Campaign News

In the center ring, Federal Reserve brass will be gathering for the closed-door conference that is hosted annually by the Kansas City Fed. Janet Yellen is skipping the event, as chairs of the board of governors occasionally do. The town, though, will be full of her critics.

On the right, the American Principles Project will host a separate parley on the need to reform the monetary system by restoring the gold standard as the best route to full employment.

In the left ring, a third group, called Fed Up, will argue for placing a priority on job creation. The Washington Post reports that the organization’s “teach in” will cover “income inequality, efforts to raise the minimum wage to $15 an hour and whether the Fed should invest in municipal bonds.”

The Fed and its critics will be gathering as a bill to establish a Centennial Monetary Commission goes to the floor of the House. The bill would establish a commission to examine the Fed as it begins its second century.

At the Fed’s conference—the theme is “Inflation Dynamics”— one speaker will be the Fed’s vice chairman, Stanley Fischer. Earlier this month, in an interview with Bloomberg News, he seemed to suggest that the dollar wasn’t losing value fast enough for the Fed’s taste.

MarketWatch headlined the interview as suggesting that a rate hike in September is “not a done deal.” The collapse of stock markets around the world in recent days, says USA Today, gives the Fed a “new excuse” not to raise interest rates.

No doubt Fed Up, part of the Center for Popular Democracy, will make the most of it. In addition to pressing for keeping interest rates near zero, the group is lobbying for more labor and consumer advocates on boards of regional Federal Reserve banks. Fed Up also wants easy money. “Fed policy has been too tight for the past 40 years,” Fed Up Director Ady Barkan emails me. “The commitment to keeping inflation low at all costs is what has led to the elevated levels of unemployment.”

The focus of the American Principles Project—with its gathering of economists, political leaders, bloggers and activists— will be less on what the Fed should do and more on whether central banks are the problem and how Congress should use its powers for reform.

I wonder whether there might be surprising convergence between the left and right camps. American Principles is also focusing on employment but sees as critical to job creation the return to a dollar that is an honest unit of account defined in law and backed by gold.

One of the group’s presenters, Marc Miles, is likely to report on a new study showing that higher interest rates correlate to job creation. Has the Fed pursued the wrong policies as it has used its mandate, legislated in 1978 with the passage of the Humphrey-Hawkins Full Employment Act, to boost employment?

When the law created the Fed’s so-called dual mandate by obliging the central bank to aim for full employment in addition to maintaining price stability, even the New York Times called the measure a “cruel hoax.” Considering whether to end the dual mandate is one of the questions that would be taken up by the Centennial Monetary Commission on which the House is preparing to vote.

So would the question of whether a rules-based system, such as that proposed by economics professor John Taylor, could solve the problem of fiat money that is not defined in law. Congress has already started looking at these matters.

Fed Chair Yellen has bridled at such ideas. Earlier this year she suggested that she would oppose any rule of monetary policy making. At Jackson Hole three years ago, then-Chairman Ben Bernanke warned Congress to, as the Drudge Report headlined it, “butt out” of interest-rate policy discussions.

The fear at the Fed is that Congress will politicize the formation of monetary policy. That strikes me as a weak line. The Constitution, which all Fed chairmen swear to support, grants monetary powers to Congress, precisely to the most political branch of the government.

We are approaching the end of a presidency that has been hobbled by an underperforming economy. No wonder the Fed’s most celebrated annual gathering is now bracketed by competing conferences that seek political reform of monetary policy. The big question is whether Congress and the presidential candidates are listening.

Source: Wall Street Journal Asia

Progressive development policies that ensure consideration of economic, social, and environmental impacts will grow a city that is equitable, resilient, and democratic. While stimulating new revenues for the city, progressive development policies will also promote the economic and environmental sustainability of our communities and provide good jobs to both construction and permanent employees.

Download the report.

Each year New York City invests $2 billion to encourage private development, but it does not require progressive development practices, transparency about job creation or other contributions to community well-being, or accountability to benchmarks that could demonstrate the return on this investment.

Starwood Capital Group’s track record for development in New York City provides a good example of the problems with the current approach to the public’s investment. While some Starwood developments meet responsible development standards, others endanger workers and other community members. Notably, on its publicly subsidized project at Pier 1 in Brooklyn Bridge Park, Starwood has partnered with a general contractor with a history of safety violations and alleged illegal behavior.

Examples like the Pier 1 project highlight the need for higher standards with stronger enforcement on projects the public invests in. Brooklyn Bridge Park – particularly, the development of Pier 6 there – offers the city an opportunity to develop principles, institute policies, and enforce standards to ensure that public resources contribute to New York’s equity, resilience, and dynamic democracy.

