Protest Calls for Fed to Focus on Employment
St. Louis Public Radio - March 5, 2015, by Maria Altman - What recovery? That was the question being asked Thursday by a small group of activists outside the Federal Reserve Bank of St. Louis....
St. Louis Public Radio - March 5, 2015, by Maria Altman - What recovery? That was the question being asked Thursday by a small group of activists outside the Federal Reserve Bank of St. Louis.
About a dozen protesters called on the Fed to focus on unemployment, especially among minorities, rather than on keeping inflation rates low. They said if the Federal Open Market Committee raises the interest rate this year, as anticipated, it would likely mean fewer jobs.
"We’re calling on the Fed to do the right thing by most people, because the people they’re helping by changing the policy is a very small minority people and a very influential and affluent group of people," said Derek Laney of Missourians for Reform and Empowerment.
The protest was one of several held at Federal Reserve Banks around the country to highlight a new report by the Center for Popular Democracy and the Economic Policy Institute. The report calls on the Fed to focus on “full unemployment,” and highlights disparities between white and minority unemployment levels.
In Missouri last year the unemployment rate for African-Americans was 14.4 percent, while the rate for whites was just 5.1 percent, according to the Bureau of Labor Statistics. Several of the protesters, who represented a variety of local groups, including MORE, the Organization for Black Struggle, Veterans for Peace, Pro-Vote and Young activists United STL, had personal stories of being out of work and struggling.
Reginald Rounds with MORE said he had recently gotten a bachelor’s degree but still couldn’t find work.
"There is no recovery in the community in which I live," said Rounds. "I talked to many people in different organizations and churches throughout the city as we worked on the Don’t Shoot Coalition. It’s my personal belief that a lot of things that happened in Ferguson just boiled over from all the tensions of unemployment, job creation, housing and our educational system."
The Federal Reserve Bank of St. Louis said in an emailed statement that officials reached out to protesters on Wednesday and asked them to meet to discuss the report.
"The Fed has a dual mandate to keep inflation low and stable and to foster maximum sustainable employment. It takes these responsibilities very seriously," said Karen Branding, senior vice president of public affairs, in the statement.
Washington University economist Jennifer Dlugosz said the Fed has good reason not to focus too tightly on lowering unemployment levels.
"We know from macroeconomics that if the Fed tries to push the rate of unemployment below the natural rate, which people think is 5.5 percent, that it wouldn’t work and that it would just accelerate inflation," she said.
Dlugosz, who previously worked for the Fed’s Board of Governors in Washington, D.C., said monetary policy is not the right tool to address unemployment disparity. Instead, she said, targeting labor market and education policies to create more equality would likely have better results.
The report also took aim at the Fed’s transparency, especially in choosing the board of directors for each of the 12 Federal Reserve Banks. The protesters argued too many corporate and bank executives take those positions, including in the Federal Reserve Bank of St. Louis’ board of directors.
"It’s basically bankers, and that’s in the charter, and there’s whole bunch of other folks who could be from labor and working people, but are instead from big corporations," said Jeff Ordower of MORE.
The board of directors in each of the Federal Reserve districts is responsible for choosing the president of the Reserve Banks. Those presidents rotate onto the Federal Open Market Committee, which meets eight times a year and decides the nation’s monetary policy. (Learn more about how it all works here on the Federal Reserve Bank of St. Louis' website.)
In her statement, Branding said the Fed was designed by Congress to “represent the voice of Main St."
"At the St. Louis Fed we have significant dialogue with business leaders, community development organizations, educators and the public,” she wrote. “We have a diverse board of directors who are familiar with economic and credit conditions in the district.”
Professor Dlugosz said the make-up of the boards is somewhat limited by statute. Each district’s community bank members choose three bankers to sit on the board and three non-bankers. The other three directors are chosen by the Fed’s Board of Governors in Washington, D.C, and are supposed to represent a mix of labor, agriculture, industry, and consumers.
Dlugosz said the last group, known as “Class C,” is the most likely group to represent the interests of the public, since they’re appointed by the Board of Governors.
"That’s really, I’m guessing, the main place where you’re going to see heads of labor unions or consumer advocates. If they’re getting on there, I imagine it’s the Board that’s electing them," she said. "I don’t know if that’s changed over time, but one would hope that they’re keeping an eye on it."
