‘Patriot’ Dimon dodges calls to disavow Trump policies
By Ben McLannahan
Jamie Dimon endured a rough ride at the annual meeting of America’s biggest bank on Tuesday morning, as shareholders repeatedly attacked the JPMorgan Chase chief over his...
By Ben McLannahan
Jamie Dimon endured a rough ride at the annual meeting of America’s biggest bank on Tuesday morning, as shareholders repeatedly attacked the JPMorgan Chase chief over his ties to the administration of Donald Trump.
In December Mr Dimon was named chairman of the Business Roundtable, a group of almost 200 CEOs which is among the most prominent lobbying groups in Washington. Mr Dimon, chief executive of JPMorgan for the past 11 years and chairman for 10, is also a member of Mr Trump’s strategic and policy forum, which meets regularly to shape the economic agenda.
At the meeting in Wilmington, Delaware, a succession of shareholders challenged Mr Dimon to publicly disavow some of Mr Trump’s policies, such as his curbs on immigration from predominantly Muslim countries and his building a wall on the border with Mexico. One shareholder noted that users had sent more than 4000 messages to a website, backersofhate.org, urging Mr Dimon to “distance himself from hateful policies of human suffering”.
After staying silent throughout several speeches from the floor, Mr Dimon defended the bank’s record on Mexico, its support for lesbian, gay, bisexual and transgender people, and its funding of private prisons.
Finally, he said of Mr Trump: “He is the president of the United States, he is the pilot flying the aeroplane. I’d try to help any president of the US because I’m a patriot. That does not mean I agree with every policy he is trying to implement.”
Mr Dimon has long been the most outspoken of the big-bank chiefs in the US, often using his shareholder letter as a platform for taking positions on matters of public policy, and for challenging the regulatory framework put in place since the 2008 crisis.
In the weeks after the presidential election, the 61 year old was approached by members of Mr Trump’s transition team to serve as Treasury secretary but declined, saying he was unsuited to the role, according to people familiar with the discussions.
As hostile questioning resumed after his remarks at the Tuesday meeting, Mr Dimon tried to lighten the mood, saying “you’re starting to hurt my feelings”. The shareholder admonished him by saying that just by hearing him out, the chief executive would earn more than $100.
“I hope it’s worth it!” said Mr Dimon, who was paid $28m last year.
“This is not a laughing matter,” the shareholder replied.
The meeting stood in contrast to the peaceful gathering at the Goldman Sachs building in Jersey City at the end of last month, when chief executive Lloyd Blankfein faced just two questions from the floor, both of them friendly. Mr Blankfein, who is also chairman of the board, closed the meeting within just 24 minutes.
Mr Dimon wrapped up Tuesday’s proceedings by saying the entire board “takes this feedback seriously”.
Ana Maria Archila, co-executive director of the Center for Popular Democracy, said after the meeting that until Mr Dimon takes a stronger stand her organisation would continue to associate JPMorgan Chase with Mr Trump’s “anti-immigration” agenda.
Ms Archila arrived in America 20 years ago to reunite with her father, who had fled political violence in Colombia.
“I don’t think we have a plan to really inflict economic damages on the bank just yet,” she said. “But what we do have a plan for, is to force them to clarify whose side they’re on.”
Movement for paid sick leave gains ground
The New Crossroads - May 13, 2013, By Gregory N. Heires - Grassroots campaigns for local and state laws requiring employers to provide their workers with paid sick days are gaining steam.
...
The New Crossroads - May 13, 2013, By Gregory N. Heires - Grassroots campaigns for local and state laws requiring employers to provide their workers with paid sick days are gaining steam.
In the latest sign of the growing movement, the New York City Council approved legislation that would make 1 million workers eligible for paid sick days.
The passage of the bill capped a three-year fight for the legislation by unions and health-care advocates.
But the legislation faces a possible veto by billionaire Mayor Michael Bloomberg, who has said he would not sign the bill into law. However, the City Council approved the legislation by a veto-proof margin.
