A First for Jackson Hole — Protesters Are Here, and They Don’t Want Rate Hikes
MarketWatch - August 21, 2014, by Greg Robb - Protesters, worried that the central bank is about to put its foot on the brakes, have come to the Federal Reserve’s Jackson Hole retreat this year to...
MarketWatch - August 21, 2014, by Greg Robb - Protesters, worried that the central bank is about to put its foot on the brakes, have come to the Federal Reserve’s Jackson Hole retreat this year to urge the central bank to hold off and give the economy more time to heal. This is believed to be the first time there ever has been protesters at the event.
“We strongly urge the Federal Reserve to reject the calls to raise interest rates and slow the economy down,” said The Center for Popular Democracy, a coalition of 70 organizations, in a letter to Federal Reserve Chairwoman Janet Yellen and her colleagues.
“Although the stock market has roared back to life, and the wealthiest Americans are richer than ever before, too many of us struggle to secure even basic levels of dignity,” the letter said.
Becky Dernbach, 28, an organizer with Neighborhoods Organizing for Change — an advocacy group for low-income residents in Minneapolis — said she came to Jackson Hole to make sure that the voices of average workers were being heard by the Fed.
Kendra Brooks, 42, a resident of Philadelphia who has an MBA but still found herself out of work even after her unemployment benefits ended, said the American dream has “fizzled” in this economy.
“We are not their [the Fed's] primary concern. They are more focused on the top end of the [income] scale,” she said.
The activists said the Jackson Hole protest was the start of a new effort to get officials to understand the economy is broken.
The group held a two-hour meeting with Kansas City Fed President Esther George, who has been one of several regional bank presidents advocating for a rate hike sooner rather than later.
Ady Barkan, a staff attorney with the Center for Popular Democracy, said that the group appreciated the meeting but that the two sides had talked past each other.
George told the group that higher rates might not come soon, but said are coming and will balance the economy, he said.
“That is completely wrong,” Barkan said. The way to combat imbalance in the economy is through strong regulation “not throwing people out of work,” he said.
Source
Coalition Calls for Fed Focus on Full Employment, Higher Wages
The Dallas Morning News - March 4, 2015, by Sheryl Jean - A coalition of community and labor groups in Texas is calling for the Federal Reserve to focus on full employment and higher wages for...
The Dallas Morning News - March 4, 2015, by Sheryl Jean - A coalition of community and labor groups in Texas is calling for the Federal Reserve to focus on full employment and higher wages for blacks and others in poor neighborhoods who have been left behind in the economic recovery.
The group also wants the board of the Fed’s regional bank in Dallas to keep that in mind as it searches for a replacement for Dallas Fed president Richard Fisher, who will retire March 19.
Liberal activists across the country on Thursday plan to protest outside seven Fed regional banks, including New York, Philadelphia and St. Louis, to highlight high unemployment among minority groups and to urge officials not to raise interest rates yet and instead focus on full employment and higher wages. A demonstration also was planned at the Dallas Fed’s office on the edge of downtown, but was canceled due to a forecast for bad weather.
Still, activists in Dallas plan to call attention to a new report showing that the nation’s economic recovery hasn’t reached many minority communities. Falling jobless rates maskhigh black and long-term unemployment and racial inequality in wages in Texas and across the country.
The 84-page report by the Center for Popular Democracy and the Economic Policy Institute shows that Texas’ average jobless rate was 5 percent in 2014, but it was 9.5 percent for blacks. In the Dallas metro area, the average rate was 5.1 percent last year, but it was 9.6 percent for blacks. Nationally, the black jobless rate was 10.3 percent, compared with a national average of 6.2 percent.
Wages also lagged. Texas’ median wage grew 3.9 percent from 2000 to 2014, but it rose 8 percent for whites and declined 0.8 percent for blacks, according to the report. Nationally, wages have been stagnant for most workers since 2000.
“If the Fed raises [interest] rates to banks, then our rates go up, but wages aren’t going up,” said Danny Cendejas, senior organizer in Dallas for the Texas Organizing Project, one of the groups in the coalition. “It’s something that is very concerning for most of our community. In the black and brown communities, where we know the unemployment rates are higher, how do we expect those people to pay their loans back?”
The Fed has kept interest rates near zero since 2008 to help spur business lending to create jobs and boost the economy.
Coalition members in Texas want a more open search process for Fisher’s replacement with more involvement by the community. Fisher, who was in El Paso on Wednesday, has been one of the most vocal advocates of raising interest rates sooner than later.
