Candidates from both parties: Sign pledge to restore democracy in US
Dear presidential candidates:
As you seek election to the highest office of the country, we are asking you to pledge allegiance to the American people.
Our democracy is in crisis....
Dear presidential candidates:
As you seek election to the highest office of the country, we are asking you to pledge allegiance to the American people.
Our democracy is in crisis. Today, Americans have fewer protections to their right to vote than when the Voting Rights Act was passed in 1965. Never before have corporations and special interests wielded so much power at the expense of ordinary Americans.
Each one of you has the opportunity to shape a new kind of government, where we address issues on the people’s terms — not the terms of corporations and the 1 percent who are trying to buy our elections.
We want you to prove that you will work for the people by rejecting fossil fuel money and speaking up for democracy on the campaign trail, so that we know your platforms come from your conscience and not from your biggest donors. Some of you have already pledged to reject money from fossil fuels, which we applaud; some of you have yet to take that important step.
Now, we’re asking you to sign The Pledge to Fix Democracy:
The Pledge to #fixdemocracy
I pledge allegiance to a democracy of, by, and for the people.
If elected, I pledge to fight for a people-powered democracy where every voice is heard, by defending the right to vote for all, and supporting common-sense measures like public funding for campaigns and overturning Citizens United, to ensure a government by and for the people, not the biggest donors.
And I will prove that I work for the people by refusing money from fossil fuel interests and by championing these solutions for a people powered democracy on the campaign trail.
Republicans or Democrats, we can all agree that the role of the president is to represent the people. We’re asking you to protect the right to vote for all Americans and to fight for commonsense measures to make sure that every voice is heard, not every dollar. In short, we’re asking for you to join us in making America the democracy it should be.
Signed,
Greenpeace; 350.org; Center for Biological Diversity; Center for Popular Democracy; Climate Justice Alliance; Climate Parents; Common Cause; Democracy Initiative; Energy Action Coalition; Food and Water Watch; Friends of the Earth; Indigenous Environmental Network; Labor Network for Sustainability; Oil Change International; People for the American Way; Public Citizen; Rainforest Action Network; SumofUs; US Rebel Alliance; US Student Association; Colin Beavan, author of “No Impact Man” and “How to Be Alive”; Ben Cohen, co-founder of Ben & Jerry’s Ice Cream and head stamper at StampStampede.org; columnist and author Jim Hightower; Bill McKibben, co-founder of 350.org; Gus Speth, former dean, Yale School of Forestry and Environmental Studies.
Source: The Hill
“These Disasters Aren’t Natural Anymore”: A Dispatch from Puerto Rico After Maria
“These Disasters Aren’t Natural Anymore”: A Dispatch from Puerto Rico After Maria
Several weeks ago, Puerto Rico avoided a direct hit from Hurricane Irma, which shifted north at the last minute. But Hurricane Maria hit head on, and has left a humanitarian crisis in its wake....
Several weeks ago, Puerto Rico avoided a direct hit from Hurricane Irma, which shifted north at the last minute. But Hurricane Maria hit head on, and has left a humanitarian crisis in its wake. Power on the island could be out for as long as six months, and many parts of the island have yet to be contacted.
Read the full article here.
Ana María Archila: Low Wage Workers are Paving the Way to Democracy
GRITtv - February 18, 2014, by Laura Flanders - Bill de Blasio campaigned on ushering in a new era in New York City and actively pursued low-wage voters. Now that he is Mayor, what can the...
GRITtv - February 18, 2014, by Laura Flanders - Bill de Blasio campaigned on ushering in a new era in New York City and actively pursued low-wage voters. Now that he is Mayor, what can the people who elected him do to influence what happens next? It is a question grassroots groups grapple with around the country. On GRITtv this week, Ana María Archila shares a few ideas. Archila was a founder of one of the most effective community groups in New York; now she's heading up a regional initiative that seeks to build popular democracy, not only at the ballot box, but in between elections.
From the school to prison pipeline and stop and frisk to immigration reform and workplace safety regulations, New Yorkers are eager to seize the moment for political change, says Archila. For evidence, consider the crowds that gathered at the Talking Transition Tent which was set up in downtown, immediately following last fall's elections.
Mayor Bill de Blasio seems to be listening. Less than two months into his term he has expanded paid sick leave for hundreds of workers around the city, one of the central demands of low wage workers. But how do people ensure that this momentum continues?