On the day of the vote, Kristin Rowe-Finkbeiner, executive director of MomsRising.org, an online and on-the-ground grassroots organization of more than a million people who are working to achieve economic security for all families in the United States, said, “It’s been a long fight, but today the New York City Council heeded the call of New York families and passed a bill that would allow more than a million New Yorkers to earn paid time off to use when they are sick or to take care of a sick child, spouse or parent.”
Rowe-Finkbeiner called upon Bloomberg to “stand up to corporate lobbyists, listen to the people who elected him and sign this important bill.”
The new paid sick leave bill, which the Council passed by a 45-3 vote, would go into effect in April 2014. Initially, the law would require businesses with 20 or more workers to provide five paid sick days to its employees.
In October 2015, it would be expanded to cover firms with 15 or more workers. Furthermore, the law would protect workers who are not entitled to paid sick leave from being fired if they take time off.
“This is a sweet victory,” Bill Lipton, state director of the Working Families Party, told The New York Times. “It provides economic security for New Yorkers, and a shot in the arm for the paid sick days movement across the country.”
The Working Families Party and MomsRising.org were part of a coalition that included the New York City Central Labor Council, the Center for Popular Democracy, the New York City Council’s Progressive Caucus, 32 BJ SEIU, Make the Road New York, A Better Balance and NY Paid Sick Leave Coalition.
New York City joins an increasing number of municipalities and states that are supporting sick pay legislation. San Francisco, Washington, D.C., and Milwaukee have adopted paid sick day laws. Pushes for similar legislation are underway in nearly 20 cities and states, including Denver, Miami, Seattle, Arizona, California, Colorado, Connecticut, Hawaii, Illinois, Iowa, Maine, Massachusetts, Michigan, Minnesota, New Jersey, North Carolina, Pennsylvania, Vermont, Washington and Wisconsin.
In March, Sen. Tom Harkin (D-Iowa) and Rep. Rosa DeLauro (D-Conn.) introduced the Health Families Act. The legislation would allow workers to earn paid sick leave that they could use for personal illnesses, caring for a sick family member, preventive care or treatment for domestic violence.
In the United States, 40 million people work in jobs that don’t offer paid sick leave. One million workers in New York City, primarily low-wage workers, don’t have paid sick days.
In addition to arguing that workers have the right to paid sick leave, supporters of the New York City bill argued that the policy simply makes common sense. Faced with the prospect of losing pay, workers without the right to paid time off often decide to go to work when they have contagious illnesses. Furthermore, workers are less productive when they are ill.
“It’s an incredible feeling to know that I won’t ever again have to choose between my child’s health and my job,” said Juana Sanchez, who has three children and is a member of Make the Road New York, a Brooklyn-based community organization that represents Latino and other low-income workers.
“I believe this law enshrines the principle that American exceptionalism is not just about large profits and small elites, but a workplace that is safe, fair and respectful of the lives of workers,” said City Council member Gale Brewer, who first introduced the bill in 2009.
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Meet the lefty club behind a blitz of new laws in cities around the country
Like many new organizations, Local Progress sprang from the ashes of a crisis.
In 2012, New York City...
Like many new organizations, Local Progress sprang from the ashes of a crisis.
In 2012, New York City Councilmember Brad Lander, who represents Brooklyn’s Park Slope neighborhood, and Nick Licata, then Seattle council chair, had a phone call about how to deal with the tidal wave of foreclosed homes that had swept the country. A few loosely organized collectives had emerged around the challenge of blight, with some cities trying innovative and legally risky strategies like using the power of eminent domain to seize the foreclosed mortgages. But there wasn’t a place to convene like-minded local officials around that issue — or any other. “It really grew into 'hey, there should be something like this,'” Lander says.
Rather than creating a new organization, Lander reached out to the Center for Popular Democracy, another young outfit that secured grants to support a few staff members for the project. They first gathered in 2012, at the left-leaning Center for American Progress in Washington. The group has grown — with annual convenings and ones that are more ad hoc, like a forum in support of Seattle’s first-in-the-nation vote to raise its minimum wage to $15 in 2014. The show of solidarity helped. “One thing they said was, 'make it look like we’re not crazy,’” Lander says, of Seattle’s council.