“Look around at all the construction cranes in Dallas,” said Becky Moeller, president of the Texas AFL-CIO. “I think the lower interest rates are spurring businesses to do work and then they’re hiring people. We just don’t want an interest rate policy that isn’t good for workers in the state.”
Moeller was among a group of 10 community leaders who met with three Fed representatives — general counsel John Buchanan; Alfreda Norman, head of community development and public affairs; and spokesman James Hoard — for about 90 minutes in January to discuss the search process for a new president, the timeline and the qualifications sought.
“We had a good conversation and thought we answered their questions,” Hoard said. The Dallas Fed put the name of the search firm and its email address on its website for anyone interested in nominating a candidate, he added.
Moeller has a different view of the meeting.
“We don’t have a candidate, but we felt like we had some input we wanted to share,” she said. “We don’t want it to be someone who wouldn’t be good for jobs in the future. We wanted to make sure they were looking at the economic factors that relate to real people in Texas, Louisiana and New Mexico. We have low-wage workers who can’t get their head above water. We have folks who are long-term unemployed.”
In addition to the Texas AFL-CIO, the groups that met with the Dallas Fed were the American Federation of Teachers, Communication Workers of America, Dallas Central Labor Council, Fort Worth Building Trades and Ironworkers, Harris County Central Labor Council, Jobs With Justice, Texas Organizing Project and Workers Defense Project.
Coalition members last summer protested the Kansas City Fed’s annual Jackson Hole, Wyo., forum and met with Fed chairwoman Janet Yellen in November.
Yellen and three other Fed officials met with about 30 workers and activists, including some from Texas, for an hour to hear their plights of being long-term unemployed and struggling to make a living. As a result, the Fed created the Community Advisory Council in January to provide different perspectives on the economy, especially the needs of low- to moderate-income families.
“She listened very carefully and was very engaged and was grateful to us for requesting the meeting,” said Ady Barkan, staff lawyer for the Center for Popular Democracy, who was at the meeting. “It’s the kind of response we would like to see from others.”
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How Cities and States are Taking the Lead on Immigration Reform
How Cities and States are Taking the Lead on Immigration Reform
As attacks on immigrants grow more vocal and more galling this election season, it can be easy to feel sickened and lose hope. Across the country, millions of hard-working immigrants are trapped...
As attacks on immigrants grow more vocal and more galling this election season, it can be easy to feel sickened and lose hope. Across the country, millions of hard-working immigrants are trapped in a painful limbo, confined to the shadows, vulnerable to abuse and exploitation, and unable to fully participate in society.
Federal efforts to support immigrants are stalled, with repeated failures to pass an immigration bill. The most promising pro-immigrant policy in years — President Obama’s executive order shielding immigrant parents and children from deportation — was turned back with a deadlock at the Supreme Court.
But if you zoom in to states and cities, the picture couldn’t be more different. When it comes to promoting immigrant inclusion and equality, they are buzzing hives of innovation, generating a variety of policies that benefit everyone by promoting dignity, inclusion and access to justice for the immigrants who drive their economies and enrich their communities.
As of this year, more than a dozen cities provide a form of municipal identification to all residents regardless of their immigration status. Without such a proof of identity, immigrants are unable to access vital services needed for daily life, such as opening a bank account, seeing a doctor at a hospital, or even collecting a package from the post office. New Haven became the first city to introduce municipal IDs in 2007, and many of the country’s largest cities, including New York, Los Angeles and San Francisco, have followed. New York City has issued close to a million municipal ID cards, clearly demonstrating their value to a broad swath of New Yorkers.
Sixteen states also have laws — known as DREAM Acts — that offer undocumented residents access to the same tuition rates as U.S. citizens at state colleges and universities. In Texas, nearly 25,000 students annually take advantage of the state’s DREAM Act, a law passed with the backing of Republican Governor Rick Perry.
States and cities have also helped curb the worst excesses of harsh and ineffective federal deportation policies. Since 2011, more than a dozen jurisdictions have passed laws limiting collaboration between local police and Immigration and Customs Enforcement. Knowing that detained immigrants often lack access to legal help, a number of cities such as Los Angeles and Chicago are exploring programs to provide meaningful representation to immigrants. In New York City, the country’s first access to counsel initiative has helped its clients be an astounding 1,000 percent more likely to win their immigration cases than those who lack representation.