"He is only listening because low wage workers are extremely organized," Co-Executive Director for the Center for Popular Democracy Ana María Archila tells GRITtv. "New Yorkers are demanding more."
In addition to paid sick leave, organizers with Make the Road New York (the community organization that Archila describes as her "organizing home") are campaigning for a raise in the minimum wage and increased work place safety regulations. Organizing locally and creating small scale initiatives, like worker or consumer co-ops, can help engage people and address some immediate needs, but ultimately, low wage Americans need to build political power.
"The biggest co-operative we have is our own government and we need to make sure that it works for us," she says.
For more on ushering in a new progressive era, watch our interview with Joo-Hyun Kang on ending the Stop and Frisk regime.
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No Factions in Foxholes
No Factions in Foxholes
By focusing chiefly on the surge in middle-class activism, says Andrew Friedman of the Center for Popular Democracy, the news media are overlooking a similar surge “in many of these front-line...
By focusing chiefly on the surge in middle-class activism, says Andrew Friedman of the Center for Popular Democracy, the news media are overlooking a similar surge “in many of these front-line communities, brown and black communities, working-class communities.”
Read full article here.
At Unprecedented Meeting, Fed Officials Voice Support for Activists’ Issues
At Unprecedented Meeting, Fed Officials Voice Support for Activists’ Issues
JACKSON HOLE, Wyo.—Federal Reserve officials sought to reassure a group of labor activists that the central bank isn’t going to cool down the economy just as a stronger labor market is reaching a...
JACKSON HOLE, Wyo.—Federal Reserve officials sought to reassure a group of labor activists that the central bank isn’t going to cool down the economy just as a stronger labor market is reaching a broader swath of Americans.
“We’re going to run [the economy] hot, get the unemployment rate down lower,” San Francisco Federal Reserve Bank President John Williams said at an unprecedented meeting with activists from the Campaign for Popular Democracy’s Fed Up Campaign.
The meeting of activists and high-ranking Fed officials took place shortly before the start of the Kansas City Fed’s high-profile policy conference in Jackson Hole, Wyo. Central bankers in attendance included Fed Chairwoman Janet Yellen’s two top lieutenants, New York Fed President William Dudley and Vice Chairman Stanley Fischer. Ms. Yellen, although scheduled to speak at the Jackson Hole symposium early Friday, didn’t attend.
The left-leaning activist group Fed Up publicly met with eight Federal Reserve presidents Thursday to discuss inequality and interest rates during the central bank's annual meeting in Jackson Hole, Wyoming.
Nine regional Fed bank presidents and two governors held a public discussion with the left-leaning group, whose goal is to convince Fed officials to keep short-term interest rates low to boost short-term growth and drive unemployment further down. It came as pressure mounts on Fed officials on many fronts to explain a disappointing economy.
Several Fed Up activists argued the only way to lower unemployment in the black community is to heat up the broader labor market.
Rod Adams, a 27-year-old community group organizer from Minneapolis, told the meeting, “I don’t understand how you can think that,” when confronting Fed officials’ statement that the U.S. is near full employment.
“I don’t want to be sacrificed for a war against an inflation enemy that isn’t here,” Mr. Adams said.
Transcript: Fed Officials Meet With Fed Up Activists at Jackson Hole
Fed Up activists also challenged Fed representatives on diversity. The group doubled down on its earlier criticism of the Federal Reserve’s leadership as overly male, almost entirely white and drawn too frequently from the banking community.
The composition of Federal Reserve leadership has also received criticism from Democratic elected officials who say the institution doesn’t adequately reflect the demographics of the nation it is meant to serve.
New York Fed President William Dudley told the meeting Thursday that the Fed’s record on diversity has been “pretty lousy.” His counterpart from the Minneapolis Fed, Neel Kashkari, said that “we have made progress and can make more progress.”
A recent paper by the Brookings Institution noted that of the 134 different presidents of regional Fed banks in history, none has been Hispanic or African-American. Ms. Yellen is the central bank’s first female leader, and she and Federal Reserve governor Lael Brainard are two of only nine women to serve on the Fed’s board in its history. Currently, two of the Fed’s 12 regional banks—Cleveland and Kansas City—have female presidents.
The central bankers at Thursday’s meeting expressed support for the issues that Fed Up questioners raised. However they also argued that the Fed’s main goal should be avoiding another recession and promoting maximum employment and price stability.
Vice Chairman Stanley Fischer praised the group for setting up the discussions, but he called on the activists to research the issues that confront the communities involved.