Many cities have a klatch of liberal legislators who push for higher minimum wages, paid leave mandates, taxes on plastic bags and the like. By putting them in contact with one another and other community groups, Local Progress has in recent years created a policy feedback loop that’s accelerated the spread of new laws in municipalities across the country. In the absence of federal action on many issues, it’s trying to make local government into something that doesn’t just pick up the trash — but solves some of society’s biggest problems as well.
City-level cooperation, of course, isn’t a new idea.
Its first iteration came about a century ago, during the Progressive era, when urban leaders fought for home rule for cities in order to establish construction codes, health and safety standards, and the architecture of good government through state-based alliances called Municipal Leagues. Later, President Franklin D. Roosevelt’s New Deal created programs that bypassed the more conservative governors and state legislatures, filtering aid for infrastructure projects through local Democratic machines.
That relationship started to weaken through the 1970s and ‘80s, when some Democrats migrated to the suburbs, urban politics became more racialized, and the flow of money slowed to a trickle.
“What’s new in the last 30 years is that federal role has been eroding, and by now it’s really difficult to get anything done,” says Margaret Weir, a professor at UC Berkeley who specializes in urban politics. "The Reagan administration signaled to cities that 'you’re pretty much on your own.’"
Meanwhile, the old Municipal Leagues had evolved into bodies like the National League of Cities and the National Council of State Legislators, which serve as convening entities — but don’t tend to push the policy envelope that much, so as to remain all-inclusive. Licata, in particular, was frustrated that there seemed to be more focus on issues of greater concern to small towns, rather than those of large cities; he also wanted to see more emphasis on issues of social justice and racial equity than the existing organizations were willing to take on.
"The old ones got defined in more nonpartisan terms,” says Theda Skocpol, a professor of government and sociology at Harvard. “Today’s progressives want a harder edge."
Creating an organization of self-described progressive elected leaders serves another purpose: It creates an easy and fast way for liberal activists to access the people most likely to take action.
"There wasn’t a place where you could find progressive elected officials in the aggregate. You’d find one here and you’d find one there,” says Angela Glover Blackwell, president of Policylink, which focuses on equity for communities of color. Local Progress “was a gold mine.”
So far, Local Progress has appealed to reform-oriented elected officials like D.C. City Councilmember Elissa Silverman, whom the organization recruited last year. In October, she made a quick trip to Los Angeles for the group’s first large convening, where she found about 100 people like her trying to think creatively about what local officials can do within the law — like require predictable schedules for retail employees, for example, or crack down on non-payment of freelancers.
"I was not totally sold on the value of going out there, but I said ‘what the hell,’ and I’m really glad I did,” Silverman says. Now, when she wants to workshop a new policy idea or learn what others had experienced with proposals that crop up in D.C. — like funding a new arena that will be used by a professional sports team, which Silverman opposes — she can tap into the network with one email to a listserv, or look up a policy toolkit that Local Progress’ small staff has put together on the issue.
A few months later, while introducing a proposal for public financing of municipal elections, she mentioned the experiences of three young council members she met at the conference: Antonio Reynoso, Ritchie Torres, and Carlos Menchaca of New York, all of whom had triumphed in unlikely campaigns against powerful opponents.
"Antonio in particular said 'Hey Elissa, if it wasn’t for public financing, I wouldn’t have been able to win,’ and that was very important for me to hear,” Silverman recalls. ”I was already convinced, but to have all three of them say that made a big impact.”
In trying to push a progressive agenda in cities, Local Progress hasn’t escaped opposition.
Some of the most formidable comes from the American Legislative Exchange Council, a conservative membership organization that helps Republican state senators and representatives pass laws confining the size of government,often to tremendous effect. In 2014, liberals formed the State Innovation Exchange to try to serve as a counterweight, but its influence is so far fairly limited.
