Campaign News

Federal Reserve Bank of Atlanta President Raphael Bostic will hear the case for excluding housing from measures of consumer prices that the U.S. central bank targets when he meets this week with Fed Up, an advocacy group focused on monetary policy.

Read the full article here.

Hillary Clinton's support from financial institutions has always been her Achilles heel but running counter to this criticism is her pledge to end systemic racism. The two are actually closely related and if she is to make good on her promises on racial justice, she will have to test those close connections to Wall Street by directly pushing for a reinstatement of Glass-Steagall and closing the carried interest tax loophole.

The Movement for Black Lives' policy platform calls for a reinstatement of Glass-Steagall, the 1933 law that separated commercial and investment banking. The law has lately become a core focus of economic progressives. 

Groups involved with the Movement for Black Lives see it as a key way to advance economic racial justice. Hillary Clinton has hesitated to publicly talk about the policy – in no small part because Bill Clinton was the one who repealed the law under his administration. The absence of an impermeable boundary between commercial and investing functions both instigated and then accelerated the 2008 financial crisis, forcing millions to lose their homes and jobs. 

Communities of color were hit hard and recovered more slowly. Mortgage lenders like Wells Fargo systemically targeted black and brown borrowers for subprime loans, putting many at risk of foreclosure. In the years after the recession, many of these lenders settled multi-billion-dollar discrimination lawsuits years after the damage had been done. 

Also, a 2015 American Civil Liberties Union study showed that black families continued to lose wealth years after the recession – even as white families began to climb out. The average black household lost 40 percent of its non-home equity wealth.

"Hillary Clinton has hesitated to publicly talk about Glass Steagall – in no small part because Bill Clinton was the one who repealed the law under his administration."

Home ownership is one of the most stable and reliable ways to acquire wealth in America, and the massive loss of homes among black and brown communities during the 2008 crisis will take decades to recover from. A new Glass-Steagall would help prevent banks from getting bigger and riskier, stopping them from coming back to black and brown neighborhoods and destroying even more wealth.

The carried interest tax loophole is another example. Eliminating this loophole, which lets private equity firms and hedge funds avoid taxes on part of their income, could raise $180 billion. It might sound like a drop in the bucket in the context of a national budget, but when you look closer, it is money that could make a huge difference.

It is also money that could have drastic implications for cities and states around the country that claim they don't have enough funding. The City of Chicago is facing a massive school funding crisis of more than a billion dollars. The hedge fund-cozy Mayor Rahm Emanuel and Governor Bruce Rauner routinely go to the school district for more concessions to make up the gap.

In the meantime, billionaire hedge-funders use the carried interest loophole to get out of paying taxes that translates into much needed revenue. The details of closing the loophole should be worked out by economists, but one thing is clear: if we keep a loophole that costs us billions of dollars while closing schools in black and brown neighborhoods, we are making a strong statement about the level of racial injustice we are willing to accept.

If Hillary Clinton wins the election, she will enter office at one of the most racially charged moments in American history. It is also a moment of some of the greatest income inequality in history – a reality even starker for black and brown communities. If we truly want to achieve racial justice, we should look at policies that prevent a repeat of the 2008 crisis. Closing the carried interest loophole and reinstating a modern Glass-Steagall are the tip of the iceberg. It is up to us to push Clinton for more.

Commentary by Maurice Weeks, who leads the housing & Wall Street accountability campaign at Center for Popular Democracy. Follow him on Twitter @mo87mo87.

By Maurice Weeks

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“On behalf of our nine million supporters across the country, we are writing to request more information about your positions regarding the revolving door between Wall Street and the federal government,” reads a statement backed by Democracy For America, Rootstrikers, CREDO Action, MoveOn.Org Political Action, the Center for Popular Democracy Action, The Other 98%, Friends of the Earth Action, and American Family Voices.

The missive, which comes as Clinton interrupts her Hamptons vacation to unveil her rural policy platform in Iowa on Wednesday, specifically notes that Clinton has yet to support or comment on Sen. Tammy Baldwin’s Financial Services Conflict of Interest Act. Progressive icon Sen. Elizabeth Warren — who has ties to many of those who signed the letter — has encouraged all presidential candidates to back the legislation, as both Bernie Sanders and Martin O’Malley have done.

“These types of ‘golden parachute’ compensation packages are highly controversial, and for good reason,” the letter reads. “At worst, it results in undue and inappropriate corporate influence at the highest levels of government — in essence, a barely legal, backdoor form of bribery.”

The letter concludes by posing two questions to the Democratic front-runner: “Do you still support the use of this controversial compensation practice?” and “If you become president, will you allow officials who enter your administration to receive this sort of bonus?”

