Fed moves to quell charges of opacity, lack of diversity
The Federal Reserve has rolled out a series of announcements, online forums and meetings with Americans this year in response to outspoken civic groups and many Democrats, including Hillary...
The Federal Reserve has rolled out a series of announcements, online forums and meetings with Americans this year in response to outspoken civic groups and many Democrats, including Hillary Clinton, calling for a more transparent and inclusive U.S. central bank.
The latest critique came this week when Fed Up, a labor-affiliated coalition pushing for reforms, said it was "disappointing" that Nicole Taylor, a black woman and dean of community engagement and diversity at Stanford University whose term as director at the San Francisco Fed soon expires, would be succeeded on the board by Sanford Michelman, a white man who is co-founder of law firm Michelman & Robinson LLP.
"It's definitely a step back in terms of what I'd like to see on our board. We're working actively to build representation of women and minorities," John Williams, president of the San Francisco Fed, said on Wednesday in response to reporters' questions, noting the decision was made by private banks in his district.
After years of resisting more overt political efforts to curb its independence, the Fed this year has appeared willing to shine a light on its historically opaque process of choosing district Fed presidents, and also to show it is more sensitive to racial and gender diversity.
After the Philadelphia, Dallas and Minneapolis Fed banks last year all chose as presidents men with past ties to Goldman Sachs, the Atlanta Fed hosted a public webcast this month and said it seeks a "diverse set of candidates" for its new chief, raising hopes it would name the first black or Latino Fed president in the central bank's 103-year history.
"It's not just because we want to go and say we're diverse," Loretta Mester, Cleveland Fed president, said at a meeting with workers a day after her bank launched online applications for the public to recommend directors and advisers. "It's about getting different view points that are very helpful to us in ... thinking about the economy and understanding the trends."
The regional Fed presidents have rotating votes on policy, except for the head of the New York Fed who has a permanent voting role. Unlike Fed governors who are selected by the White House and approved by the Senate, the presidents are chosen by their district directors, half of whom are themselves picked by private local banks that technically own the Fed banks.
Critics say the dizzying structure leaves the Fed beholden to bankers who do not represent the public, and they point out that 11 of 12 district presidents are white while 10 are men.
By Jonathan Spicer and Dion Rabouin
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Letter: No point putting faith in GOP lawmakers
Anyone who buys the GOP story that they are going to give us better health care is a sucker. We will get hosed by the lying GOP. Anyone who votes for this garbage of a health care proposal should...
Anyone who buys the GOP story that they are going to give us better health care is a sucker. We will get hosed by the lying GOP. Anyone who votes for this garbage of a health care proposal should be voted out of office. If this becomes law, every working man and woman should change their dependents, then let us see how these leeches get by with no salary. We do that and the federal government has no income.
Read the full letter here.
At Rally Outside Jamie Dimon's Home, Immigrant Rights Advocates Demand #BackersOfHate Stop Bankrolling For-Profit Prisons
At Rally Outside Jamie Dimon's Home, Immigrant Rights Advocates Demand #BackersOfHate Stop Bankrolling For-Profit Prisons
"Jamie Dimon, in the past two years, 22 people have died in detention centers that you finance," said Ana Maria Archila of the Center for Popular Democracy. "JPMorgan Chase has to divest from...
"Jamie Dimon, in the past two years, 22 people have died in detention centers that you finance," said Ana Maria Archila of the Center for Popular Democracy. "JPMorgan Chase has to divest from private prisons and detention centers. You can no longer say you aren't aware of this issue!"
Read the full article here.
Protesters On Hunger Strike For 17 Days Ask Education Department To Help
Two Chicago protesters who have been fasting for 17 days over the future of a local high school traveled to Washington D.C. this week to take their fight to the national stage.
...
Two Chicago protesters who have been fasting for 17 days over the future of a local high school traveled to Washington D.C. this week to take their fight to the national stage.
The protesters, joined by civil rights leaders and the presidents of the nation's two largest teachers unions, held a press conference on Wednesday and delivered a letter to Secretary of Education Arne Duncan, asking him to take action so city officials will make a decision about Chicago's Dyett High School, which closed in June due to low enrollment rates and test scores.
Twelve protesters have been participating in a hunger strike since Aug. 17 in an attempt to convince the Chicago Board of Education to reopen the school as an open-enrollment public school with a focus on science, which they say will best serve the needs of the community. The board is weighing various plans to reopen the school, but protesters say this process has been slow and inconsistent, and worry that the board will ultimately allow the school to remain closed.
Since the start of the hunger strike, four protesters have had to receive medical attention, according to the Chicago Sun-Times. Last week, a group of medical professionals asked Chicago Mayor Rahm Emanuel to intervene, calling the situation "a health emergency."