ALEC doesn’t have to fight Local Progress’ members directly. Instead, the group has favored “pre-emption” laws that enforce uniform rules across a state -- preventing a city on its own from passing stricter gun laws, or higher minimum wages. Pittsburgh’s new paid sick days ordinance, for example, was just thrown out by a court on the grounds that the city didn’t have the authority under state law to enact it.
“As cities step out and move the ball forward, states have come in to take away their power to do just that,” says Andrew Friedman, co-director of the Center for Popular Democracy, where Local Progress is housed.
About a year after Local Progress had its first meeting, ALEC formed the American City and Council Exchange, also focused on local jurisdictions. The group’s director, Jon Russell, met with LocalProgress co-founder Nick Licata, who had joined as a member to learn more about the group. Russell thinks they could find common ground on some issues, like openness and transparency in local government. But that doesn’t usually include the question of what cities should control, and what should be left to the state.
“There’s some situations where the state does a better job, and wants to have consistency,” Russell says. “What we tend to tell our members is to focus on what we do best — making sure our budgets are effective and efficient. Don’t get tied up in these political issues that more recently have crept into local government.” He thinks that local officials shouldn’t listen to environmental groups, for example, trying to ban fracking or keep coal trains from coming through town.
“If they want to work on state issues, they should run for state government,” Russell said, of the policy entrepreneurs. "People want their trash picked up. They want their police to respond to calls. They want their fires put out.”
The central idea of Local Progress, however, is that no issue is out of bounds for city government. Besides environmental groups, it has heavy involvement from the labor movement; an AFL-CIO vice president sits on the organization’s board, and the conference in October had a session on the Service Employees International Union’s Fight for $15 minimum wage campaign, along with numerous appearances by union officials. Those outside groups are essential to getting new policy ideas into practice.
In time, Lander sees the direction of policy innovation starting to flow in reverse: From pioneering cities up to state and federal lawmakers, who might take cues from what appears to be a groundswell of support. He recently wonthe passage of a bill banning credit checks for employment, for example.
“Eventually that should be a national law or a CFPB regulation. That’s not going to happen until a lot of cities and states do it,” Lander says. “And if there’s a competition for who can do the strongest law, eventually it’ll make sense for businesses to say 'we should have a national law.'"
But right now not all cities are able to adopt the kinds of path-breaking new laws that councils can pull off in liberal enclaves on either coast. Take something like allowing Uber drivers to unionize, which could entail years of litigation while courts decide whether it’s kosher — as the mayor of Seattlepointed out in a letter to council members after they voted unanimously in favor of it. Being the first takes both political will and financial resources to enforce new mandates and weather the inevitable legal hiccups or unforeseen consequences that might require adjustments down the road.
That’s also where the leaders of Local Progress think a central clearinghouse of information could come in handy: It might help a city councilperson in Terre Haute, Ind., or Tempe, Ariz., avoid having to design an inclusionary zoning ordinance from scratch. Moreover, it makes members feel connected to a larger movement, rather than just slogging away in the trenches.
“It’s a question of looking at a progressive issue, and understanding that progressive issues do reflect the interests of everyone,” Licata says. “As an additive to the gas, we’re able to get more mileage and oomph on this issues.”
Source: Washington Post
Everything you need to know about Tuesday's Arizona special election for Congress
Everything you need to know about Tuesday's Arizona special election for Congress
Ady Barkan, a progressive health-care activist whose videotaped pleadings with U.S. Sen. Jeff Flake, R-Arizona, last year briefly became a viral hit, has formed a group trying to raise money for...
Ady Barkan, a progressive health-care activist whose videotaped pleadings with U.S. Sen. Jeff Flake, R-Arizona, last year briefly became a viral hit, has formed a group trying to raise money for Democrats, starting with Tipirneni.
Read the full article here.
No Factions in Foxholes
By focusing chiefly on the surge in middle-class activism, says Andrew Friedman of the Center for Popular Democracy, the news media are overlooking a similar surge “in many of these front-line...