“When you get the facts, when you get the analysis, you can make a difference. When you speak about how bad the problem is it’s a much less effective tool,” the former Massachusetts Institute of Technology professor said.
Write to Harriet Torry at harriet.torry@wsj.com
Corrections & Amplifications:
U.S. Federal Reserve officials argued that the central bank’s main goal should be avoiding another recession and promoting maximum employment and price stability. An earlier version of this article incorrectly said they argued that the goal should include promoting maximum unemployment. [Aug. 26]
By Harriet Torry
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Wells Fargo: California Leader in Predatory Lending and Heartless Foreclosures
San Diego Free Press - March 13, 2012, by Alliance of Californians for Community Empowerment - When it comes to foreclosing on Californians, it looks like Wells Fargo may take the prize. According...
San Diego Free Press - March 13, 2012, by Alliance of Californians for Community Empowerment - When it comes to foreclosing on Californians, it looks like Wells Fargo may take the prize. According to a report released today, Wells Fargo is responsible for more homes in the foreclosure pipeline in California than any other single lender.
Wells Fargo is servicing the most loans, but they are providing less principal reduction to struggling borrowers than either Bank of America and Chase – who themselves should be doing more! The recent report from the Monitor of the multi-state Attorneys General settlement with the five big mortgage servicers showed that Wells Fargo trails behind Bank of America and Chase when it comes to the amount of principal reduction given as part of first lien loan modifications.
This is the very same Wells Fargo that just had its most profitable year ever in 2012, with earnings of $19 billion.
The report, California in Crisis: How Wells Fargo’s Foreclosure Pipeline Is Damaging Local Communities, by ACCE (Alliance of Californians for Community Empowerment), the Center for Popular Democracy and the Home Defenders League, shows the harm coming to homeowners, communities and the economy unless Wells Fargo reverses its course and averts some or all of the impending foreclosures.
Click here to download the report.
The report uses data from Foreclosure Radar to look at loans currently in the foreclosure pipeline in California – meaning loans that have a Notice of Default or Notice of Trustee Sale. Of the 65,466 loans in the foreclosure pipeline, close to 20% of them are serviced by Wells Fargo.
If Wells Fargo’s 11,616 distressed loans go through foreclosure, California will take a next $3.3 billion hit: Each home will lose approximately 22 percent of its value, for a total loss of approximately $1.07 billion; homes in the surrounding neighborhood will lose value as well, for an additional loss of about $2.2 billion; and government tax revenues will be cut by $20 million, as a result of the depreciation.
And not surprisingly, African American and Latino communities will be particularly hard-hit. The report includes maps for seven major cities showing minority density and dots for each of Wells Fargo’s distressed loans. In city after city, they are heavily clustered in neighborhoods with high African American and Latino populations.
“My community has been absolutely devastated by the foreclosure crisis, and I put a lot of the blame at the doorstep of Wells Fargo,” says ACCE Home Defenders League member Vivian Richardson. “Wells Fargo’s heartless and unfair foreclosure practices are sending far more homes into foreclosure than is necessary.”
San Francisco Supervisor David Campos released a statement of support: “Our communities and our entire State are still reeling from the housing crisis, and will be for years to come. As this report shows, the numbers of homes still facing foreclosure is enormous. Principal reduction is clearly a critical strategy for saving homes and stabilizing the economy. Wells Fargo and the other major banks should be doing more of it.”
The report recommends:
Wells Fargo should commit to a broad principal reduction program.This means that every homeowner facing hardship should be offered a loan modification, when Wells has the legal authority to do so. The modification should be based on an affordable debt-to-income ratio, achieved through a waterfall that prioritizes principal reduction and interest rate reductions. Junior liens must also be modified.
Wells Fargo should report data on its principal reduction, short sales, and foreclosures by race, income, and zip code.Wells Fargo must be more transparent about its mortgage practices. The bank has an egregious history of harming California’s African American and Latino communities through predatory and discriminatory lending. To show the public that it has reformed, Wells Fargo must make this data available. The people of California need to know that Well Fargo is no longer discriminating against people of color and is fairly and equitably providing relief to homeowners and to the hardest hit communities.
Wells Fargo should immediately stop all foreclosures until the first two demands are met.In the event that it takes a few months to set up a fully functioning principal reduction program, Wells Fargo needs to immediately stop all foreclosures. Wells Fargo has done enough harm. It’s time to stop. California deserves a break.
