Bankers and Economists Fear a Spate of Threats to Global Growth
Bankers and Economists Fear a Spate of Threats to Global Growth
GRAND TETON NATIONAL PARK, Wyo. — In the decade since the financial crisis, economic policy makers, professors and protesters have gathered here every August to argue about the best ways to return...
GRAND TETON NATIONAL PARK, Wyo. — In the decade since the financial crisis, economic policy makers, professors and protesters have gathered here every August to argue about the best ways to return to faster economic growth.
This year, they gave up.
Read the full article here.
Drafts on Scaffold Sought
Times Union - August 21, 2014, by Casey Seiler - The...
Times Union - August 21, 2014, by Casey Seiler - The Center for Popular Democracy, a labor-backed advocacy group that supports New York's controversial Scaffold Law, wants to see all the drafts of a controversial report authored by SUNY's Nelson A. Rockefeller Institute of Government and paid for by the Lawsuit Reform Alliance, a business-backed organization that opposes Scaffold Law.
The Alliance paid almost $83,000 for the Institute's analysis of the law's economic impacts. That report, made public in February, has been the subject of fierce debate — over both the details of the study as well as larger issues of academic integrity. The Rockefeller Institute, which insists its work was done with independence and integrity, subsequently backed away from the most controversial chapter of the report, which included a statistical analysis that concluded gravity-related accidents fell in Illinois after the state ditched its version.
The law, which places "absolute liability" on employers for gravity-related workplace injuries, is supported by labor unions but opposed by business groups that claim it needlessly drives up construction costs. Opponents would like to see New York follow other states by adopting a "comparative negligence" standard that would make workers proportionately responsible when their actions contribute to an accident.
An initial Freedom of Information Law request from the Center for Popular Democracy resulted in SUNY's release of email communications between Rockefeller Institute researchers and Tom Stebbins of the Lawsuit Reform Alliance — contact that was required by the contract for the report.
On appeal, SUNY released an initial draft copy of the report that had been attached to one of those emails. The Times Union last week offered a side-by-side comparison of the draft and final versions. Changes between the two tended to increase the report's toll of the cost and impact of the law, though the researchers argue those edits represented good-faith efforts to seek the best data. The Center is now requesting to see all interim drafts of the report submitted to the Lawsuit Reform Alliance for review. "Given that the anti-worker groups behind this debunked report are still trying to use its flawed findings to weaken New York's safety laws, SUNY should release all of the drafts that we know exist," said Josie Duffy, a policy advocate with the group.
Source
Warren calls for diversity in Federal Reserve leadership
Warren calls for diversity in Federal Reserve leadership
WASHINGTON – The latest crusade in the name of diversity commenced on Thursday, this time aimed squarely at the makeup of the Federal Reserve’s leadership and spearheaded in part by Elizabeth...
WASHINGTON – The latest crusade in the name of diversity commenced on Thursday, this time aimed squarely at the makeup of the Federal Reserve’s leadership and spearheaded in part by Elizabeth Warren, the senior U.S. senator from Massachusetts.
The Cambridge Democrat recently linked up with fellow Democrat, Michigan U.S. Rep. John Conyers, to send a letter to Janet Yellen, chair of the Federal Reserve Board of Governors, asking the former Clinton administration adviser to take action. They cited a 1977 law that requires the bank regulator to reflect the nation’s diversity.
The progressive duo began their missive by praising her work under President Barack Obama before stating that they “remain deeply concerned that the Federal Reserve has not yet fulfilled its statutory and moral obligation to ensure that its leadership reflects the composition of our diverse nation.” Instead, they said, the central bank’s leadership “remains overwhelmingly and disproportionately white and male,” and is drawn mainly from major banks and corporations.
The letter cites a statistic reported in February by the left-leaning Center for Popular Democracy that indicates that “83 percent of Federal Reserve head office board members are white” while “men occupy nearly three-fourths of all regional bank directorships.”
The lawmakers assert that the discussions among Fed leaders regarding labor market conditions never once mentioned the situation confronting blacks in 2010, the most recent year for which full transcripts are available. The lawmakers point out that the unemployment rate for blacks that year never fell below 15.5 percent, while the nation’s average jobless rate hovered just below 10 percent during most of that post-recession period.
