esther George, who organized the meeting ahead of the annual central banking conference in Jackson Hole, Wyoming.
Fed policymakers have yet to decide when to raise rates again after lifting them in December for the first time in nearly a decade. Policymakers are divided whether to hike soon or take a more cautious approach.
A core group of Fed policymakers, the Board governors, are currently debating what is going on in the U.S. economy and how to set policy, Fed Vice Chair Stanley Fischer told the meeting.
"Everything that's being argued here is being argued in the board as well," Fischer said.
Much of the public commentary of Fed officials in recent weeks suggests the central bank is moving closer to a hike.
But the activists, who met with 11 Fed policymakers, used catcalls and applause to signal they were not buying it.
Years of lackluster wage gains and underemployment have left many Americans feeling left out of the country's economic recovery despite a 4.9 percent jobless rate.
Raising rates at this point in the recovery, said Rod Adams of Minneapolis, means "You'll be leaving us behind, pulling up the ladder right after you've climbed it."
The meeting, billed by organizers as a polite "listening session" for exchanging ideas, turned out to be a tough grilling for the Fed policymakers, who rarely appear in public in such numbers.
Fed officials worry that leaving rates too low for too long could stoke inflation, forcing the Fed to raise rates aggressively.
"One of the key goals should be that we don't have another recession," said Boston Fed President Eric Rosengren.
(Reporting by Ann Saphir and Jason Lange; Editing by Toni Reinhold and Andrew Hay)
By Ann Saphir and Jason Lange
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Practices of 13 Retailers Questioned by New York Lawyers
The Market Business - April 14, 2015, by Rachel M - The lawyer at New York has initiated inquiry against 13 retailers, inquiring them if workers are asked to come on call for short notice shifts...
The Market Business - April 14, 2015, by Rachel M - The lawyer at New York has initiated inquiry against 13 retailers, inquiring them if workers are asked to come on call for short notice shifts and spend less than 4 hours when employees are required to report to operate, stating the practice as illegal in NY.
On-call scheduling requires workers to call in just a few hours in advance or the night before to see if they need to come in to work. If not needed, the employee will receive no pay for the day.
“For many workers, that is too little time to make arrangements for family needs, let alone to find an alternative source of income to compensate for the lost pay,”
A New York state law requires that employees who are asked to come into work must be paid for at least four hours atminimum wage or the number of hours in the regularly scheduled shift, whichever is less, even if the employee is sent home.
California has a similar law that says employees must be paid for half of their usual time — two to four hours — if they are required to come in to work but are not needed or work less than their normal schedule.
The letter was also sent to J. Crew Group Inc.; L Brands, which owns Victoria’s Secret and Bath and Body Works; Burlington Stores Inc.; TJX Cos.; Urban Outfitters Inc.; Sears Holdings Corp.; Williams-Sonoma Inc.; Crocs Inc.; Ann Inc., which owns Ann Taylor; and J.C. Penney Co.
The letters ask the retailers for more information about how they schedule employees for work, including whether they use on-call shifts and computerized scheduling programs.
Rachel Deutsch, an attorney at the Center for Popular Democracy, a New York worker advocacy group, said on-call scheduling can make it difficult for workers to arrange child care or pick up a second job.
“These are folks that want to work,” she said. “They’re ready and willing to work, and some weeks they might get no pay at all even though they set aside 100% of their time to work.”
Danielle Lang, a Skadden fellow at Bet Tzedek Legal Services in Los Angeles, said the attorney general’s action could have repercussions in other states.
“The New York attorney general is a powerful force,” she said. “It’s certainly an issue that’s facing so many of our low-wage workers in California, and anything that puts a highlight on this practice and really pressures employers to think about these practices is a good thing.”
Sears, Target and Ann Inc. said in separate statements that they do not have on-call shifts for their workers. J.C. Penney said it has a policy against on-call scheduling.
TJX spokeswoman Doreen Thompson said in a statement that company management teams “work to develop schedules that serve the needs of both our associates and our company.”
Gap said in a statement that the company has been working on a project with the Center for WorkLife Law at UC Hastings College of the Law to examine workplace scheduling and productivity and will see the first set of data results in the fall.
