Fed's Lacker, Kaplan meet with labor, community groups
Two Federal Reserve bank presidents on Wednesday met separately with community and labor groups that are pushing for continued near-zero interest rates just as U.S. central bankers appear to be...
Two Federal Reserve bank presidents on Wednesday met separately with community and labor groups that are pushing for continued near-zero interest rates just as U.S. central bankers appear to be only weeks away from raising them.
Representatives of the groups said that by airing their concerns about labor market health to Richmond Fed President Jeffrey Lacker and Dallas Fed President Rob Kaplan, they hope to help shape policymakers' understanding of the economy, if not necessarily their views on monetary policy.
The views of Kaplan, the new president of the Dallas Fed, are unclear, but his predecessor Richard Fisher made the regional Fed bank's name synonymous with opposition to easy monetary policy.
Lacker is a policy hawk who cast the lone dissents on the Fed's decisions in September and October to continue the central bank's low-rate policies.
"Our expectation isn't that we are going to be able to change his mind," said Michael De Los Santos, who is organizing the meeting with Lacker.
To Lacker, the near-normal unemployment rate of 5.1 percent means the labor market no longer needs the lift provided by exceptionally low interest rates.
"We want to be able to present our side of the statistics," said De Los Santos, who is director of operations at Action NC, a community and activist group. Attending the meeting will be a young man from Charlotte who has struggled to pay for college and is worried about finding full-time employment, and a fast food worker from Richmond, Virginia who has trouble making ends meet, he said.
Kaplan will likewise meet with workers who have struggled to find adequate jobs and income, said Shawn Sebastian of the Center for Popular Democracy, which organized the meeting in Dallas.
A Dallas Fed spokesman did not immediately respond to a request for comment. A Richmond Fed spokesman confirmed the meeting and deferred any comment until after it is over.
Including today's meetings, members of the so-called Fed Up Coalition have had sit-down meetings with nine of the Fed's 12 regional Fed bank presidents, and four of the five Washington-based Board of Governors. (Reporting by Ann Saphir in San Francisco; Editing by Christian Plumb)
Source: Reuters
Report Shows Unemployment Rate in Twin Cities 4x Higher for Blacks than Whites
InsightNews - March 18, 2015 - At a press conference and rally last week, NOC released a report as part of a national day of action, showing that the unemployment rate for Blacks in the Twin...
InsightNews - March 18, 2015 - At a press conference and rally last week, NOC released a report as part of a national day of action, showing that the unemployment rate for Blacks in the Twin Cities is four times higher than for whites, calling on the Federal Reserve to prioritize full employment in all communities. "Minnesota is a great place to live, if you're white," said NOC executive director Anthony Newby. "The unemployment rate is 2.8%. But for black folks, unemployment is over ten percent--crisis levels. The Federal Reserve is considering raising interest rates because Wall Street thinks the economy has recovered. But that would only increase unemployment, especially in communities of color."
"Historically, the African-American community has been cut out of opportunities the government was supposedly providing to everyone--for example, homeownership programs that African-Americans could not participate in, public education programs that African-Americans were either cut out of or cut short, livable wage jobs that African-Americans would not be considered for," said Pastor Paul Slack, pastor of New Creation Church in Minneapolis and President of ISAIAH. "It's time for the Federal Reserve to act specifically in the interest of the African-American community and other low-income communities, by keeping interest rates low so that we can rebuild the wealth that was stolen from us through this recent economic crisis."Joe Elliott worked at the Target Center for five years until he was unexpectedly laid off. "I liked the job--I met a lot of great people, and went to concerts and games. But I didn't like the money. I deserve more than $8.40/hour. It wasn't supporting my daily living--bills, kids, transportation. But it's hard looking for a job as an African-American male.""The Minneapolis Fed President, Narayana Kocherlakota, has expressed support for keeping interest rates low," said Anthony Newby. "That's great. But he's also retiring in a year. We need an open and transparent process for community input on the next Minneapolis Fed president."The Federal Reserve has a key policymaking meeting coming up in mid-March.
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Dems rally for same-day voter registration
Democrats rallied at Legislative Hall on Tuesday in favor of legislation that would allow Delawareans to register to vote on the same day as a primary or general election.
"We should so...
Democrats rallied at Legislative Hall on Tuesday in favor of legislation that would allow Delawareans to register to vote on the same day as a primary or general election.