Fellow Massachusetts U.S. Sen. Ed Markey put his signature on the letter, alongside those of more than 120 other Democrats in Congress
Warren and Conyers later took to social media to rally the public around the cause:
Former Secretary of State Hillary Clinton, the frontrunner for the Democratic presidential nomination, was also quick to throw her support behind the call for diversity:
“The Fed needs to be more representative of America as a whole,” Jesse Ferguson, a Clinton campaign spokesman, told the Associated Press Thursday, adding that Clinton also opposes the fact that three private-sector bankers currently sit on each regional Fed bank board.
The Fed is actively working to further diversify its ranks, bank spokesman Dave Skidmore said in a statement provided to AP.
“Minority representation on Reserve Bank and Branch boards has increased from 16 percent in 2010 to 24 percent in 2016,” Skidmore told AP. “The proportion of women directors has risen from 23 percent to 30 percent over the same period. Currently, 46 percent of all directors are diverse in terms of race and/or gender (with a director who is both female and a minority counted only one time).”
“We are striving to continue that progress.”
By BY EVAN LIPS
Source
Protest Calls for Fed to Focus on Employment
St. Louis Public Radio - March 5, 2015, by Maria Altman - What recovery? That was the question being asked Thursday by a small group of activists outside the Federal Reserve Bank of St. Louis....
St. Louis Public Radio - March 5, 2015, by Maria Altman - What recovery? That was the question being asked Thursday by a small group of activists outside the Federal Reserve Bank of St. Louis.
About a dozen protesters called on the Fed to focus on unemployment, especially among minorities, rather than on keeping inflation rates low. They said if the Federal Open Market Committee raises the interest rate this year, as anticipated, it would likely mean fewer jobs.
"We’re calling on the Fed to do the right thing by most people, because the people they’re helping by changing the policy is a very small minority people and a very influential and affluent group of people," said Derek Laney of Missourians for Reform and Empowerment.
The protest was one of several held at Federal Reserve Banks around the country to highlight a new report by the Center for Popular Democracy and the Economic Policy Institute. The report calls on the Fed to focus on “full unemployment,” and highlights disparities between white and minority unemployment levels.
In Missouri last year the unemployment rate for African-Americans was 14.4 percent, while the rate for whites was just 5.1 percent, according to the Bureau of Labor Statistics. Several of the protesters, who represented a variety of local groups, including MORE, the Organization for Black Struggle, Veterans for Peace, Pro-Vote and Young activists United STL, had personal stories of being out of work and struggling.
Reginald Rounds with MORE said he had recently gotten a bachelor’s degree but still couldn’t find work.
"There is no recovery in the community in which I live," said Rounds. "I talked to many people in different organizations and churches throughout the city as we worked on the Don’t Shoot Coalition. It’s my personal belief that a lot of things that happened in Ferguson just boiled over from all the tensions of unemployment, job creation, housing and our educational system."
The Federal Reserve Bank of St. Louis said in an emailed statement that officials reached out to protesters on Wednesday and asked them to meet to discuss the report.
"The Fed has a dual mandate to keep inflation low and stable and to foster maximum sustainable employment. It takes these responsibilities very seriously," said Karen Branding, senior vice president of public affairs, in the statement.
Washington University economist Jennifer Dlugosz said the Fed has good reason not to focus too tightly on lowering unemployment levels.
"We know from macroeconomics that if the Fed tries to push the rate of unemployment below the natural rate, which people think is 5.5 percent, that it wouldn’t work and that it would just accelerate inflation," she said.
Dlugosz, who previously worked for the Fed’s Board of Governors in Washington, D.C., said monetary policy is not the right tool to address unemployment disparity. Instead, she said, targeting labor market and education policies to create more equality would likely have better results.
The report also took aim at the Fed’s transparency, especially in choosing the board of directors for each of the 12 Federal Reserve Banks. The protesters argued too many corporate and bank executives take those positions, including in the Federal Reserve Bank of St. Louis’ board of directors.
"It’s basically bankers, and that’s in the charter, and there’s whole bunch of other folks who could be from labor and working people, but are instead from big corporations," said Jeff Ordower of MORE.
The board of directors in each of the Federal Reserve districts is responsible for choosing the president of the Reserve Banks. Those presidents rotate onto the Federal Open Market Committee, which meets eight times a year and decides the nation’s monetary policy. (Learn more about how it all works here on the Federal Reserve Bank of St. Louis' website.)