“Gap Inc. is committed to establishing sustainable scheduling practices that will improve stability for our employees, while helping toeffectively manage our business,” spokeswoman Laura Wilkinson said.
Source
Bring Me The News
A group of Minnesota lawmakers will focus on closing racial disparities in the state.
Sen. Jeff Hayden and Sen. Bobby Joe Champion will co-chair the new...
A group of Minnesota lawmakers will focus on closing racial disparities in the state.
Sen. Jeff Hayden and Sen. Bobby Joe Champion will co-chair the new Subcommittee on Equity (which is part of the larger Finance Committee), according to a news release.
There are 15 lawmakers on the new subcommittee (nine DFLers, six Republicans) – you can see a full roster here. The subcommittee’s schedule will be posted here, though right now there are no meetings listed for the next two months.
The Senate DFL Caucus appointed the members, who will look to “address the complex and multifaceted challenges of racial and economic disparities,” according to a message from Senate Majority Leader Tom Bakk’s office.
Racial disparities in Minnesota
There are serious problems when it comes to racial disparities in the state.
Unemployment among the black community in Minnesota continued to rise last year despite the decreasing unemployment rates for Hispanic and white people, according to the Department of Employment and Economic Development.
State numbers released last fall showed the average income of Minnesota’s African-Americans is falling and is now less than half of what white residents are making, with more than one-third of black households living in poverty.
Minnesota has the third-highest unemployment gap between white and black people in the country – with the jobless rate among blacks almost 3.7 times higher than among whites, according to a study released last year by the Center for Popular Democracy.
Financial site WalletHub ranked Minnesota as the worst state in the U.S. when it comes to racial integration, saying it has some of the highest racial gaps when it comes to median annual income, homeownership, the poverty rate and more.
All this (and more) led lawmakers to consider addressing racial inequity in a possible special session – but during talks, Gov. Mark Dayton noted there was “significant disagreement” between lawmakers on how to address the problem. And then the special session didn’t happen anyway. So if something gets done, it could be in the current Legislative session.
Gov. Mark Dayton’s proposed budget includes $100 million to address racial disparities in the state, by expanding workforce programs, helping college completion and increasing home ownership among minorities, the Pioneer Press reported.
By Shaymus McLaughlin
Source
Fed Chair Janet Yellen: Slowdown in job market likely ‘transitory’
Fed Chair Janet Yellen: Slowdown in job market likely ‘transitory’
Federal Reserve Board Chair Janet L. Yellen expressed hope Tuesday morning that the slowdown in the U.S. job market would prove temporary, but she emphasized that the central bank would be...
Federal Reserve Board Chair Janet L. Yellen expressed hope Tuesday morning that the slowdown in the U.S. job market would prove temporary, but she emphasized that the central bank would be cautious in raising interest rates again.
Yellen, testifying before the Senate Banking, Housing and Urban Affairs Committee, acknowledged that hiring has dropped off sharply in recent months, but she also pointed to early signs that wages are beginning to rise after years of stagnation. She said she is "optimistic" that the progress in employment will continue.
"We believe that will turn around, expect it to turn around, but we are taking a cautious approach … to make sure that expectation is borne out," Yellen told lawmakers.
The Fed is responsible for charting the course for the nation’s economy, with the dual mission to keep prices stable and strengthen employment. It does that by adjusting the influential federal funds rate. A higher rate helps curb inflation by making borrowing money more expensive, which discourages spending and investment and reins in economic growth. A lower rate means that money is cheap, stimulating purchases by households and businesses. That helps boost employment and speeds up the economy.
The Fed chief's assessment comes less than a week after the Fed unanimously voted to leave its benchmark interest rate unchanged. The central bank raised rates in December for the first time since the Great Recession but has not done so again amid persistent concerns about the health of the global economy.
Yellen said Tuesday that there is still "considerable uncertainty" over her outlook, with such risks as slow growth at home, turbulence in China and volatility in financial markets.
The most immediate threat comes from across the Atlantic Ocean, where Britain will vote Thursday on whether to remain in the European Union. A decision to exit — popularly known as Brexit — would upend Britain's four-decade partnership with the continent and throw the future of Europe’s open market into doubt.
Already, the British pound has been on a roller coaster as the probability of departure shifts with each poll. International policymakers have warned that a decision to leave would lower economic growth in the country by more than 5 percent over the next three years and potentially ripple across the rest of the world.