ACCE is waging a campaign to push Wells Fargo to be a leader in California, their home state, in saving homes – beginning with their performance to comply with the Attorneys General Settlement and with the Homeowner Bill of Rights, but not ending there.
Click here to sign on to a letter to Wells Fargo CEO John Stumpf to support to campaign demands.
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California’s Emeryville is third city to pass Fair Workweek policy
California’s Emeryville is third city to pass Fair Workweek policy
EMERYVILLE, Calif. – On Oct. 18, this city became the third in the nation to pass a Fair Workweek policy. The City Council passed the ordinance unanimously at its first reading, following...
EMERYVILLE, Calif. – On Oct. 18, this city became the third in the nation to pass a Fair Workweek policy. The City Council passed the ordinance unanimously at its first reading, following testimony at a pre-meeting press conference and during the meeting itself, by those most affected.
Under the new policy, employers will have to give workers their schedules two weeks in advance, compensating them for last-minute changes. When more hours become available, current workers will have priority so they can get closer to fulltime work.
The council must confirm its action with a second vote, scheduled for Nov. 1. The new law, which will affect some 4,000 fast food and retail workers, is to become effective in July 2017.
Almost two years ago, San Francisco’s Board of Supervisors passed the first such measure, the Retail Workers Bill of Rights, and just last month, Seattle followed suit http://www.peoplesworld.org/article/tale-of-two-cities-yes-vs-no-on-fair....
New York City may be next: Mayor Bill de Blasio and City Council members are pressing legislation to require employers to give some 65,000 hourly fast food workers a two week notice of changes in their shift assignments. However, the bill doesn’t extend such requirements to retail stores or full-service restaurants.
Emeryville, a small city across the Bay from San Francisco with a large concentration of retail stores, already has the country’s highest minimum wage, with large employers required to pay their workers at least $14.82 per hour. Smaller businesses must pay at least $13 per hour.
At the state level, earlier this year California passed a new minimum wage law with a path to a $15 hourly minimum.
At the press conference, low wage workers, local residents, community and labor organizations, faith leaders and academic researchers told of the many challenges faced by retail workers who must deal with constantly shifting and unpredictable schedules and variable numbers of work hours.
Moriah Larkins, an Emeryville retail worker and activist with the Alliance of Californians for Community Empowerment (ACCE) who MC’d the press conference, told of her own experience working six days a week for a “bad apple” employer. “And on my days off they would call me in, and I have my son, who was two years old at the time.”
At first, Larkins said, she used to scramble and pay extra for last minute child care. But as she realized her extra hours, and less time for her son, were making him unhappy, she started refusing the extra shifts. After that, her hours, which had been 32 to 40 per week, were cut in half.
“Now,” she said, “I work for a ‘good apple.’ I work 28 hours per week, I can pay all my bills, I can spend time with my son and finish my nursing degree.”
In a conversation after the press conference, Larkins said she hoped the ordinance would pass “without exceptions.” She and others are warning that before the final vote Nov. 1, the California Retail Association is trying hard to weaken the measure.
Other retail and fast food workers described their experiences, including a past employer who paid subminimum wages and another who fired a worker after “forgetting” he had accepted her timely request for a day off.
The new ordinance has been in the making for a while. In May, Emeryville Mayor Dianne Martinez and Councilmember Ruth Atkin wrote an op-ed published by the San Francisco Chronicle, in which they said a regional fair workweek was needed to assure workers “stable schedules so they can pay the bills, live healthier lives, “and contribute more to our communities.
A recent study, Wages and Hours: Why workers in Emeryville’s service sector need a fair workweek, conducted by ACCE, the East Bay Alliance for a Sustainable Economy (EBASE), and the Center for Popular Democracy found that in a sample of more than 100 frontline Emeryville retail workers, some 68 percent had part-time schedules, 82 percent were people of color, eight out of 10 had variable schedules and nearly two-thirds only got their schedules a week or less in advance. Over two-thirds said they wanted to work more hours, while over half said they were scheduled for “clopening” shifts, or back-to-back closings and openings with less than 11 hours off.
The study concluded that employers need to commit to predictable, flexible and responsive schedules that allow for adequate rest.
At the Oct. 18 press conference, EBASE Deputy Director Jennifer Lin said, “Providing a fair work week is not only good for workers, it’s good for business, too.” With many retailers already scheduling in advance, she said, the new ordinance will help level the playing field, and stable schedules and more adequate hours also reduce turnover and absenteeism.
