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“Politicians that receive money from hedge fund managers like Seth Klarman and Dan Loeb should understand that their money is coming from people who have pushed austerity and privatization as the solution to Puerto Rico’s humanitarian crisis,” Julio Lopez Varona, co-director of the Community Dignity Campaign with the Center for Popular Democracy, told Sludge. “This solution has proven to help the rich get richer and the poor get poorer while pushing hundreds of thousands to leave the island.”

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Hundreds of activists, community organizers and progressive elected officials from around the country are meeting in Pittsburgh this weekend.

The two conventions, aimed at social and economic progress, will take on new perspectives in the wake of the police shooting deaths of two black men in Minnesota and Louisiana.

Pittsburgh Bureau of Police officials also said Friday that officers will have a heightened awareness of safety in the wake of Thursday night's shooting in Dallas, Texas that killed five police officers and injured seven more.

The Center for Popular Democracy, a national nonprofit that fights for racial equality, worker and immigrant rights, is hosting its first People’s Convention. It’s taking place in Pittsburgh, partly because of the city’s labor roots, location and number of organizations willing to partner, organizers said.

The CPD’s Co-Executive Director Andrew Friedman said attendees are on the front lines of groups demanding higher wages, affordable housing and racial equality. The goal is to build a community of action and share best practices for inciting change.

“I think there’s a huge value in folks realizing they’re not fighting alone,” Friedman said, “and learning about other campaigns in other parts of the country, and sharing strategies that are proving effective.”

Friedman said the Convention will focus on new conversations in light of the deaths of Philando Castile and Alton Sterling, two black men shot by police this week.

“I think it’s going to have a huge influence, I think folks are coming to the convention with broken hearts and in very low spirits,” Friedman said. “I think folks are in mourning and in shock frankly from these two very painful videos that have surfaced.”

Across the street from the People’s Convention, the annual Local Progress Convening, a gathering of 100 elected officials from across the country, is also taking place this weekend. The convening is another event headed by the CPD, hosted by Pittsburgh Mayor Bill Peduto and though separate from the People’s Convention, will have some coinciding events.

“In order to get any change accomplished, you need allies on the inside that are willing and able to move the levers of governmental power,” said Convening Co-Director Ady Barkan. “And you need advocates and community members and organized institutions on the outside pushing for those changes.”

Barkan said representatives from each gathering will speak at one another’s conventions. 

Friedman said gun violence and opportunities for the African American community will now have a larger focus on the conference’s agenda. He said attendees include activists who focus on ending police violence in Minneapolis – the site of one of the recent shootings.

One of the conference’s events is a march through Pittsburgh protesting inequality in immigration policies, environmental care and workers’ wages.

Organizers said another stop at the courthouse has been added to the march to honor Black Lives Matter and discuss the week’s news.

By VIRGINIA ALVINO

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Wall Street Journal - March 3, 2015, by Pedro Nicolaci da Costa - A network of liberal activists is planning a series of small demonstrations outside of several Federal Reserve district banks Thursday, intending to highlight elevated unemployment among minority communities and urging officials not to raise interest rates any time soon.

Fed officials have indicated they plan to lift their benchmark short-term interest rate from near zero, where it has been since late 2008, sometime this year if the economy continues to strengthen as expected.

The activists say the nation’s 5.7% jobless rate understates the underlying weakness of the labor market, pointing to high long-term and black unemployment as symptoms of an economy that is still ailing. The unemployment rate for blacks was 10.3% in January.

“The Federal Reserve has the power–and responsibility–to foster stronger economic conditions that create opportunity for all communities,” the Economic Policy Institute, a liberal Washington think tank backing the demonstrations, said in a statement.

The activists are planning actions outside the regional Fed banks of New York, San Francisco, Kansas City, Philadelphia, Minneapolis, St. Louis, Charlotte, N.C. (home to a branch of the Richmond Fed) and Dallas.

The Labor Department releases its February employment report on Friday.

Becky Moeller, president of the Texas AFL-CIO, said she and other community leaders have been frustrated by what they see as an opaque process for selecting the next Dallas Fed president. The current chief, Richard Fisher, is set to step down March 19.

Ms. Moeller said instead of getting a meeting with members of the Dallas Fed’s board of directors, which is in charge of the search, she and her delegation met with the bank’s general counsel in a session she described as not very helpful.

“This has been a comedy of pass the buck,” she said. “We don’t have a candidate—we’re just trying to talk processes.”

The Dallas Fed said it had recently met with the following groups regarding the search for a new bank president: Texas AFL-CIO, Texas Organizing Project, Jobs With Justice, Fort Worth Building Trades and Ironworkers, Workers Defense Project, Communication Workers of America, Dallas Central Labor Council, Harris County Central Labor Council and American Federation of Teachers.

“We had a productive conversation with representatives from these groups,” said James Hoard, a spokesman for the Dallas Fed. “We were interested in hearing their views on the selection of a new Dallas Fed president, and hope we were able to provide useful information to them, as well.”