Only two of the protesters made the trip to Washington. The letter they delivered to Duncan on Wednesday asks him to "act swiftly to avert the further harm." An excerpt from the letter states:
"One of the challenges facing African American parents and students in Chicago is the lack of response and accountability from elected and appointed officials. Affluent neighborhoods receive selective enrollment and well-resourced schools. However, communities comprised of predominantly low-income and working families have to contend with under-resourced schools and privatization models that undermine the integrity of the community. We compel you to act on behalf of the residents of Bronzeville who have been rendered voiceless in this process."
At Wednesday's press conference, protesters Jitu Brown and April Stogner were joined by American Federation of Teachers President Randi Weingarten, National Education Association President Lily Eskelsen García, Advancement Project Co-Director Judith Browne Dianis, Schott Foundation President John Jackson, Coalition for Community Schools Director Martin Blank, and members of the Alliance for Educational Justice and the Center for Popular Democracy.
"Sometimes you have to put your own health on the line to get the attention of the world," said García.
The protesters want the Board of Education to choose their proposal for the school's future, which would reopen the school as the Dyett Global Leadership and Green Technology High School.
"We’re going to do whatever is necessary to keep this school and have an open enrollment school in our community,” said Stogner, a protester who has three grandchildren. “I’m hungry. But I’m not really hungry for food -- I’m hungry for justice. I’m hungry for justice for my grandbabies, for all the kids in my community."
“We live in a city where we are not valued as black and brown people,” she added.
Earlier this week, protesters met with Emanuel and officials from Chicago Public Schools to discuss the strike, but the meeting did not lead to any resolution.
"The mayor appreciates there are strong feelings about Dyett, and he understands there is a desire for a quick resolution about its future, however what's most important is the right decision," said a statement from the mayor's office. "CPS is engaged in a thorough review of Dyett, and while they are closer to a decision, they continue to weigh all the factors at play in an effort to achieve the best outcome possible -- one that will ensure a strong Bronzeville and a strong future for our children."
A spokesperson for Duncan said Department of Education leaders plan to meet with the protesters to hear their concerns.
“We respect the efforts of this group and worked to accommodate their plans to hold a press conference outside our building," said Department of Education press secretary Dorie Nolt in a statement. "Senior leaders at the Department will meet with representatives of the group today to hear more about their concerns. While this is squarely a local issue, we always welcome the opportunity to engage with concerned students, parents, educators and community members.”
Source: Huffington Post
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
Source
No sanctuary cities in Florida? That’s not as settled as Andrew Gillum claims
No sanctuary cities in Florida? That’s not as settled as Andrew Gillum claims
It’s difficult to speak in absolutes when discussing sanctuary cities, because as Gillum said, there is no formal definition. The term can be used to make either negative or positive arguments...
It’s difficult to speak in absolutes when discussing sanctuary cities, because as Gillum said, there is no formal definition. The term can be used to make either negative or positive arguments about local policies, said Francesca Menes, Florida state coordinator for Local Progress, a national network of local elected officials working on social issues, including immigration protection.
Read the full article here.
Another retailer pulls plug on on-call scheduling
"Following discussions with my office, L Brands' (LB) subsidiary Bath & Body Works has agreed to end on-call shifts for...
"Following discussions with my office, L Brands' (LB) subsidiary Bath & Body Works has agreed to end on-call shifts for employees in all U.S. stores next month," New York Attorney General Eric Schneiderman said Wednesday in a statement.
The agreement comes after the Columbus, Ohio-based retailer made the same moves at youth-focused retailer Abercrombie & Fitch (ANF) and underwear purveyor Victoria's Secret.
L Brands, which operates nearly 1,600 Bath & Body Works stores in the United States, declined to comment. A company source, however, said the company is phasing out on-call scheduling.
The company's move drew limited praise from one group advocating for workers, which said the change, while positive, still leaves troublesome policies in place.
"Since July, they have been relying on shift extensions at Victoria's Secret, which are on-call shifts by another name," Erin Hurley, an organizer for Rise Up Georgia in Atlanta, a partner of the Fair Workweek Initiative at the Center for Popular Democracy. "While we celebrate the step forward, we call on L Brands to take a definitive step toward a fair workweek by giving workers shifts with definite start and end times, and enough hours to support their families," added Hurley, a former Bath & Body Works employee.
Schneiderman in August said Gap (GPS) would this month end its policy of requiring workers to remain on-call for short-notice shifts after his office launched an inquiry, requesting information about scheduling practices from 13 retailers, including Gap, Abercrombie & Fitch and Bath & Body Works.
At the time, the attorney general said his office had received reports of more employers setting shifts the night before or even just a few hours in advance. The practice left workers with little time to arrange for childcare or work other jobs.
In New York, if workers shows up for a shift that they end up not being needed for, they're legally entitled to four hours of pay. Schneiderman's investigation delved into possible violations of that law.