"We should so everything we can to make sure eligible others have every opportunity to exercise their constitutional right to vote," said Rep. John Viola, D-Newark, the legislation's sponsor.
Democrats and activists supporting the bill dismissed concerns that same-day registration could lead to voter fraud.
"There's nothing there," Viola said, adding that he feels "confident" the bill will pass the House in the "next couple weeks."
The bill was voted out of committee in May, and would still need to go to the Senate for committee and floor votes if it passes the House. Delaware's current registration deadline is the fourth Saturday prior to an election.
Rep. John Kowalko, a Newark Democrat, told supporters gathered outside Legislative Hall on Tuesday that "you deserve the right to vote" and said the measure only reinforces the constitutional rights of Delawareans. Rep. Paul Baumbach, D-Newark, called the legislation "as American as it gets."
Representatives from several left-leaning advocacy groups attended the rally in support of the legislation on Tuesday, including the Delaware Alliance for Community Advancement and American for Democratic Action.
Same-day registration is already law in 11 states and the District of Columbia, according to the National Conference of State Legislatures.
Mike Begatto, executive director of the American Federation of State County and Municipal Employees, the public employees union, also spoke in favor of the bill on Tuesday. Sen. Margaret Rose Henry, a Wilmington Democrat, is sponsoring the measure in the Senate.
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Protesters Demand a Voice in Selection of Next President of Philadelphia ‘Fed’
CBS Philly - December 15, 2014, by Steve Tawa - Just as the Federal Reserve is about to hold a key policy meeting in Washington, DC, a group of activists is calling for a more transparent process...
CBS Philly - December 15, 2014, by Steve Tawa - Just as the Federal Reserve is about to hold a key policy meeting in Washington, DC, a group of activists is calling for a more transparent process to replace Charles Plosser, president of the Federal Reserve Bank of Philadelphia.
The group, which staged a march this morning from Independence Hall to the Federal Reserve at Sixth and Arch Streets, says the Fed’s replacement process is dominated by major financial firms and corporations.
Members of Action United, the Philadelphia Unemployment Project, and Pennsylvania Working Families say there are no community, labor, or consumer representatives on the board of directors of the Philadelphia Fed, so working folks are shut out of the process.
They are part of a grass-roots coalition across the country that met last month with Federal Reserve chair Janet Yellen, demanding that the central bank hear the concerns of ordinary Americans as it prepares to raise interest rates.
Who are those ordinary Americans?
“The unemployed, the underemployed, the working and barely-working working class,” says Kendra Brooks of Action United.
“We just need some people at the Fed to step up and pay attention to us,” adds Chris Campbell (far right in photo), a graduate of Orleans Technical Institute who has been doing multiple odd jobs to scrape together income.
Dawn Walton, who had been one day away from becoming a permanent worker with benefits at a local auto dealership when she was laid off after 89 days, said, “And now (we’re) out here pounding the pavement with millions of other people. It looks like there’s no way out.”
While the unemployment rate has declined to a six-year low, the activists challenge the Fed to visit poorer neighborhoods in Philadelphia and elsewhere before raising rates, because many are not experiencing a recovery.
Plosser, the Philadelphia Fed president since 2006, was among those known as a “hawk” for casting dissenting votes against the Fed’s prolonged low-rates policies.
The Philadelphia Fed says it is following a process for the selection of the bank’s next president outlined by Congress, and its senior executives have met with representatives of groups who have expressed interest in the process.
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Workers Rising! Reflections on the Low-Wage Worker Organizing Conference
The Sur Real Estate - February 14, 2013 - Yesterday, I attended an inspiring conference...
The Sur Real Estate - February 14, 2013 - Yesterday, I attended an inspiring conference called “Workers Rising: a Symposium on Low-Wage Worker Organizing in NYC” put together by The Center for Popular Democracy and United NY. The conference’s energy was incredible- the main room was packed with folks standing in the back, crouching along the walls. A wide range of people contributed working in sectors ranging from organizing, law, policy, city government, academics, and of course people working in low-wage jobs.
Here are some of the most important take-aways:
-A new labor movement has sprung up in the past year in which previously uncharted territories of the labor industry are being organized. Industries such as fast food and retail, for example, are organizing workers who often work for minimum wage ($7.25 in NYC). These workers are widely thought to be students looking for part time jobs, actors, or those looking to make an extra buck. Contrary to this assumption, the majority of fast food workers and those in the retail industry are attempting to work in those industries full time, depending on that work to support themselves and their families.