By focusing chiefly on the surge in middle-class activism, says Andrew Friedman of the Center for Popular Democracy, the news media are overlooking a similar surge “in many of these front-line communities, brown and black communities, working-class communities.”
Read full article here.
Sexual assault testimony in the Senate Judiciary Committee hearing triggers trauma, reports
Sexual assault testimony in the Senate Judiciary Committee hearing triggers trauma, reports
The political became personal for many this week, as Christine Blasey Ford’s testimony of sexual assault reopened old wounds for other victims — including two women who dramatically confronted a...
The political became personal for many this week, as Christine Blasey Ford’s testimony of sexual assault reopened old wounds for other victims — including two women who dramatically confronted a key US senator Friday in a Capitol elevator.
Read the full article here.
"You can save my life - remember this conversation": Father with ALS confronts Senator Jeff Flake on flight from DC to Arizona over tax bill*
"You can save my life - remember this conversation": Father with ALS confronts Senator Jeff Flake on flight from DC to Arizona over tax bill*
A terminally-ill father suffering Lou Gehrig's disease shared his personal story with Sen. Jeff Flake with the ambition to make an influence on his stance of the GOP tax reform bill.
Ady...
A terminally-ill father suffering Lou Gehrig's disease shared his personal story with Sen. Jeff Flake with the ambition to make an influence on his stance of the GOP tax reform bill.
Ady Barkan, 33, approached the Republican lawmaker during his flight home from Washington D.C. - where the ill Barkan had spent days protesting the bill.
Read the full article here.
Austin becomes first city in the South to mandate paid sick leave
Austin becomes first city in the South to mandate paid sick leave
But Austin’s paid sick leave vote has implications for many other areas. Sarah Johnson, the co-executive director of Local Progress, an organization that has worked to help Austin’s paid sick...
But Austin’s paid sick leave vote has implications for many other areas. Sarah Johnson, the co-executive director of Local Progress, an organization that has worked to help Austin’s paid sick leave efforts advance, told ThinkProgress that the wider region stands to benefit from the city’s example.
Read the full article here.
Advocates Rally to Eliminate ‘Sub-Minimum Wage'
Brooklyn Daily Eagle - October 23, 2014, by Matthew Taub - Hundreds of tipped and low-wage workers and advocates, including fast food, car wash and other low-wage workers, rallied...
Brooklyn Daily Eagle - October 23, 2014, by Matthew Taub - Hundreds of tipped and low-wage workers and advocates, including fast food, car wash and other low-wage workers, rallied outside a Domino’s Pizza location in Harlem before marching to the second public hearing of Gov. Andrew Cuomo’s Wage Board, where they testified and called on the Wage Board to eliminate the sub-minimum wage for the 229,000 tipped workers in New York state.
“In an increasingly unaffordable city, tipped workers remain among the lowest-paid hourly workers,” said New York City Public Advocate Letitia James, who joined the workers at the rally and wage board hearing. “An hourly wage of $5 an hour is simply not sustainable for an individual or a family. Now is the time to ensure that low-wage workers receive a fair and sustainable income. I join the many voices today calling on Gov. Cuomo to help bring fair wages to these industries.”
Employers in New York are allowed to pay less than the minimum wage — just $5 an hour — to restaurant servers, delivery workers and other service workers. Employers are legally required to “top off” a tipped worker’s pay when it falls short of the regular minimum wage, but lax enforcement enables employers to routinely violate minimum wage, overtime and other wage and hour laws with minimal repercussion.
“We work very hard and deserve a raise, just like other minimum wage workers in this state,” said Juana Tenesaca, a tipped worker and member of Make the Road New York. “I have worked as a waitress for years, earning the tipped minimum wage, and it’s impossible to raise my children never knowing how much money I’ll bring home at the end of the day. My daughter had to get a job while she was still in high school to help support our family and that breaks my heart.”
A July report by the National Employment Law Project finds that eliminating the sub-minimum wage would benefit an estimated 229,000 tipped workers in New York.