In her statement, Branding said the Fed was designed by Congress to “represent the voice of Main St."
"At the St. Louis Fed we have significant dialogue with business leaders, community development organizations, educators and the public,” she wrote. “We have a diverse board of directors who are familiar with economic and credit conditions in the district.”
Professor Dlugosz said the make-up of the boards is somewhat limited by statute. Each district’s community bank members choose three bankers to sit on the board and three non-bankers. The other three directors are chosen by the Fed’s Board of Governors in Washington, D.C, and are supposed to represent a mix of labor, agriculture, industry, and consumers.
Dlugosz said the last group, known as “Class C,” is the most likely group to represent the interests of the public, since they’re appointed by the Board of Governors.
"That’s really, I’m guessing, the main place where you’re going to see heads of labor unions or consumer advocates. If they’re getting on there, I imagine it’s the Board that’s electing them," she said. "I don’t know if that’s changed over time, but one would hope that they’re keeping an eye on it."
Source
The #Resistance Trump ignited will shape politics for a generation
The #Resistance Trump ignited will shape politics for a generation
Jennifer Mosbacher cried in a doctor’s office the morning after Donald Trump’s election, unable to control herself during a routine physical. The 43-year-old Atlanta suburbanite had avoided...
Jennifer Mosbacher cried in a doctor’s office the morning after Donald Trump’s election, unable to control herself during a routine physical. The 43-year-old Atlanta suburbanite had avoided politics her entire life but was overcome with shock by an outcome she never saw coming.
Read the full article here.
CFPB: Financial firms can no longer force consumers to use arbitration in group disputes
CFPB: Financial firms can no longer force consumers to use arbitration in group disputes
Consumers can now sue banks in class-action lawsuits.
The Consumer Financial Protection Bureau said Monday financial companies will no longer be allowed to force customers to use...
Consumers can now sue banks in class-action lawsuits.
The Consumer Financial Protection Bureau said Monday financial companies will no longer be allowed to force customers to use arbitration to settle group disputes, restricting the industry's favored legal tool after years of review.
Read the full article here.
New York Now Largest City With Paid Sick Days
ThinkProgress - June 27, 2013, by Bryce Covert - In an early morning session on Thursday, the New York City Council voted to override a veto from Mayor Michael Bloomberg on paid sick days...
ThinkProgress - June 27, 2013, by Bryce Covert - In an early morning session on Thursday, the New York City Council voted to override a veto from Mayor Michael Bloomberg on paid sick days legislation. The bill, which now becomes law, requires any company with more than 15 employees to provide five days of paid leave a year and any company with fewer employees to offer five days of unpaid leave. This means that more than 1 million New York City workers will now have access to paid sick leave who didn’t have it before.
New York City joins four other cities — Seattle, Washington; San Francisco, California; Washington, DC; and Portland, Oregon — and the state of Connecticut in the group of places that have mandated paid sick days. However, New York’s legislation is not as strong as that in the other cities, which require companies with five or more employees to offer paid leave.
The city’s law will be implemented over a slow timeline, not taking effect until 2014 and only applying to companies with more than 20 employees for the first year and a half.
Despite initial concerns from City Council Speaker Christine Quinn and the objections raised by Mayor Bloomberg that the bill will put too large a cost burden on businesses, studies of laws in other places show either a neutral or positive effect. A recent audit of Washington, DC’s law found no negative impact on businesses, while a study of San Francisco found little negative impact and strong support among businesses and another of Connecticut found a small cost with big potential upsides. In fact, San Francisco’s law was found to have spurred job growth.
Even with these laws in place around the country, most workers don’t have access to paid leave. Forty percent of private workers and 80 percent of low-income workers can’t take a paid day off if they or their family members get sick.
Meanwhile, a rash of preemption bills, which bar cities and localities from enacting paid sick days legislation, have also been implemented across the country, the latest of which was signed into law by Florida Governor Rick Scott (R). They have also cropped up in Wisconsin, Michigan, and Mississippi. These bills have been sponsored by big businesses and local chambers of commerce and are part of a national effort backed by the American Legislative Exchange Council (ALEC), a right-wing group that coordinates conservative laws across states.