"A U.K. vote to exit the European Union could have significant economic repercussions," Yellen said Tuesday.
In the aftermath of the 2008 financial crisis, the Fed slashed its target rate all the way to zero and pumped trillions of dollars into the economy in a bid to bolster the American recovery. More than seven years later, it is finally in the process of withdrawing that support.
The first move was in December, when the Fed nudged its target rate up to a range of 0.25 to 0.5 percent. At the time, officials anticipated raising rates four times this year, but the uncertainty in the global economy has forced them to downgrade that projection. Most Fed officials now think only two rate hikes are warranted this year, and a growing number think only one will be necessary.
That shift in thinking at the central bank is evident in Yellen’s own statements. Just last month, she had signaled that the central bank could raise rates "probably in the coming months." But Yellen dropped the reference in a speech early this month, after disappointing government data showed employers added just 38,000 jobs in May. And last week, she told reporters that she is "not comfortable to say it's in the next meeting or two."
On Tuesday, Yellen made the case for caution. Because rates are already so low, the Fed has limited room to reduce them further if the economy were to weaken, she said. Moving gradually also gives the central bank time to assess whether its forecast of continued economic improvement will come true.
"Our cautious approach to adjusting monetary policy remains appropriate," she said.
The Fed has faced criticism from both the left and the right recently over its governance. Sen. Richard C. Shelby (R-Ala.), chairman of the Banking Committee, opened the hearing Tuesday by calling on the Fed to follow more stringent rules for setting policy and to explain when it deviates.
"The desire to preserve the Fed’s independence, however, should not preclude consideration of additional measures to increase the transparency of the board’s actions," he said.
Meanwhile, Sen. Sherrod Brown (D-Ohio) focused on diversity within the Fed’s top ranks. Last month, more than 100 lawmakers sent a letter to Yellen arguing for more minority representation among its leadership.
The central bank is led by a board of governors based in Washington and 12 regional bank presidents scattered throughout the country. The governors are appointed by the president and confirmed by the Senate, but regional bank leaders are chosen by local boards of directors.
Those officials tend to be white men. 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.
By Ylan Q. Mui
Source
New York State Exposed Education: We're Watching What Charter Schools do with your hard earned money
New York State Exposed Education: We're Watching What Charter Schools do with your hard earned money
NBC News - February 25, 2015, by Berkeley Brean - You know that hard earned money you pay the state and your local school district in taxes? Every year more of it goes to charter schools. $1.5...
NBC News - February 25, 2015, by Berkeley Brean - You know that hard earned money you pay the state and your local school district in taxes? Every year more of it goes to charter schools. $1.5 billion this year alone. So who's keeping an eye on that money to make sure it's not getting wasted? That's what we're digging into in our exclusive New York State Exposed Education report. The report outlining fraud and mismanagement by charter schools in New York is titled "Risking Public Money: New York Charter School Fraud." Click here to read the report
What would the reaction be if the superintendent or principal in your school district signed deals with their friends and contacts? We're going to lay out the facts and circumstances and you decide whether the charter school did something wrong or was being efficient.
Eugenio Maria de Hostos parent Jeremaine Curry says, "We want to give our kids the best foundation."
Jeremaine Curry made a choice. He wanted his son Jayden to be in a school he trusted, so he chose Eugenio Maria de Hostos -- the oldest charter school in the city. He says, "It gives our kids the best competitive advantage."
Eugenio is listed in the report that analyzed audits by the state comptroller's office. At Eugenio, the audit showed the school gave contracts to organizations either run by board members or friends of board members. For example, their first building? Owned by the Ibero Action League, the sponsor of the school and the rent was "set a bit higher."
The school pays $200,000 for Phys Ed at the downtown YMCA run by board member George Romell, $57,000 for music instruction from the Hochstein School of Music where board member Margaret Quackenbush teaches and $100,000 contract for cleaning services where the company's manager is a board member's brother.
Berkeley Brean: "Everybody who got hired or got that job either had a connection to the board or was a friend of yours."
Julio Vasquez, Chair of Eugenio Maria de Hostos Charter School: "Ah, not really. Here's what happened."