In an article earlier this month in The Nation magazine, author Michelle Chen noted that the Fight for $15 and Fair Workweek struggles are “converging on sectors that used to be known as bastions of dead-end jobs.” The next step, she said, is “to organize, and unionize, to give workers real collective bargaining leverage over their wages and working conditions. Work-life balance comes by shifting the power balance on the job, so that workers have the final say over when they’re on call.”
By Marilyn Bechtel
Source
I Was Detained in a Hellish Private Prison—And Wall Street Corporations Are Behind It All
I Was Detained in a Hellish Private Prison—And Wall Street Corporations Are Behind It All
As a report, “Bankrolling Oppression,” from the Center for Popular Democracy, Make the Road New York, New York Communities for Change, Enlace International, and The Strong Economy for All...
As a report, “Bankrolling Oppression,” from the Center for Popular Democracy, Make the Road New York, New York Communities for Change, Enlace International, and The Strong Economy for All Coalition, uncovers, these corporations provide large loans and a revolving line of credit to private prison companies, which depend on debt to sustain their business model. JPMorgan alone holds $167 million in debt, which is 62 percent larger than the second biggest lender to these companies. And these companies’ shareholdings in GEO and CoreCivic have increased enormously since Trump’s election.
Read the full article here.
As Federal Reserve Selects New Top Officials, Coalition Calls for Public Input
New York Times - November 10, 2014, by Binyamin Appelbaum - A coalition of community...
New York Times - November 10, 2014, by Binyamin Appelbaum - A coalition of community groups and labor unions wants the Federal Reserve to change the way some Fed officials are appointed, criticizing the existing process as secretive, undemocratic and dominated by banks and other large corporations.
In letters sent to Fed officials last week, the coalition called for the central bank to let the public participate in choosing new presidents for the regional reserve banks in Philadelphia and Dallas. The current heads of both banks plan to step down in the first half of 2015.
The Fed’s chairwoman, Janet L. Yellen, has agreed to meet on Friday with about three dozen representatives of the groups to hear their concerns.
“The Federal Reserve has huge influence over the number of people who have jobs, over our wages, over the number of hours that we get to work, and yet we don’t have discussion and engagement over what Fed policy should be,” said Ady Barkan, a lawyer with the Center for Popular Democracy, a Brooklyn-based advocacy group that is orchestrating the campaigns. “More people’s voices need to be heard.”
A spokeswoman for Ms. Yellen confirmed the meeting but declined to comment on the issues raised by the groups.
The Philadelphia Fed said in an email that the institution “is conducting a broad search for its next president and will consider a diverse group of candidates from inside and outside the Federal Reserve System.”
James Hoard, a spokesman for the Dallas Fed, said the bank’s board would meet on Thursday to discuss the search process.
The campaign is part of a broader increase in political pressure on the Fed, which is engaged in a long-running campaign to stimulate the economy that some liberals regard as insufficient and some conservatives see as both ineffective and dangerous. Mr. Barkan led a picket line in support of the Fed’s efforts in August outside the annual monetary policy conference at Jackson Hole, Wyo.
House Republicans, meanwhile, have passed legislation that seeks to reduce the Fed’s flexibility in responding to economic downturns, arguing that such efforts are destabilizing.
The Fed acts like a monolith, but it has a complicated skeleton. Most power rests with a board of governors in Washington, who are nominated by the president and confirmed by the Senate. But operations are conducted through 12 regional banks, each of which selects its own president. And those presidents rotate among themselves five of the 12 seats on the Federal Open Market Committee, which sets monetary policy.
The two presidents who have said they plan to step down are, by coincidence, among the most outspoken internal critics of the Fed’s campaign to stimulate the economy. Charles I. Plosser, president of the Philadelphia Fed since 2006, plans to retire at the end of March. Richard W. Fisher, president of the Dallas Fed since 2005, is required to step down by the end of April, though he has not set a date.
Their replacements will be selected by the board of each reserve bank. Each board has nine members, including three bankers, but under the 2010 Dodd-Frank Act, only the nonbank members can participate in the process. The banks in each reserve district, however, still elect three of those six nonbank members. The other three, including the chairman and vice chairman, are appointed by the Fed board in Washington.
By law, the boards are supposed to represent a diverse set of viewpoints, including “labor and consumers.” But the 72 nonbank board members are predominantly corporate executives. Just eight are leaders of community groups; two more are leaders of labor groups.