-Successful attempts to organize car wash workers, taxi drivers, and domestic workers are taking place across New York City
-New York City is coordinating organizing its low-wage worker campaigns with other efforts across the country- mostly in LA and Chicago. Organizers are sharing successful organizing strategies and change the face of the industry nation-wide. This collaboration across job sectors and cities clarifies that these efforts are part of a larger movement rather than isolated events.
-A great deal of organizing taking place in NYC is happening through “worker centers” and in collaboration with community groups rather than through unions. Groups like Retail Action Project, New York Communities for Changeand OUR Walmart are organizing workers outside of the traditional union structures.
-Integrating labor and other issues (notably immigration reform) is crucial to create real change in labor. Immigration reform will impact millions of low-wage workers across NYC, as well as the way the workplace functions. Important to note as well is the growing shift from full-time workers to outsourcing and employing temps in all sorts of industries, including fast food. This, according to many of the panelists, will only increase as more immigrants gain rights as legal residents or citizens. Immigration polices which promote guest-workers and outsourcing create challenges for organizing and regulation of rights in the workplace.
-The Center for Popular Democracy and United NY released a report entitiled “Workers Rising: Organizing Service Jobs for Shared Prosperity in New York City.” The report puts forth 4 sets of actions to improve the lives of low-wage workers in New York City. The actions are that:
The city should pass legislation that would ensure at least five days of paid sick leave (Earned Sick Leave Act) and protect workers from erratic scheduling (Predictable Scheduling Act)
NY should better regulate high-violation industries, and pass laws like the Car Wash Accountability Act and creating an “enhanced privileged permitting” system at airports
The City should create a “Mayor’s Office of Labor Standards” to educate employers, investigate worker complaints, and enforce worker rights
NYC should modify its “home rule” authority in order to set a citywide minimum wage, which would be higher than the current state minimum wage.
As an organizer with UHAB, this conference helped me to connect tenant struggles with their apartments to their struggles in the workplace. I work with one tenant leader, Ms. D., in Crown Heights who deals with horrible building conditions and a frustrating situation with an absentee landlord. In addition, she works as a home health aid, working hard for little pay. Not only has Ms. D stepped up as a tenant leader in her building, but she has also begun attending union meetings and standing up for her rights in the workplace. It must be hard and frustrating but Ms. D is working to create change in several aspects of her life, tackling huge issues through collective action.
Attending this conference reminded me that labor organizers need to work housing organizers who need to work with community organizers. Everyone has the same goal: to give low-income New Yorkers a bigger voice in how they are treated, as well as to assert and expand their rights. Keep up the good work!
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Influence, the power to change
Clad in a “Stand With Black Women” shirt, Mercedes Fulbright, the Texas State Coordinator at Local Progress, commanded attention during her engagement entitled, Deserving and Entitled; Engaging in...
Clad in a “Stand With Black Women” shirt, Mercedes Fulbright, the Texas State Coordinator at Local Progress, commanded attention during her engagement entitled, Deserving and Entitled; Engaging in Public Policy to Empower People, as part of the annual Speaking Truth To Power community activism seminar at Friendship West Baptist Church, June 29.
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Fed's Kashkari says racial economic gap needs forceful response
A U.S. central banker on Wednesday pledged to devote more resources to addressing economic disparities between black and white Americans, saying the high rate of unemployment among African...
A U.S. central banker on Wednesday pledged to devote more resources to addressing economic disparities between black and white Americans, saying the high rate of unemployment among African Americans is "really troubling."
"I do think some of the racial disparities are a crisis and we need to treat them like a crisis," Neel Kashkari, chief of the Federal Reserve Bank of Minneapolis, said after meeting with members of the Minneapolis black community and Fed Up, a network of community organizations and labor unions calling for changes to the U.S. central bank.
Kashkari, a former Republican candidate for California governor, is the son of Indian immigrants and the only one of 17 Fed policy-makers nationwide who is not white.
Unemployment among black Americans, for example, is typically twice that for whites, Kashkari noted. Educational disparity may be one factor, but more research is needed to identify causes, he said.
"We need to understand the 'why?' before we can design potential solutions," Kashkari said. "You don’t tackle a crisis with incremental solutions ... We need to bring overwhelming force to try to address this."