Vasquez says the non-profits they contract with were partners of the charter from day one.
Brean: "So you don't think you could have saved public money at all by putting out bids?"
Vasquez: "Not at all. Who in the community would...?”
Brean: "How would you know unless you did it?"
Vasquez: "I would not know."
The report says because of a general lack of oversight of charter schools, the state could lose $54 million in possible charter school fraud and mismanagement in one year. Regular district schools get audited at least once every five years. Charter schools can be audited, but only at the state comptroller's discretion. We tracked down Kyle Serrette -- the author of the report and we pressed him on the criticism of Eugenio.
Brean: "Is what they did all that bad?"
Kyle Serrette: "When they rented a facility without figuring out the fair market value was then that potentially wasted money."
Brean: "I mean, to me, it sounds like they were using the efficiencies that were at their fingertips."
Serrette: "They may have been doing the best they know how to do."
Serrette continues, "If you're going to enter into an agreement, you should see if there's a better deal elsewhere."
"Absolutely, I mean, that we didn't follow the procurement process in certain instances? I admit that and going forward, we will," says Vasquez. "But I have to also say that there are times when you have an emergency that you have to act and get it done. That's what we're all about."
Now, Eugenio Maria de Hostos has the second highest test scores of the 11 charters in Monroe County. Its charter just got re-approved by the state, so the state thinks it's doing a good job for children.
Source
Más ciudades deben tomar las riendas sobre el salario mínimo
Este mes, el alcalde de la ciudad de Nueva York Bill de Blasio anunció un sueldo mínimo garantizado de $15 para todos los empleados del gobierno municipal para fines de 2018. Esta es una gran...
Este mes, el alcalde de la ciudad de Nueva York Bill de Blasio anunció un sueldo mínimo garantizado de $15 para todos los empleados del gobierno municipal para fines de 2018. Esta es una gran victoria para más de 50,000 empleados en toda la ciudad que pasan apuros para mantener a su familia, incluidos aquellos directamente en planilla y decenas de miles que trabajan en organizaciones sin fines de lucro contratadas por la ciudad.
A diferencia de Seattle y Los Ángeles, donde los funcionarios municipales tienen el poder para aumentar el sueldo mínimo de todos los empleados de su ciudad, el alcalde De Blasio no puede aumentar los salarios de todos los trabajadores de la ciudad de Nueva York unilateralmente. El gobernador Andrew Cuomo y la legislatura estatal tienen ese poder. Los esfuerzos del gobernador por incrementar el salario mínimo a $15 se están viendo obstaculizados por el Senado estatal, que está controlado por los republicanos.
La decisión de De Blasio de aumentar los sueldos de los empleados municipales es un paso independiente crucial hacia una ciudad más equitativa y debe inspirar a otras ciudades en el país. También refleja el poder e ímpetu de un movimiento revolucionario encabezado por los trabajadores que exigen salarios más altos en todo el país.
Incluso mientras los gobiernos estatales y el gobierno federal arrastran los pies con respecto al asunto inevitable de un salario mínimo decente para las familias trabajadoras en los Estados Unidos, el audaz paso que dio De Blasio muestra que las ciudades pueden y deben tomar las riendas del problema.
El aumento del salario mínimo por el alcalde se produjo poco después de su anuncio el mes pasado de que a los 20,000 empleados no sindicalizados de la ciudad se les otorgaría seis semanas de licencia remunerada por maternidad/paternidad y hasta 12 semanas, cuando se combine con licencias existentes. El alcalde ahora ha pasado a negociar los mismos beneficios con los sindicatos de la ciudad. Nuevamente, los trabajadores del sector privado de la ciudad de Nueva York deben esperar a que Albany o Washington, D.C. tome medidas con respecto a licencia familiar pagada para todos.
Las medidas recientes del alcalde De Blasio apoyan su objetivo de sacar a 800,000 neoyorquinos de la pobreza durante los próximos diez años. Más de 20 por ciento de la población de la ciudad vive en condiciones de pobreza, un enorme sector de una ciudad normalmente relacionada con extraordinaria riqueza.
En los dos últimos años se ha visto un ímpetu sin paralelo de parte de los propios trabajadores exigiendo sueldos decentes, desde la ciudad de Nueva York hasta Los Ángeles y Chicago, lo que resultó en aumentos salariales para los trabajadores de negocios de comida rápida y otros grupos.