While Clinton has made steps to appeal to the types of progressive voters behind this letter, she has so far resisted pressure from the left to support reviving the Glass-Steagall Act, which separated commercial and investment banking before it was repealed in 1999. And members of these groups who wanted bank antagonist Warren to run for the presidency are on high alert this week after news broke that the Massachusetts senator met with Vice President Joe Biden over the weekend as he considers his own presidential ambitions.

“It’s hard to imagine Democrats’ 2016 nominee will be truly tough on Wall Street banks that break the law, if they won’t commit to banning their advisers from receiving legalized bribes from those same banks,” said Charles Chamberlain, executive director of Democracy for America, a group founded by former Vermont governor and current Clinton backer Howard Dean.

The letter names a pair of Clinton associates who moved from banks to the State Department: Robert Hormats, an undersecretary who came from Goldman Sachs, and Thomas Nides, a deputy secretary who came from Morgan Stanley.

Warren has suggested repeatedly that any candidate seeking her endorsement must agree not to appoint officials with Wall Street ties.

“Anyone who wants to be president should appoint only people who have already demonstrated they are independent, who have already demonstrated that they can hold giant banks accountable, who have already demonstrated that they embrace the kind of ambitious economic policies that we need to rebuild opportunity and a strong middle class in this country,” she said in July.

Source: Politico

There’s a black man. Police confront him. Police kill him, and we watch the video. There’s an investigation, protests and calls for justice. A community grieves, and we all hit repeat.

Alton Sterling, repeat. Philando Castile, repeat. Michael Brown, Eric Garner, Walter Scott, Willie Tillman, David Joseph, repeat, repeat, repeat.

I’m tired, y’all. I’m effing tired. I’m tired of hearing about these families who have lost fathers and sons, listening to simple platitudes about thoughts and prayers, or the pretzel-like explanations for how it’s all the dead guy’s fault.

And then nothing changes.

I welled up watching Sterling’s 15-year-old son break down and wail “I want daddy” at a news conference. Sterling was killed Tuesday while selling CDs and DVDs outside a store in Baton Rouge, Louisiana. The police say they were responding to a report of an armed man.

The tears spilled down my cheeks as I watched the video of Castile’s girlfriend, Diamond “Lavish” Reynolds, begging, “Please officer don’t tell me that you just did this to him. You shot four bullets into him, sir.” Meanwhile, Castile is slumped over, bleeding and with his arm at a terrible angle. These killings have to stop.

After watching the video of Sterling, one of my black high school friends role-played with his sons, ages 8 and 12, on how to respond if they are ever confronted by a police officer. He even had them lie down and simulate being handcuffed. Another friend talked about how she hated that she was scared her husband, a hospital administrator, or her 16-year old son could someday be gunned down by a police officer.

This morning I told my husband, “I’m glad we now live in a country where I don’t have to worry about our sons getting killed by the police.” I love America, but damn, these killings and the muted effort to change is gut-wrenching.

It feels like the country that my ancestors helped to build with blood, sweat and tears, the place that I call home and miss terribly now that I live in Norway, just doesn’t care about me or those who look like me. Me and my brothers are all criminals, mere statistics or people waiting to become a statistic.

Fixing this epidemic feels like such an insidious behemoth, but we can’t keep going like this.

It’s easy to grow numb to the drumbeat of bodies piling in the streets from guns, drugs and other societal ills. Believe me, I get it. I’d rather scroll through the images of Paris’ fashion week than see Castile’s blood drench his plain white tee.

But I can’t. That would be just like hitting repeat.

What can I do?

First, I won’t pretend to have the answers, but through the magic of the interwebs you can find some very pertinent and well-researched information. One that I especially liked was a report from the Center for Popular Democracy and Policy Link. The two non-profit advocacy groups developed 15 possible solutions to curb police brutality. The ideas include increased police training and funding, treating drug addicts and the mentally ill instead of incarcerating them, and my personal favorite: Make the policy makers see their own racism.

Look, let’s be honest. We all have -isms, we’re not proud of them because we know it’s wrong to judge people based on looks, money or education, but it happens, and refusing to recognize the elephant in the room helps no one.

Check out the link to the report for how to push for such changes.

I care, but I don’t have any free time

We are all busy people. Work, school, kids, friends, life, and there are only 24 hours in a day. However, you make time for what you feel is important. Are you all caught up on what’s going on with Olivia Pope? Have you binge-watched “Orange Is The New Black” or something else on Netflix? How about my “Game of Thrones” people? Yeah, so it’s all a matter of priorities.

You gotta do what works for you, but please, don’t just sit there and hit repeat.

By MELANIE COFFEE

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