At the same time, Kashkari suggested the solutions are likely to go beyond the powers of the Fed, with lawmakers and local politicians likely in a better position to craft meaningful solutions.
The Fed, he said, has only the tool of interest rates at its disposal. As long as inflation remains low, he said, the Fed can keep rates low to boost job prospects for all Americans. But, he said, there is little the Fed can do to address structural problems in the economy besides contribute to research.
Regional Fed bank presidents often meet with members of their communities but only rarely are those meetings publicized.
Wednesday's meeting and press conference afterward was livestreamed by Minneapolis-based media collective Unicorn Riot from the offices of Minnesota Neighborhoods Organizing for Change, which hosted the event at which several community members aired their experiences with low pay, long hours and homelessness.
Kashkari promised to spend a day with one of the participants to better understand the challenges she faces.
He also promised to meet with community activists again this month on the sidelines of an annual meeting of global central bankers in a national park near the well-heeled town of Jackson, Wyoming, and to collaborate on research.
"My job is to be your voice," he said.
By KRISTOFFER TIGUE
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Hundreds rally in a DC church for DACA solution
Hundreds of people rallied Wednesday inside of a church near the U.S. Capitol demanding legislation to protect young, undocumented immigrants and replace the Deferred Action for Childhood Arrivals...
Hundreds of people rallied Wednesday inside of a church near the U.S. Capitol demanding legislation to protect young, undocumented immigrants and replace the Deferred Action for Childhood Arrivals program.
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'Look at Me:' Women Confront Flake on Kavanaugh Support
'Look at Me:' Women Confront Flake on Kavanaugh Support
Moments after pivotal Sen. Jeff Flake announced he would vote to confirm Supreme Court nominee Brett Kavanaugh, the Arizona Republican was confronted with the consequences.
...
Moments after pivotal Sen. Jeff Flake announced he would vote to confirm Supreme Court nominee Brett Kavanaugh, the Arizona Republican was confronted with the consequences.
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US Federal Reserve Interest Rate: Philadelphia Activists To Protest New President Patrick Harker, Demand Meetings
Activists who are against a Federal Reserve interest-rate increase planned Tuesday to stage a protest outside the Federal Reserve Bank of Philadelphia. The demonstration was expected to target the...
Activists who are against a Federal Reserve interest-rate increase planned Tuesday to stage a protest outside the Federal Reserve Bank of Philadelphia. The demonstration was expected to target the bank’s new president, Patrick Harker, as part of the “Fed Up” campaign, a national coalition of families and community leaders calling on the Fed to adopt pro-worker policies.
The activists expected anywhere from 15 to 20 people, including workers, small-business owners and clergy, at the demonstration, aimed at pressuring Harker to take a tour of Philadelphia’s low-income neighborhoods, Politico reported. Although Harker this summer informally agreed to meet with the coalition, the Federal Reserve Bank of Philadelphia has backed out of that commitment, activists said.
Kendra Brooks, a leader of Philadelphia’s Fed Up coalition, said she has been urging Harker to meet with more than just the heads of nonprofits and corporations, Politico reported. She tried to get a commitment from Harker at the Fed's symposium in Jackson Hole, Wyoming, in August, and posted video of their encounter on YouTube.
Raising the interest rate would have a tremendous impact on African-American workers, economists have said. Low rates have allowed the economy to inch closer to a full recovery and to full employment, which has benefited blacks more than others. However, blacks still have the widest unemployment rate gap to close with whites.
The African-American unemployment rate was 9.2 percent in September, more than double the 4.4 percent rate for whites. Black Americans make up about 13 percent of the country’s 318 million residents and have seen stagnant wages and declines in wealth, as the U.S. economy recovered from the recession of 2007-09, the worst economic downturn since the Great Depression.
“The Federal Reserve is the most important decision-maker when it comes to whether we’ll get to full employment in the next two to three years,” said Valerie Wilson, director of the Program on Race, Ethnicity and the Economy at the Economic Policy Center in Washington, D.C. Wilson released a reportin March on the racial impacts of a federal interest-rate hike.
“The timing of the Fed’s decision to raise interest rates will influence how low the unemployment rate gets, how quickly wages grow, and how much African-Americans will share in our country’s prosperity,” Wilson said. “For the sake of American workers, the Fed should not raise interest rates until we are much closer to full recovery and full employment.”
Source: IBTimes
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