With fears that the divisive rhetoric unleashed during this campaign cycle could persist well into the future, even more localities need to take action to welcome immigrants and to value their tremendous contributions. Sadly, there is no guarantee that a long-overdue immigration reform package will be passed by the next president, whoever wins November 8. Cities and states must lead the way.
In recent years, cities and states have led the way in defending and expanding the rights of workers, with the passage of paid sick days, higher minimum wages and fair scheduling laws in municipalities like Seattle, Los Angeles, Minneapolis and New York City, as well as states like California, Connecticut and Oregon.
They have a similar role — and responsibility — to play in protecting immigrants. Immigrants to this country have made the United States more vibrant and prosperous. Rather than turning a blind eye to the millions in this country denied fundamental benefits and services, we must work hard to realize the highest ideals of our country and to promote a better future for our immigrants and for all.
By Andrew Friedman
Source
Central Bankers’ Jackson Hole Gathering: a Cheat Sheet
Central Bankers’ Jackson Hole Gathering: a Cheat Sheet
For the fifth year in a row, the liberal Center for Popular Democracy’s Fed Up campaign is on hand for the Jackson Hole gathering. It organized a Thursday panel on slow wage growth and market...
For the fifth year in a row, the liberal Center for Popular Democracy’s Fed Up campaign is on hand for the Jackson Hole gathering. It organized a Thursday panel on slow wage growth and market concentration.
Read the full article here.
Can these Cities Block Texas’s Vile Anti-Immigrant Agenda?
Can these Cities Block Texas’s Vile Anti-Immigrant Agenda?
Raul Reyes is the 34-year-old mayor of El Cenizo, Texas, a sweltering border town of 3,200 that sits beside the Rio Grande, where nearly all the residents are Latino, many are immigrants, and...
Raul Reyes is the 34-year-old mayor of El Cenizo, Texas, a sweltering border town of 3,200 that sits beside the Rio Grande, where nearly all the residents are Latino, many are immigrants, and quite a few are undocumented too. It’s a sanctuary of sorts, a town that, since 1999, has had a policy prohibiting local police officers from asking about someone’s immigration status. It’s the town where Reyes was born and raised and a town whose residents he cares for fiercely.
Read the full article here.
No hike: Fed keeps benchmark rate near zero
WASHINGTON--Not yet.
Citing global economic weakness and financial market turmoil, the Federal Reserve agreed Thursday to keep its benchmark interest rate near zero despite the rapidly...
WASHINGTON--Not yet.
Citing global economic weakness and financial market turmoil, the Federal Reserve agreed Thursday to keep its benchmark interest rate near zero despite the rapidly improving U.S. labor market.
But Fed policymakers' forecast indicates they still expect to bump up the federal funds rate this year for the first time in nearly a decade, with meetings scheduled for October and December. Their projections, however, show they expect to raise it even more gradually over the long-term than they previously signaled.
Richmond Fed chief Jeffrey Lacker was the lone dissenter.
The decision capped the most dramatic run-up to a Fed meeting in recent memory, with economists split on whether the central bank would raise its key rate, which has been near zero since the 2008 financial crisis and affects borrowing costs for consumers and businesses across the economy.
"An argument can be made for a rise in interest rates at this time," Fed Chair Janet Yellen said at a news conference.But she added, "We want to take more time to evaluate the likely impact on the United States" from the overseas slowdown and market gyrations.
She said Fed policymakers also want to see if further improvement in the labor market "will bolster our confidence that inflation will move back" to the Fed's annual 2% target over the medium term..
In a statement after a two-day meeting, the Fed said, "Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near-term."
Fed policymakers now expect just one rate hike this year that would push the funds rate to 0.375% from the current 0.125%, according to their median forecast. They also expect a slower rise that would leave the rate at 2.625% by the end of 2017 and a longer-run normal rate of 3.5%, down from their previous estimate of 3.75%.
The central bank said "the labor market continued to improve, with solid job gains and declining unemployment." It said consumer spending and business investment have advanced moderately while the housing market "has improved further." But amid the overseas troubles, it said exports have been "soft."
With the U.S. economy rebounding more strongly in the second quarter after a slowdown early in the year, the Fed raised its median forecast for economic growth this year to 2.1% from 1.9% in June. But after the recent global and market troubles, it lowered its projection for 2016 to 2.3% from 2.5% in June.
And with the 5.1% unemployment rate already below the Fed's previous year-end forecast, it now expects the jobless rate to be 4.8% by the end of 2016, below its June forecast of 5.1%.