Los trabajadores no esperan pacientemente a los funcionarios públicos; se están organizando de manera sin precedente. Alcaldes progresistas como De Blasio están respondiendo con políticas sensatas, mientras los funcionarios que no desean responder ya saben lo que se viene. Ciudades como Los Ángeles, Nueva York y Chicago están preparando el terreno y mostrando que es posible actuar independientemente de gobiernos estatales y el gobierno federal.
Además, varios estados han promulgado leyes que aumentan el salario mínimo por encima del mísero estándar de $7.25 por hora. Actualmente se realizan campañas en 14 estados y cuatro ciudades para aumentar el sueldo mínimo y los estándares a favor de los trabajadores. El ímpetu se está convirtiendo en una avalancha que tendrá consecuencias profundas en las elecciones presidenciales del 2016.
Casi la mitad de los trabajadores del país ganan menos de $15 por hora y 43 millones se ven forzados a trabajar cuando están enfermos o tienen la necesidad urgente de cuidar a alguien, o de lo contrario, ponen en peligro su empleo. Es el momento de que las ciudades escuchen a sus trabajadores y pasen por encima de la pasividad estatal y federal a fin de permitir que millones de estadounidenses que trabajan muy duro mantengan a sus familias.
Source: El Diario
Secrecy Surrounds Half Billion Handout to Charters
The U.S. Department of Education is poised to spend half a billion dollars to help create new charter schools, while the public is being kept in the dark about which states have applied for the...
The U.S. Department of Education is poised to spend half a billion dollars to help create new charter schools, while the public is being kept in the dark about which states have applied for the lucrative grants, and what their actual track records are when it comes to preventing fraud and misuse.
Already the federal government has spent $3.3 billion in American tax dollars under the Charter Schools Program (CSP), as tallied by the Center for Media and Democracy (CMD).
But the government has done so without requiring any accountability from the states and schools that receive the money, as CMD revealed earlier this year.
Throwing good money after bad, Education Secretary Arne Duncan called for a 48 percent increase in federal charter funding earlier this year, and the House and Senate budget proposals also call for an increase—albeit a more modest one—while at the same time slashing education programs for immigrants and language learners.
The clamor for charter expansion comes despite the fact that there are federal probes underway into suspected waste and mismanagement within the program, not to mention ongoing and recently completed state audits of fraud perpetrated by charter school operators.
Earlier this year, the Center for Popular Democracy documented more than $200 million in fraud, waste, and mismanagement in the charter school industry in 15 states alone, a number that is likely to be just the tip of the iceberg.
Is now really the right time to plow more tax money into charters?
Insiders Deliberate Far from the Public Eye
The Department of Education is currently deciding what states to award $116 million this year, and more than half a billion during the five-year grant cycle.
So who is in the running and what are their track records?
Which states have applied for a grant designed to eviscerate the public school system in the name of “flexibility?” (CMD's review of state applications and reviewers' comments from the previous grant cycle exposed “flexibility” as a term of art used by the industry for state laws that allow charter schools to: operate independently from locally elected school boards, employ people to teach without adequate training or certification, and avoid collective bargaining that helps ensure that teacher-student ratios are good so that each kid gets the attention he or she deserves.)
There is no way of knowing.
The U.S Department of Education has repeatedly refused to honor a CMD request under the Freedom of Information Act for the grant applications, even though public information about which states have applied would not chill deliberation and might even help better assess which applicants should receive federal money.
The agency has even declined to provide a list with states that have applied:
“We cannot release a list of states that have applied while it is in the midst of competition."
The upshot of this reticence is that states will land grants—possibly to the tune of a hundred million dollars or more in some cases—all at the discretion of charter school interests contracted to evaluate the applications, but without any input from ordinary citizens and advocates concerned about public schools and troubled by charter school secrecy and fraud.
But, if people in a state know that a state is applying they can weigh in so that the agency is not just hearing from an applicant who wants the money, regardless of the history of fraud and waste in that state.
Charter Millions by Hook or by Crook: The Case of Ohio
Despite ED’s unwillingness to put all the cards on the table, state reports tell us that Ohio has once again applied for a grant under the program.