"Employees deserve stable and reliable work schedules to adequately plan for childcare, transportation and other basic needs," Schneiderman said, adding that his inquiry had yielded "positive results for tens of thousands of workers."
Roughly a dozen states and a few municipalities have passed legislation addressing on-call scheduling, and a bill, the Schedules That Work Act, was reintroduced on Capitol Hill in July, with Sen. Elizabeth Warren, D-Massachusetts, among the sponsors.
"You can't win what you don't fight for," Warren told a news conference in acknowledging that the bill stood little chance of being enacted by the Republican-led Congress.
Source: CBS News
The Obamacare repeal battle showed the power and limits of grassroots organizing
The Obamacare repeal battle showed the power and limits of grassroots organizing
Jennifer Flynn Walker and Paul Davis are close friends, left-wing organizers who worked together as activists during the HIV/AIDS crisis of the 1990s and have trained hundreds of other activists...
Jennifer Flynn Walker and Paul Davis are close friends, left-wing organizers who worked together as activists during the HIV/AIDS crisis of the 1990s and have trained hundreds of other activists since.
They’ve also both dedicated much of their past seven months to fighting Republicans’ efforts to repeal and replace Obamacare. But ask them what to make of the fight and you’ll hear wildly different answers.
Read the full article here.
No Half Measures: Why It Will Take $15 to Raise Chicago
Although corporations are experiencing a profitable recovery, the jobs recovery has been grim and marked by a shift to lower wages. A recent study by the National Employment Law Project found...
Although corporations are experiencing a profitable recovery, the jobs recovery has been grim and marked by a shift to lower wages. A recent study by the National Employment Law Project found nationally that we have lost two million mid-wage and higher wage jobs since the Great Recession, but we have gained nearly two million low-wage jobs in the same time period. Businesses used the Great Recession as an opportunity to cut living-wage jobs (more of which were cut than low-wage jobs in the downturn) and replace them with low-wage jobs once they started hiring again. Jobs in lower-wage industries typically provide insufficient income for working families to meet their basic needs. Industry’s increasing reliance on low-wage jobs and failure to invest in its workforce threatens to exacerbate already extreme inequality and jeopardizes the city’s economic health. Download the report here.In March 2014, 86 percent of Chicago voters supported a non-binding referendum to raise the minimum wage to $15 in Chicago. The City Council responded by introducing the Raise Chicago ordinance in May, which covers all employees working for businesses in Chicago with over four employees. Corporations (including their subsidiaries and franchises) with annual gross revenues over $50 million would be mandated to raise their wages first; small and medium-sized businesses would phase in the increases in subsequent years.
In response to the increased activity for a $15 minimum wage, Mayor Rahm Emanuel convened a Minimum Wage Working Group in May to examine the question of low-wage work. The working group included representatives of some of the chief opponents to minimum wage raises, including the Chicagoland Chamber of Commerce, the Illinois Restaurant Association, and the Illinois Retail Merchants Association. In July, the group proposed raising the minimum wage for all workers at firms employing over four workers to only $13 by 2018, leaving out large groups of workers in the process. The Mayor’s Working Group appears to acknowledge the reasoning behind the growing nationwide momentum to increase the minimum wage to $15 in many of the nation’s most expensive cities, but responds by proposing a half measure here in Chicago. The proposal of the Mayor’s Working Group fails to secure the truly robust economic recovery that the $15 Raise Chicago ordinance would achieve.
When fully implemented (at the end of its two phases), a $15 minimum wage would:
Increase wages: $2.49 billion in new gross wages. Stimulate Chicago’s economy: $1.04 billion in new economic activity and 6,920 new jobs. Increase city revenues: Over $80 million in new sales tax revenues. Increase state revenues: $125 million in new income tax revenues.In contrast, a $13 minimum wage would result in:
Only 50% as great an increase in new gross wages—of $1.25 billion. $522 million dollars in new economic activity (a raise to $15 would almost double that). Only $40 million in new sales tax revenues, half that of the $15 proposal.Download the report here.
Retail workers celebrate scheduling law. Requirements will bring change to national chains.
Retail workers celebrate scheduling law. Requirements will bring change to national chains.
Lisa Morrison loves her job in the floral department at Safeway on U.S. Highway 20 in Bend, but she said the company’s practice of giving three days’ notice of work schedules has created a lot of...
Lisa Morrison loves her job in the floral department at Safeway on U.S. Highway 20 in Bend, but she said the company’s practice of giving three days’ notice of work schedules has created a lot of stress in her life.
So, she made two trips to Salem this year with representatives of United Food and Commercial Workers Local 555 to lobby legislators on the workplace scheduling bill that passed June 29 with bipartisan support.
Read the full article here.
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