We recommend that immediate steps be taken as a broader set of progressive development policies takes shape:

The request for proposals for development of Brooklyn Bridge Park’s Pier 6 should include strong, clear criteria to promote the economic and environmental sustainability. Starwood Capital should use only responsible contractors and subcontractors on the Pier 1 project. Pension funds should withhold future investments with Starwood Capital until the group meets the pension funds’ Responsible Contractor standards. Developers should be legally accountable and culpable for the safety, health, and environmental conditions on their worksites. Penalties for violations of safety, health, building, and environmental standards, as well as for violations of community benefits and other agreements in public contracts should be raised.

Download the full report here.

 

Source: Vox

For black communities in the United States, presidential election participation rates are strong and momentum is building.

In 2012, black voters showed up at the polls in the largest numbers (66.2 percent) and voted at a higher rate than non-Hispanic whites (64.1 percent) for the first time since rates were published by the U.S. Census Bureau in 1996.

Black Americans tend to vote Democratic in presidential elections. This was true by historic margins in President Barack Obama's 2008 and 2012 victories— 95 and 93 percent, respectively. And their turnout rate in 2016 could be an important factor in deciding the next president of the United States, especially in a tight race.

That's good news for black community leaders who want to ensure their voices are heard and hold future leaders accountable. 

Civil rights leadership

The 2014 and 2015 cases of deadly police force against unarmed African-Americans have galvanized a tech-savvy generation of activists to inject new life in an age-old push for racial, economic and social equality.

More and more, movements such as Black Lives Matter are becoming international household names and are holding candidates accountable to specifically address and push for legislation on these issues.

One such organization, Black Alliance for Just Immigration (BAJI), engages and advocates on behalf of African-American and black immigrant communities on issues of racial justice and immigrant rights.

BAJI's policy and legal manager, Carl Lipscombe, says part of the greater push nationwide to organize and bring to light instances of police brutality results from what he describes as a community-wide fear of "being killed when walking to the corner." He says these police cases are enhanced by the advent of social media and by the ability to capture events on camera that wasn't possible in the 1980s.

Lipscombe says candidates must do more than "throw a bone" if they expect communities of color to go to the polls in droves.

"It's not enough to just say we want free education for everyone," Lipscombe said. "We want to know how this is going to impact black people."

According to the U.S. Bureau of Labor Statistics, the unemployment rate among blacks in the United States, at 9.4 percent, remains significantly higher — nearly double — than the overall rate of 5 percent nationwide.

Black wealth also has declined. The non-partisan Economic Policy Institute, in coordination with the liberal research institution Center for Popular Democracy, reports that black workers' wages have fallen by 44 cents on the hour in the past 15 years, while wages of both Hispanic and white workers have increased by approximately the same amount.

African immigrant concerns

The Migration Policy Institute reports that black immigrants from Africa are better educated than the overall U.S. population, age 25 and older.

In 2007, 38 percent held a four-year degree or more, compared to 27 percent of the U.S. population. Yet, black immigrants earn lower wages and hold the highest unemployment rate in comparison to other immigrant groups, according to the Center for American Progress.

Bakary Tandia, case manager and policy advocate at African Services Committee, a Harlem-based agency dedicated to assisting African immigrants, refugees and asylees, says progress is necessary across all levels of government.

"Even if you take the case of [New York City Mayor Bill] de Blasio,” Tandia said, “he is a progressive mayor, but in his administration, I have not seen any African immigrant appointed or in a meaningful position, and the same thing goes at the state level, at the federal level."

New leadership

Grass-roots coordinators say anti-immigration rhetoric among some presidential candidates has fueled electoral participation, as well as greater community leadership.

Steve McFarland, whose organizing efforts include get-out-the-vote campaigns among disenfranchised communities in New York, says the immigration reform movement, combined with the work of Black Lives Matter, has produced a new generation of civil rights leaders.

"It doesn't look the way that it used to look," McFarland said. "It's not big organizations, but they can mobilize people, they have a clear voice, and they are winning changes across the country."

Ahead of the 2016 presidential primaries, there is good news for Democratic frontrunner and former secretary of state Hillary Clinton. She currently enjoys an 80 percent favorability rating among adult blacks, the highest positive net rating of all candidates, according to a recent Gallup poll.

Clinton, who has met privately with Black Lives Matters activists, specifically addressed racial profiling in an October speech at Clark Atlanta University.

"Race still plays a significant role in determining who gets ahead in America and who gets left behind," Clinton said. "Racial profiling is wrong, demanding, doesn't keep us safe or help solve crimes. It's time to put that practice behind us."

“This year marks a decade since the 2008 financial crisis—and many of those affected have yet to recover. As part of its campaign to demand that the New York Federal Reserve pick a president that will stand up to Wall Street, the Center for Popular Democracy is collecting stories from those affected by the crash. Watch and share some of those stories, then submit your own.”

Read the full article here.