The state, whose lax-to-non-existing charter school laws are an embarrassment even to the industry, has previously been awarded at least $49 million in CSP money—money that went to schools overseen by a rightwing think-tank, and, more worryingly, to schools overseen by an authorizer that had its performance rating boosted this year by top education officials who removed the failing virtual schools from the statistics so as not to stop the flow of state and federal funds.
As The Plain Dealer put it in an exposé: “It turns out that Ohio’s grand plan to stop the national ridicule of its charter school system is giving overseers of many of the lowest-performing schools a pass from taking heat for some of their worst problems.”
Another component of this plan, it turns out, was to apply for more federal millions to the failing schools that—by a miraculous sleight of hand—are no longer failing.
The director of Ohio’s Office of Quality School Choice, David Hansen, fell on the sword and announced his resignation in June. But Democratic lawmakers suspect that this goes higher up in the chain of command, and have called on State Superintendent Richard Ross to resign.
Did the scrubbed statistics touting the success of Ohio’s charters find its way into the state application for federal millions, signed by Superintendent Ross?
What about other states, such as Indiana, with a similar history of doctoring data to turn failing charter schools into resounding success stories?
After Abysmal Results, States Re-apply for More Money
While the known unknowns are troubling, the known knowns—to paraphrase Donald Rumsfeld—are also equally disturbing.
For example, Colorado applied for grant renewal this year.
But, the last time around, in 2010, the state landed a $46 million CSP grant thanks in no small part to the lax “hiring and firing” rules and the lack of certification requirements for charter school teachers--a reviewer contracted by the U.S. Department of Education to score the application noted.
Look at California.
Through meeting minutes from the California State Board of Education we also know that the Golden State submitted an application this year. In 2010, California was awarded $254 million over five years in CSP money, but as the Inspector General discovered in a 2012 audit, the state department of education did not adequately monitor any of the schools that received sub-grants. Some schools even received federal money “without ever opening to students.” A review by CMD revealed that a staggering 9 out of the 41 schools that shuttered in the 2014-'15 school year were created by federal money under CSP.
How about Wisconsin?
Wisconsin received $69.6 million between 2010 and 2015, but out of the charter schools awarded sub-grants during the first two years of the cycle, one-fifth (16 out of 85) have closed since, as CMD discovered.
Then there’s Indiana.
Indiana was awarded $31.3 million over the same period, partly because of the fact that charter schools in the state are exempt from democratic oversight by elected school boards. “[C]harter schools are accountable solely to authorizers under Indiana law,” one reviewer enthused, awarding the application 30/30 under the rubric “flexibility offered by state law.”
This “flexibility” has been a recipe for disaster in the Hoosier state with countless examples of schools pocketing the grant money and then converting to private schools, as CMD discovered by taking a closer look at grantees under the previous cycle:
The Indiana Cyber Charter School opened in 2012 with $420,000 in seed money from the federal program. Dogged by financial scandals and plummeting student results the charter was revoked in 2015 and the school last month leaving 1,100 students in the lurch.
Padua Academy lost its charter in 2014 and converted to a private religious school, but not before receiving $702,000 in federal seed money.
Have They Learned Anything?
Secretary Duncan has previously called for “absolute transparency” when it comes to school performance, but that’s just a talking point unless he releases the applications, or even a list of the states that are in the running, before they are given the final stamp of approval.
As it stands, there is no way of knowing if the state departments of education seeking millions in tax dollars:
Have supplied actual performance data that reflect the reality for students enrolled in charter schools rather than “scrubbed” or doctored numbers;
Try to outbid each other in “flexibility” by explaining, say, how charter schools in X can hire teachers without a license and fire them without cause. In its 2010 application, the Colorado Department of Education, for example, boasted of how charter school teachers are “employed at will by the school”;
Have corrective action plans so as to avoid repeating the costly waste and mistakes from the previous grant cycle (such as schools created by federal seed money closing within a few years or never even opening).
Because the federal charter schools program is designed to foster charter school growth, which in turn means that money will be diverted from traditional public schools to an industry that resists government enforcement of basic standards for financial controls, accountability, and democratic oversight, the public has a big stake in this and a right to know more, before their money disappears down black holes.