Yet the central bank also expects a more modest rise in inflation, providing it more leeway to nudge up rates gently. It slightly lowered its inflation forecast to 1.7% in 2016 and 1.9% in 2017, leaving it below its 2% annual target even in two years.
Supporting the case for a Fed move was a 5.1% unemployment rate that's already at the central bank's long-run target, average monthly job gains of 212,000 this year and healthy economic growth of 3.7% at an annual rate in the second quarter. "The economy has been performing well and we expect it to continue to do so," Yellen said.
Waiting too long to act might force the Fed to hoist rates more rapidly when currently meager inflation eventually heats up, a move that could destabilize markets. Yellen said that could be "disruptive to the real economy." "I don't think it's good policy to have to slam on the brakes," she said
Yellen said she continues to expect tepid inflation to pick up as low oil prices and a strong dollar stabilize, but she said it will take "a bit more time" for those effects to dissipate.Some economists say the 5.1% unemployment rate already heralds a coming surge in wages and prices as employers compete for fewer available workers.
But annual pay growth has been stuck near a sluggish 2% pace, possibly reflecting an excess labor supply that includes part-time workers who prefer full-time jobs and discouraged Americans resuming job searches after years on the sidelines. If that's the case, the Fed may want to keep rates low longer to stimulate the economy so more of those workers can find full-time jobs.
Yellen told reporters the unemployment rate likely "understates the degree of slack in the labor market."
Meanwhile, recent news of China's economic slowdown, and the resulting turmoil in global and U.S. stocks, prompted Fed officials to temper expectations for a rate hike this week.
"The outlook abroad appears to have become more uncertain of late and heightened concerns about growth in China and other emerging market economies have led to notable volatility in financial markets," Yellen said.
She added, "We don't want to respond to market turbulence," but the volatility is prompting the Fed to investigate its cause in the global economy.While U.S. exports to China comprise less than 1% of the nation's gross domestic product, Chinese trade with other countries could have stronger ripple effects on the U.S. economy.
Before the release of the Fed's statement to reporters, a coalition of worker advocacy groups called Fed Up gathered outside holding signs such as, "Whose recovery?" and chanting, "Don't raise the interest rates!"
"The Fed should not make a decision to slow down the economy without hearing from the people it will affect," said Ady Barkan, the head of the group.
Source: USA Today
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 NewsTwo Federal Reserve Openings Provide One Chance to Counter Trump
The Federal Reserve is facing a significant change in leadership that goes beyond the installation of a new chairman. It is also awaiting the appointment of two other top officials who will play a...
The Federal Reserve is facing a significant change in leadership that goes beyond the installation of a new chairman. It is also awaiting the appointment of two other top officials who will play a crucial role in shaping Fed policy.
President Trump, who has already nominated Jerome H. Powell as the Fed’s next chairman, also gets to pick a new vice chairman. But the other open position, the presidency of the Federal Reserve Bank of New York, is not Mr. Trump’s choice to make.
Read the full article here.
Clinton Wants Bankers Off Regional Fed Boards
Clinton Wants Bankers Off Regional Fed Boards
Democratic presidential candidate Hillary Clinton joined the fray Thursday in the debate over how the nation’s central bank operates, saying banking industry insiders need to be removed from the...
Democratic presidential candidate Hillary Clinton joined the fray Thursday in the debate over how the nation’s central bank operates, saying banking industry insiders need to be removed from the Federal Reserve System.
Mrs. Clinton’s campaign said, if elected, she would appoint officials who will carry out “unwavering oversight” of the financial sector and “defend” both sides of the central bank’s inflation and employment mandates. The campaign also said “commonsense reforms—like getting bankers off the boards of regional Federal Reserve banks—are long overdue.”
Mrs. Clinton’s comments on central bank changes appeared to be her first on the topic in a campaign season where the Fed has intermittently been an issue, albeit mostly on the Republican side. Mrs. Clinton’s views emerged on a day in which dozens of Democratic congressional members, led by Sen. Elizabeth Warren of Massachusetts and Rep. John Conyers Jr. of Michigan, criticized the central bank for a leadership largely made up of white males with business and finance backgrounds.
While the Fed is led by its first-ever woman chief, all of its governors are white and three of the five are men. Of the 12 regional bank presidents, none are black and 10 are men. The last African-American to serve in a key leadership role left in 2006.