Corporate executives exclusively make up the boards of the St. Louis and Richmond regional banks. The Dallas Fed’s board includes the presidents of the Houston Endowment — a charitable organization — and the University of Houston. The Philadelphia Fed has five executives and the president of the University of Delaware.
“I look at that list and it doesn’t strike me that most of those folks are representing the public,” Kati Sipp, director of Pennsylvania Working Families, a nonprofit advocacy group that is one of the signatories of the recent letter, said of the Philadelphia Fed’s board. “We believe it is important for the people who are making economic policy to hear from the regular folks on the ground who are being affected by those decisions.”
The two dozen signatories also include the Pennsylvania AFL-CIO, New Jersey Communities United and W. Wilson Goode Jr., a Philadelphia city councilman. The letter asks for the Fed to disclose basic information about the selection process, including the timetable, criteria and, eventually, names of candidates. It also seeks search committee seats and opportunities to question the candidates publicly.
The selection process is secretive, but control has increasingly shifted from the regional banks to the board of governors. Beginning under the leadership of Alan Greenspan, a former Fed chairman, the central bank has sought presidents who can contribute to making monetary policy. The board provides informal guidance during the winnowing process, and candidates travel to Washington to meet with the governors.
As a result of that trend, 10 of the 12 sitting presidents are former Fed staffers, economists or both. Mr. Fisher, a former investor, is one exception. The other is Dennis P. Lockhart, a former banker who leads the Atlanta Fed — and is the next president who will reach retirement age.
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Fed Chairwoman: African-Americans Have Not Recovered from Economic Downturn
Fed Chairwoman: African-Americans Have Not Recovered from Economic Downturn
Federal Reserve Chairwoman Janet Yellen delivered her semiannual testimony on the U.S. economy and monetary policy to the Senate Banking Committee Tuesday. In her prepared remarks, Yellen...
Federal Reserve Chairwoman Janet Yellen delivered her semiannual testimony on the U.S. economy and monetary policy to the Senate Banking Committee Tuesday. In her prepared remarks, Yellen acknowledged that the country’s economic recovery has not fully extended to the African-American population.
“Jobless rates have declined for all major demographic groups, including for African-Americans and Hispanics,” Yellen said. “Despite these declines, however, it is troubling that unemployment rates for these minority groups remain higher than for the nation overall, and that the annual income of the median African-American household is still well below the median income of other U.S. households.”
An accompanying report revealed that the median Black household income in 2014 was $40,000, which means African-American households are earning just 88 percent of their pre-recession incomes.
The 2014 median white household income was $67,000. According to the report, white, Asian and Hispanic households have regained 94 percent of their pre-recession earnings.
Furthermore, unemployment rates for African-Americans continue to be lower than they were prior to the recession, compared to white unemployment rates, which have nearly returned to original levels.
The Fed has faced growing criticism from activists and lawmakers who accuse the banking system of ignoring the economic disparity faced by minorities in the U.S. Supporters say Fed-controlled interest rates have a direct impact on the economic success of Black Americans.
Tuesday’s comments were a stark contrast to the position taken by Yellen last July, when she argued there was nothing the Reserve could do “about any particular group.”
The statements fired up Connie Razza, director of strategic research at the Center for Popular Democracy, who issued a statement in response.
“With African-Americans still mired in our own Great Recession, we should be hearing a positive vision from the Fed on how to foster full employment,” Razza said on behalf of the Fed Up Coalition. “While the economy is complex and the Federal Reserve’s tools are limited, there is plenty the Fed can do to improve the labor market for Black workers and to reduce racial inequality in the job market.”
The Fed Up Coalition is a consortium of labor unions, community-based organizations and policy think tanks fronted by the Center for Popular Democracy and Action for the Common Good. The group maintains that the economic upswing is a myth for most demographics and stresses that keeping interest rates low will give the economy a chance to truly recover for everyone. Modest rates will raise wages, bringing the country closer to full employment and eliminating the need for discriminatory hiring practices, according to the campaign.
During Yellen’s February address to the House Financial Services Committee, several Democrats pressed the issue of Black unemployment rates.
“Nobody is suffering from unemployment like the African-American community,” Georgia Rep. David Scott said at the hearing, per CNN. “We have got to get the Fed to get off the dime and put the issue of African-American unemployment on the front burner. That is the core of all of the domestic issues that we’re facing.”
The unemployment rate for African-Americans in May was 8.2 percent, which was double the rate of whites at 4.1, according to the Bureau of Labor Statistics.
By Shaundra Selvaggi
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