The Center for Popular Democracy and the Fed Up Coalition, the umbrella groups coordinating the protests, expressed dismay at the lack of transparency in the selection of Patrick Harker as the new Philadelphia Fed President.

“Despite repeated requests from community, consumer, labor and academic organizations and public officials within the region, the Philadelphia Fed refused to create any mechanisms for engagement with the public,” said Kendra Brooks of Action United in Philadelphia.

“Instead, the process was entirely opaque: nobody outside of the Federal Reserve knew who the candidates were or what the criteria were for selection. This process did a disservice to the Federal Reserve System and the people of the Philadelphia region.”

The Philadelphia Fed said in response: “Several of our staff members did meet with members from Action United to hear their concerns. The Philadelphia Fed also provided them the opportunity to provide names of potential candidates to our executive search firm.”

The same group of activists showed up at the Kansas City Fed’s annual Jackson Hole symposium last summer and held a meeting with Janet Yellen at the Fed in November.

Last week, Ms. Yellen met with a group of conservative activists who argued the Fed’s low-rate policies were hurting rather than boosting employment.

The Great Recession has brought increased political scrutiny on the Fed, with prominent Republican and Democratic politicians calling for various changes in the central bank’s governance.

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The predominantly white male composition of Federal Reserve leadership is facing criticism from Democratic elected officials who believe the institution doesn’t adequately reflect the demographics of the nation it is meant to serve.

The legislators said in a letter to Federal Reserve Chairwoman Janet Yellen on Thursday that central bank leaders also are drawn too frequently from business and financial backgrounds. The letter to Ms. Yellen received support from the leading Democratic candidate for the White House, Hillary Clinton.

Eleven senators and 116 members of the House of Representatives signed the letter, which was organized by Sen. Elizabeth Warren of Massachusetts and Rep. John Conyers Jr. of Michigan. No Republicans participated, although they were given the opportunity to do so.

“Given the critical linkage between monetary policy and the experiences of hardworking Americans, the importance of ensuring that such positions are filled by persons that reflect and represent the interests of our diverse country, cannot be understated,” the letter said. “When the voices of women, African-Americans, Latinos, and representatives of consumers and labor are excluded from key discussions, their interests are too often neglected.”

While the Fed has made “some progress” on diversity issues, the central bank has “considerable work to do” to comply with its legal mandate to represent the interests and diversity of the American people, the letter said.

The Fed said in a statement that it “is committed to fostering diversity—by race, ethnicity, gender, and professional background—within its leadership ranks.” It added 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.”

The Fed also cited a rise in both racial and gender diversity on the regional Fed boards, with 46% of all directors now meeting the label of “diverse.”

In February, Ms. Yellen also addressed the issue in testimony to Congress, saying officials in Washington are “constantly attentive in its oversight of the reserve banks to the issue of diversity of representation on those boards. And it has improved considerably.”

The legislators’ letter follows a report earlier in the year from the Center for Popular Democracy’s left-leaning Fed Up Coalition, which took a look at the Washington-based Fed governors, regional bank presidents and boards of directors overseeing the 12 regional banks. That report flagged the fact that even as the Fed is now led by a woman, three of five current governors are men, and all are white. Of the 12 regional Fed bank presidents, 11 are white, two are women, and one is Indian-American. The last black person to hold a top leadership role at the Fed was Roger Ferguson, a vice chairman who left in 2006.

Fed governors are nominated by the president and are subject to Senate approval. Regional Fed bank presidents are nominated by their local boards by members representing firms not regulated by the central bank, subject to the approval of the Fed board in Washington.

The Clinton campaign said the central bank is indeed ripe for change. “The Fed needs to be more representative of America as a whole,” it said in a statement, adding that “commonsense reforms—like getting bankers off the boards of regional Federal Reserve banks—are long overdue.”

Much of the criticism over Fed diversity centers on the make-up of the regional bank boards of directors, which are populated by members of the private sector and oversee the operations of the Fed banks.

The makeup of Fed bank president ranks has been criticized for other reasons as well. The leaders of the New York, Philadelphia, Dallas and Minneapolis branches have all worked for investment bank Goldman Sachs in some capacity.

The Federal Reserve in recent years has faced criticism from both sides of the political spectrum. Many on the right have been angered by the central bank’s aggressive stimulus actions and its role in bailouts of the financial system, and some have wanted to audit the central bank’s process for making monetary policy and force the Fed to set policy based on an explicit and simple rule.

On the left, some have said the Fed has pursued policies that have promoted income inequality and the interests of the financial sector. The low level of diversity has become a more prominent concern in recent months in part because of the report from the Fed Up Coalition.

Meanwhile, former Minneapolis Fed President Narayana Kocherlakota said in a blog post in January that a lack of black representation at the Fed appears to have left central bankers insufficiently attuned to the economic troubles of the African-American community.

The Fed has become an issue in the presidential campaign. Last week, presumptive Republican nominee Donald Trump said he likely would replace Ms. Yellen if he were president. On the Democratic side, Sen. Bernie Sanders of Vermont has long been a critic of the Fed.

By MICHAEL S. DERBY

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