The letter to Ms. Yellen, referencing a recent study by the left-leaning Center for Popular Democracy’s Fed Up Coalition, also flagged a lack of diversity among the boards of directors that oversee the regional Fed banks. The letter said a Fed that doesn’t look like the nation it works for will struggle to make policy that benefits an increasingly diverse nation. Regional Fed board members are drawn from the private sector to watch over institutions that are quasi-private. By law, the boards are supposed to represent their broader communities with three classes of directors reserved for differing interests, including the financial sector, in a process set out by a complicated set of rules. These boards oversee regional Fed bank operations, provide local economic insights and help select new bank presidents.
But the presence of bankers on the boards, representing firms regulated by the Fed, has been a sore spot for Fed critics. Over the years, the New York Fed faced notable controversies on this front.
Recent legal changes have removed financial-market participants from the process of selecting new bank presidents. Also, the Fed’s regulatory operations are managed in Washington even as they operate out of regional banks, and are insulated from the influence of the regional boards. Most regional Fed boards are spoken of in glowing terms by their respective bank presidents.
Financial-market professionals are well represented among Fed leaders. Most top central bankers are either economists by training or former bankers. The leaders of the New York, Minneapolis, Dallas and Philadelphia Fed banks all have worked in some capacity for investment bank Goldman Sachs. Current Fed Vice Chairman Stanley Fischer was vice chairman of Citigroup from 2002 to 2005.
Mrs. Clinton’s desire to remove financial-sector leaders from the regional Fed boards would mark a historic change for a central bank that was founded on the mission of promoting financial stability, and whose monetary policy actions work through private financial-market channels to affect the performance of the broader economy.
In response to the congressional letter, the Fed said in a statement that when it comes to the members of the regional boards, “by law, we consider the interests of agriculture, commerce, industry, services, labor, and consumers. We also are aiming to increase ethnic and gender diversity.“ It also said there has been a rise in both racial and gender diversity on the regional Fed boards, with 46% of all directors now meeting the label of “diverse.”
A recent overhaul proposal by former top Fed staffer Andrew Levin, now a professor at Dartmouth College, called for the regional Fed banks to be made fully public, ending their private ownership structure operating within the Fed board, which is explicitly part of the government. Mr. Levin also called for directors representing firms regulated by the central bank to be removed.
By MICHAEL S. DERBY
Source
Fed Up Condemns Trump Nomination to Federal Reserve
07.10.17
NEW YORK – In...
07.10.17
NEW YORK – In response to the White House’s nomination of Randal Quarles to the Federal Reserve as Vice Chair for Supervision, Jordan Haedtler, Campaign Manager for the Fed Up coalition, released the following statement:
“Throughout his career, self-described ‘Wall Street lawyer' Randal Quarles has looked out for his banker clients at the expense of America’s hard-working families.
After the financial crisis took a devastating toll on our country, Daniel Tarullo and the Federal Reserve Board of Governors implemented regulations to protect consumers from Wall Street excesses and facilitated job recovery by keeping interest rates low. Quarles stood against crucial decisions like these that helped working families, and he was proven wrong.
Quarles is on record opposing the Volcker Rule, which is meant to prevent banks from gambling with depositors’ money. During the Bush administration, Quarles negotiated trade agreements that blocked countries from regulating derivatives and other instruments that caused the crash. And after returning to the private sector, Quarles held private equity up as a solution to avoid government bailouts. He then took advantage of relaxed restrictions on private equity ownership to purchase a failing bank, and had the FDIC pay 80% of that bank’s losses.
We are also very concerned about Quarles’ monetary policy views. He enthusiastically supports the adoption of a Taylor Rule by the Fed, which would deprioritize full employment and put monetary policy decisions on autopilot. If Quarles had his way and the Fed strictly followed a Taylor Rule over the past five years, economists estimate that 2.5 million fewer jobs would have been created.
Trump claims that his highest priority is jobs, but Quarles’ regulatory and monetary record show that he would destroy jobs, not create them.We urge the Senate to press Quarles on all of these troubling positions, and to oppose his confirmation.”
### www.thepeoplesfed.org
Fed Up is a coalition of community organizations, labor unions, and policy experts across the country calling on the Federal Reserve to reform its governance and adopt policies that build a strong economy for the American public. By keeping interest rates low and prioritizing genuine full employment, the Fed gives the economy a fair chance to recover and allows wages to grow across all communities.
Contact: Shawn Sebastian, Fed Up co-director, ssebastian@populardemocracy.org, 515.451.8773
6 days ago
6 days ago