Source
New Report: State School Takeovers Lead To Academic Failure
02/08/2016
WASHINGTON — Today, the Center for Popular Democracy released a report, State Takeovers of Low-Performing Schools: A Record of...
02/08/2016
WASHINGTON — Today, the Center for Popular Democracy released a report, State Takeovers of Low-Performing Schools: A Record of Academic Failure, Financial Mismanagement, & Student Harm, showing that all statewide takeovers of low-performing schools have failed to achieve positive results and have instead resulted in harm to students and communities.
Kyle Serrette, the Director of Education Justice at Center for Popular Democracy, released the following statement:
“An education strategy that consistently has not been able to achieve its intended results doesn’t make sense. The data is clear: state takeovers harm students, families, and communities.”
Despite the poor track record of statewide school takeovers, lawmakers in seven states -- Wisconsin, Missouri, Mississippi, North Carolina, South Carolina, Pennsylvania, and Utah -- have introduced bills to expand the number of takeover districts in 2016, following 2015, when nine states introduced legislation to create statewide takeover districts: Arkansas, Georgia, Nevada, Missouri, South Carolina, Texas, Utah, and Wisconsin.
In 2003, Louisiana established the “Recovery School District,” the first statewide district of this kind. In the aftermath of Hurricane Katrina in 2005, the state rapidly expanded its takeover district. Tennessee followed suit, creating its “Achievement School District” in 2010 and expanding it in 2012. Finally, Michigan established its “Education Achievement Authority” in 2013, explicitly modeling it on the Louisiana precedent.
Louisiana Recovery School District: In 2014, there were 136 charter schools operating in Louisiana, attended by over 65,000 students. Of those schools, which accounted for 21,000 students, 41 percent, received a letter grade of D, F, or T (Transitional School), with a School Performance Score (SPS) below 69.1. Only 9 percent of Louisiana’s charter schools, enrolling just 8,700 students, received the letter grade A.
Tennessee Achievement School District: Only six out of the 17 takeover schools had moved out of the bottom performance decile by the end of the 2013-2014 school year. 2015 was the first year that statewide test scores in the takeover schools had improved after two years of either zero gains or actual decline. Reading scores in takeover schools have been consistently lower than pre-takeover levels all three years of the ASD, down over four percentage points in 2015.
Michigan’s Education Achievement Authority: The chancellor of Michigan’s EAA, Veronica Conforme, recently admitted that, “three years into this [the EAA], achievement hasn't improved.” In fact, it has actually set students back rather than delivering positive educational outcomes. Between 2012 and 2013, 36 percent of students in EAA schools saw declines in their performance on Michigan’s MEAP mathematics tests, and another 43 percent saw no improvement. Over the same time period, 36 percent of EAA students also saw declines in MEAP reading performance, with another 26 percent showing no improvement. Even worse, nearly half (46 percent) of students who had previously been proficient in the MEAP mathematics exam saw significant declines in their performance. Among these previously proficient students in the EAA, 82 percent of previously proficient students saw declines in their math test performance and 11 percent saw no change.
###
www.populardemocracy.org
The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.
Media Contact:
Asya Pikovsky, apikovsky@populardemocracy.org, 207-522-2442
Anita Jain, ajain@populardemocracy.org, 347-636-9761
Kenny Leon teams up with Marvel stars for Puerto Rico benefit
Kenny Leon teams up with Marvel stars for Puerto Rico benefit
Actress Scarlett Johansson has been in Atlanta working on Marvel’s latest “Avengers” project and keeping up with the harrowing updates out of storm-ravaged Puerto Rico. It could be Christmas...
Actress Scarlett Johansson has been in Atlanta working on Marvel’s latest “Avengers” project and keeping up with the harrowing updates out of storm-ravaged Puerto Rico. It could be Christmas before power is back on throughout the island and access to a steady supply of clean drinking water is still a challenge more than a month after Hurricane Maria hit.
Read the full article here.
How Trump's Criminal Justice Plan Is Really More For-Profit Incarceration
How Trump's Criminal Justice Plan Is Really More For-Profit Incarceration
The DOJ and the Trump administration seem to be working to expand private prison profits at the expense of communities of color...
...
The DOJ and the Trump administration seem to be working to expand private prison profits at the expense of communities of color...
Read the full article here.
6 days ago
6 days ago