“Tipped workers are employed in industries like hospitality that are among the fastest growing in today’s economy,” said Tsedeye Gebreselassie, senior staff attorney at the National Employment Law Project. “If we want to stimulate consumer spending and boost our local economies, we need to make sure that the growing number of New Yorkers relying on these jobs actually have money to spend on basic necessities at their neighborhood stores.”
“Having to live entirely off tips means the customer is always right, which means I’ve had to put up with unwanted advances and uncomfortable situations from guests,” said Ashley Ogogor, a tipped worker and member of Restaurant Opportunities Center-United. “The guest shouldn’t have to feel pressured at the end of the night to pay me a decent wage. If seven other states can require restaurant owners to pay their employees a full minimum wage, so can New York.”
As part of last year’s legislative deal to increase New York’s minimum wage to $9 an hour by Dec. 31, 2015, the sub-minimum wage for tipped workers was set to automatically rise in proportion to the full minimum wage whenever the latter is raised with one exception: workers in the hospitality industry. The final deal froze these workers’ wages at $5 an hour and instructed Gov. Cuomo’s Department of Labor to convene a “wage board” to determine whether these workers will get a raise, and if so, by how much.
“We call on Gov. Cuomo and the wage board to do whatever it takes to lift up working families in the Empire State,” said Tony Perlstein, campaigns co-director for the Center for Popular Democracy. “Wealthy restaurant employers shouldn’t receive special treatment that allows them to pay poverty wages to working New Yorkers, including the women who make up more than two-thirds of the tipped wage workforce. Seven states have already eliminated their sub-minimum wages, and more are seriously considering it. Their restaurant sectors are not suffering for it, and in fact are thriving.”
The wage board, consisting of Timothy Grippen, Retired Broome county executive; Heather C. Briccetti, president and CEO of the Business Council; and Peter Ward, president of the New York Hotel Trade Council, heard hours of testimony detailing how New York’s tipped subminimum wage fuels unstable paychecks and poverty for thousands of workers, particularly women, across the state.
“People want to work hard at a place where they feel valued,” said Amado Rosa, a tipped worker at a Thai restaurant and a member of Make the Road New York. “Being paid $4 or $5 an hour does not make a worker feel validated and does not generate enough income to support a single person or a family. I have faced many hardships over the years, and my anxiety stemmed from not knowing what my take-home pay would be in a given week.”
The poverty rate among New York’s tipped workers is more than double that of the regular workforce. Seven states across the country have adopted policies requiring employers to pay tipped workers the full minimum wage and have shown that eliminating the sub-minimum wage reduces poverty without slowing job growth. In fact, according to projections by the National Restaurant Association in their 2014 Industry Forecast, all of the states that require employers to directly pay the full minimum wage to tipped workers are expected to have greater restaurant job growth than New York in the next decade — in most cases, much greater. Tipped workers are already being paid $9 or more in California, Washington and Oregon, and will soon be getting raises to over $9 in Minnesota, Hawaii and Alaska.
“More than 3 million New Yorkers work low-wage jobs, and they need our state government officials on their side,” said Michael Kink of the Strong Economy for All Coalition. “New York needs a one-two punch for good jobs: a big increase in the minimum wage, and elimination of the second-class sub-minimum wage for tipped workers. This combination could boost the paychecks of millions of workers and help revive the New York economy from the ground up — the Wage Board should take direct action to provide one fair wage to a quarter-million tipped workers to get us moving now.”
Advocates who testified at today’s hearing are members of Raise Up NY, fighting for #1FairWage, a coalition comprised of tipped workers, the National Employment Law Project, Make the Road New York, the Center for Popular Democracy, Fast Food Forward, New York Labor-Religion Coalition, New York Communities for Change, ROC-NY, ROC-NY affiliate of Restaurant Opportunities Centers (ROC) United, Strong for All, United New York, Citizen Action New York, Tompkins County Workers Center, Worker Center of Central New York, Metro Justice, Coalition for Economic Justice, Alliance of Communities Transforming Syracuse (ACTS) and other community groups and advocates around New York State calling for the elimination of New York’s sub-minimum wage for tipped workers.