Source: PR Watch
Multiple Arrests In Midtown During May Day Protests Outside Banks
Multiple Arrests In Midtown During May Day Protests Outside Banks
Hundreds of labor and immigrant advocates marched through east midtown early Monday in a demonstration against corporations which they say are profiting from President Trump's agenda—one of a ...
Hundreds of labor and immigrant advocates marched through east midtown early Monday in a demonstration against corporations which they say are profiting from President Trump's agenda—one of a series of May Day protests scheduled to take place throughout the city (and beyond) on Monday.
The specific targets of this action, according to organizers from Make The Road New York, are the Wall Street banks that help finance private prisons and immigrant detention centers. To that end, organizers said twelve protesters were arrested for peaceful civil disobedience while blocking the entrances outside of JPMorgan Chase, which is one of the companies named in Make The Road's and the Center for Popular Democracy's Backers Of Hate campaign.
Read full article here.
Trabajadores de NYC hacen clamor migratorio en Día Internacional del Trabajo
Trabajadores de NYC hacen clamor migratorio en Día Internacional del Trabajo
Un reporte de las organizaciones Center for Popular Democracy, Make the Road New York, New York Communities for Change, Enlace International y Strong Economy for All Coalition, reveló que las...
Un reporte de las organizaciones Center for Popular Democracy, Make the Road New York, New York Communities for Change, Enlace International y Strong Economy for All Coalition, reveló que las firmas JPMorgan Chase, Wells Fargo y BlackRock, ayudan a mantener y expandir un lucrativo negocio de $5,000 millones que criminaliza a las comunidades de color.
Lea el artículo completo aquí.
Yellen to Meet Group Seeking Low Rates, Greater Openness
Bloomberg News - November 11, 2014, by Christopher Condon - Federal Reserve Chair Janet Yellen will meet Nov. 14 with a coalition of...
Bloomberg News - November 11, 2014, by Christopher Condon - Federal Reserve Chair Janet Yellen will meet Nov. 14 with a coalition of community groups, labor unions and faith leaders seeking to influence monetary policy and the way some Fed officials are appointed.
The group has called for the Fed to place greater weight on lowering unemployment. They also want more public say in the appointment of district Fed leaders, just as regional Fed presidents in Dallas and Philadelphia plan to retire next year.
“The most important thing is to keep interest rates low,” said Shawn Sebastian, a policy advocate at the Brooklyn-based Center for Popular Democracy, one of the organizers. “The hawks in the Fed are pushing hard to raise rates soon, but most people in the public realize we are not three months away from a recovery.”
The meeting comes as the Fed moves closer to a decision on when to raise interest rates for the first time since 2006.
Unemployment fell to 5.8 percent in October, and most Federal Open Market Committee officials expect the U.S. central bank will lift its benchmark rate at some point next year, after leaving it near zero since December 2008.
The organizers look to add to pressure on the central bank to be more transparent. The Fed has come in for criticism from Congress, where Republicans have proposed legislation limiting its discretion on monetary policy and banking supervision. Congress has already curbed the Fed’s emergency lending powers.
The FOMC, the Fed’s main policy-setting panel, has 12 voting seats. Eight of those are reserved for the bank’s board of governors and the president of the New YorkFed. The heads of the other 11 regional banks rotate through four remaining spots.
Regional Feds
The governors are appointed by the U.S. president and confirmed by the Senate. Regional bank heads are picked by their respective boards, which are typically dominated by business executives. The group meeting with Yellen say there should be more public input when Philadelphia’s Charles Plosser and Dallas’s Richard Fisherstep down in 2015.
“The Dallas Fed needs to create a transparent and inclusive process for selecting” a new president, Danny Cendejas, an organizer at the Texas Organizing Project, said in a statement. “Members of the public have the right to know who is making this crucial decision and what criteria they are using.”
The group sent an open letter to Yellen, and to the Philadelphia and Dallas boards, demanding more transparency and public engagement.
Marilyn Wimp, a spokeswoman for the Philadelphia Fed, said in an e-mail the bank had received the letter. She declined to comment further. James Hoard, spokesman for the Dallas Fed, didn’t immediately respond to a message seeking comment.
Plosser and Fisher have been among Fed officials favoring raising rates sooner to prevent inflation and financial-instability pressures from building.
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