Campaign News

Associated Press - November 14, 2014, by Martin Crutsinger - A coalition of community groups and labor unions are "fed up" with the Federal Reserve.

More than two dozen activists demonstrated outside the Fed and then met with Chair Janet Yellen on Friday as part of a new campaign seeking policy reforms and a commitment to keep interest rates low until good jobs are plentiful for all workers. Although the labor market has steadily strengthened this year, wages have remained stagnant.

During the hour-long discussion with Yellen and three other Fed board members, coalition representatives discussed problems their communities were facing with high unemployment and weak wage growth.

Ady Barkan, one of the organizers of "Fed Up: The National Campaign for a Strong Economy," said Yellen and the other Fed officials listened but made no commitments about future Fed policy.

"It was a very good conversation," said Barkan, an attorney with the Center for Popular Democracy in Brooklyn. "They listened very intently, and they asked meaningful follow-up questions."

Fed officials confirmed that the meeting took place but declined to comment on the issues raised at the meeting.

The Fed's outreach to community activists was the latest move by Yellen to focus attention on lingering problems from the Great Recession. Wearing green tee-shirts with the phrase "What Recovery?" the group had protested outside of the Fed's headquarters on Constitution Avenue under the watchful eye of nine Fed security officers.

Members of the group, some of whom had demonstrated at a central bank gathering in August in Jackson Hole, Wyoming said it was important that Fed officials not be swayed by arguments that it needs to move quickly to raise interest rates to make sure inflation does not become a threat.

"The banks are the ones that crashed the economy ... but they're the ones who got the bonuses and the bailouts while workers and homeowners like me were left to drown," said Jean Andre, 48, of New York, who said he was having a tough time finding full-time work.

In addition to Yellen, the Fed officials who took part in the meeting were Fed Vice Chairman Stanley Fischer and Fed board members Jerome Powell and Lael Brainard.

Members of the coalition said about half of the meeting was taken up by their members telling stories about the difficulty in finding jobs, particularly in disadvantaged groups and communities dealing with unemployment much higher than the 5.8 percent national average.

The Fed officials also were presented a petition signed by 5,000 people around the country urging the central bank to keep interest rates low until the country reaches full employment.

The group also pushed for a more open process in the selection of presidents of the Fed's 12 regional banks. They say the current process is too secretive and dominated by officials from banks and other businesses with little input from the public. The regional presidents, along with Fed board members in Washington, participate in the deliberations to set interest rates.

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New York Times - July 23, 2014, by Carrie Gleason - Across the economy, workers are either employed for too few hours or far too many in an ever-changing workweek that demands 24/7 availability, without guarantees of equal treatment or employee input.

The volatile work schedules of today erode earning potential, push workers out of the work force, and exacerbate inequality, especially for women and workers of color who are more likely to work part-time jobs. For a fair paycheck, these workers need wages and hours with dignity.

Workers, especially women, are coming together to say we need a voice in how much and when we work — so we can raise our families and join the middle class. Tiffany Beroid, who worked at Walmart, and Melody Pabon, who works at the clothing store Zara, both had fluctuating part-time schedules that made it impossible to keep their kids in stable childcare and plan their own schooling.

Ms. Beroid dropped out of school for a semester because Walmart cut her hours when she requested a new schedule. Ms. Pabon took her son out of formal childcare because her part-time job didn’t pay enough to cover the cost. Ms. Beroid and Ms. Pabon are part of the movement to restore a fair workweek, organizing at their jobs and sharing their stories on Capitol Hill at the introduction of the federal Schedules that Work Act.

This legislation would set standards for low-wage occupations. It would require two weeks notice of schedule changes, notification of minimum work hours and extra pay for on-call shifts or for workers who are sent home early. It would also give workers the right to request reasonable scheduling accommodations for serious health conditions, caregiving responsibilities and school.

While companies have a choice in how they schedule employees, the personal stories we've heard show that we can’t count on companies to do the right thing on their own. Along with the federal legislation, a new bill in San Francisco would provide new protections for part-time workers.

These proposals would create a new baseline of legal protections to ensure equity in the hours we work.

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Bernalillo County, New Mexico has almost 472,000 hourly workers—nearly two-thirds of its total workforceb—who would benefit from updating workplace protections to match our modern workweek. Across multiple measures, hourly workers are more likely than salaried workers to experience volatile, precarious schedules. A national survey found that 41 percent of early-career hourly workers know their schedules a week or less in advance and half of the hourly workers in the study said their schedules were decided by their employer alone. Nearly three-quarters of hourly workers reported that their weekly work hours had fluctuated in the past month.

This brief examines who the County’s nearly half-million hourly workers are; the working conditions they face; and the tailored policies that public officials can enact to match the changing rhythms of today’s workplace.

Download the report here:

U.S. lawmakers including Senator Elizabeth Warren and Democratic presidential candidate Bernie Sanders on Thursday sent a letter to Federal Reserve Chair Janet Yellen urging more diversity at the U.S. central bank.

Ten of the Fed's 12 regional bank presidents are men; 11 of them are white, the letter noted.

"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," said the letter, signed by 116 members of Congress and 11 Senators.

The Fed has come under fire in recent months from both Republicans and Democrats, including candidates for the 2016 presidential campaign, for a range of perceived failings, from its process to deciding monetary policy to its governance. Those calls have emboldened lawmakers who seek to limit the Fed's powers and are prompting some current and former Fed officials to call for steps to placate the bank's harshest critics.

A Federal Reserve Board spokesman said the U.S. central bank was committed to diversity and was already taking steps to bring more women and minorities into its leadership ranks.

Minorities now make up 24 percent of regional Fed bank boards, up from 16 percent in 2010; 46 percent of all directors are either non-white or a woman, the spokesman said, adding, "we are striving to continue that progress."

Reporting by Ann Saphir; Editing by James Dalgleish

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