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At Unprecedented Meeting, Fed Officials Voice Support for Activists’ Issues
At Unprecedented Meeting, Fed Officials Voice Support for Activists’ Issues
JACKSON HOLE, Wyo.—Federal Reserve officials sought to reassure a group of labor activists that the central bank isn’t going to cool down the economy just as a stronger labor market is reaching a...
JACKSON HOLE, Wyo.—Federal Reserve officials sought to reassure a group of labor activists that the central bank isn’t going to cool down the economy just as a stronger labor market is reaching a broader swath of Americans.
“We’re going to run [the economy] hot, get the unemployment rate down lower,” San Francisco Federal Reserve Bank President John Williams said at an unprecedented meeting with activists from the Campaign for Popular Democracy’s Fed Up Campaign.
The meeting of activists and high-ranking Fed officials took place shortly before the start of the Kansas City Fed’s high-profile policy conference in Jackson Hole, Wyo. Central bankers in attendance included Fed Chairwoman Janet Yellen’s two top lieutenants, New York Fed President William Dudley and Vice Chairman Stanley Fischer. Ms. Yellen, although scheduled to speak at the Jackson Hole symposium early Friday, didn’t attend.
The left-leaning activist group Fed Up publicly met with eight Federal Reserve presidents Thursday to discuss inequality and interest rates during the central bank's annual meeting in Jackson Hole, Wyoming.
Nine regional Fed bank presidents and two governors held a public discussion with the left-leaning group, whose goal is to convince Fed officials to keep short-term interest rates low to boost short-term growth and drive unemployment further down. It came as pressure mounts on Fed officials on many fronts to explain a disappointing economy.
Several Fed Up activists argued the only way to lower unemployment in the black community is to heat up the broader labor market.
Rod Adams, a 27-year-old community group organizer from Minneapolis, told the meeting, “I don’t understand how you can think that,” when confronting Fed officials’ statement that the U.S. is near full employment.
“I don’t want to be sacrificed for a war against an inflation enemy that isn’t here,” Mr. Adams said.
Transcript: Fed Officials Meet With Fed Up Activists at Jackson Hole
Fed Up activists also challenged Fed representatives on diversity. The group doubled down on its earlier criticism of the Federal Reserve’s leadership as overly male, almost entirely white and drawn too frequently from the banking community.
The composition of Federal Reserve leadership has also received criticism from Democratic elected officials who say the institution doesn’t adequately reflect the demographics of the nation it is meant to serve.
New York Fed President William Dudley told the meeting Thursday that the Fed’s record on diversity has been “pretty lousy.” His counterpart from the Minneapolis Fed, Neel Kashkari, said that “we have made progress and can make more progress.”
A recent paper by the Brookings Institution noted that of the 134 different presidents of regional Fed banks in history, none has been Hispanic or African-American. Ms. Yellen is the central bank’s first female leader, and she and Federal Reserve governor Lael Brainard are two of only nine women to serve on the Fed’s board in its history. Currently, two of the Fed’s 12 regional banks—Cleveland and Kansas City—have female presidents.
The central bankers at Thursday’s meeting expressed support for the issues that Fed Up questioners raised. However they also argued that the Fed’s main goal should be avoiding another recession and promoting maximum employment and price stability.
Vice Chairman Stanley Fischer praised the group for setting up the discussions, but he called on the activists to research the issues that confront the communities involved.
“When you get the facts, when you get the analysis, you can make a difference. When you speak about how bad the problem is it’s a much less effective tool,” the former Massachusetts Institute of Technology professor said.
Write to Harriet Torry at harriet.torry@wsj.com
Corrections & Amplifications:
U.S. Federal Reserve officials argued that the central bank’s main goal should be avoiding another recession and promoting maximum employment and price stability. An earlier version of this article incorrectly said they argued that the goal should include promoting maximum unemployment. [Aug. 26]
By Harriet Torry
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