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There's a suspicious burst of taxi rides to and from Wall Street banks and the NY Fed around the time of key Fed meetings
There's a suspicious burst of taxi rides to and from Wall Street banks and the NY Fed around the time of key Fed meetings
“For the Fed Up coalition, a group of community organizations led by the Center for Popular Democracy in Washington, the first step in addressing such egregious conflicts is a change in leadership...
“For the Fed Up coalition, a group of community organizations led by the Center for Popular Democracy in Washington, the first step in addressing such egregious conflicts is a change in leadership. The New York Fed's outgoing president is William Dudley, a former Goldman Sachs partner. "The New York Federal Reserve must select a new President who will put the interests of the public before Wall Street," Fed Up said in a recent report. "This would be one of the most immediate and direct steps to mitigate conflict of interest risks and promote a culture of transparency and accountability at the New York Fed."
Read the full article here.
Forum Held On Report That Calls For Minimum Wage Raise To $10 An Hour
NY1 - A forum was held Wednesday at the CUNY Murphy Institute on a new report by United New York and the Center for...
NY1 - A forum was held Wednesday at the CUNY Murphy Institute on a new report by United New York and the Center for Popular Democracy that recommends increasing the city's minimum wage to $10 an hour.
It also calls for earned sick leave, schedule predictability, and passing legislation that allows the city to adjust its own minimum wage above that of the state.
The report focused mostly on service industry jobs.
"This is a moment in New York City where we can finally demand that this be a city that stands up for low-wage workers and doesn't shy away from that role," said Deborah Axt of Make the Road New York.
"If we are to maintain our progressive reputation as the bright shining star, then New York City really needs to claim a lot of the recommendations that came out of this forum here today," said City Councilwoman Letitia James, whose district covers part of Brooklyn.
The report said that the city's unemployment rate rose from 5 to 10 percent since 2007, while its homeless population has doubled since 1992.
It also found that real median income is down $3,000 since 2008.
Source
Fed Language in DNC Platform Could Be Stronger, Activists Say
Fed Language in DNC Platform Could Be Stronger, Activists Say
The Democratic national platform’s language calling for a more diverse Federal Reserve and for the promotion of full employment is historically progressive, but it still could be stronger, some...
The Democratic national platform’s language calling for a more diverse Federal Reserve and for the promotion of full employment is historically progressive, but it still could be stronger, some activists say.
Advocates on the “Fed Up” campaign, led by the progressive Center for Popular Democracy, are pleased that the platform — amended in a committee meeting over the weekend — includes language that supports banning commercial bankers from Fed leadership.
But the activists are still hoping for more explicit support bolstering the Fed’s mandate to promote “full employment,” said Jordan Haedtler, Fed Up’s campaign manager.
As it stands, the platform committee adopted an amendment to “protect and defend the Federal Reserve’s independence to carry out the dual mandate assigned to it by Congress — for both full employment and low inflation — against threats from new legislation.”
An amendment promoted by Fed Up would have sketched out a more detailed stance on full employment, but it failed 70-100 at the meeting. That amendment stated: “The Federal Reserve should be a fully public institution that serves the American people and pursues a genuine full employment economy that creates good jobs and rising wages for all.”
Haedtler said the platform’s language about protecting the the Fed from “the threat” of new legislation might actually be counterproductive. His group hopes to lay the groundwork for legislation overhauling the central bank during the next administration. It is likely, however, that the platform writers were referring to legislation from conservatives to abolish the Fed or severely shrink its capabilities.
“I appreciate that full employment is fleetingly mentioned, but the fact is that sound new legislation regarding the Federal Reserve is necessary,” Haedtler told Morning Consult in an interview.
Democrats in Congress have also pushed for more diversity in the Fed’s top layer. Sen. Sherrod Brown of Ohio, ranking Democrat on the Senate Banking Committee, pressed Fed Chair Janet Yellen during a recent hearing for a commitment to fixing the bank’s diversity problem.
“Diversity is an extremely important goal, and I will do everything I can to advance it,” she told him.
The words “full employment” haven’t appeared in a Democratic National Committee platform since 1988, Haedtler said. But Fed Up hopes to see the language bolstered further in the platform’s preamble.
“This is not as strong as past mentions of full employment in Democratic platforms going back several decades, where the fact that the Federal Reserve has a role in creating full employment is more fleshed out and a plan for how to get there is described,” he said.
The Fed Up activists also want to amend the platform to outline the Fed’s path to becoming a fully public institution.
By TARA JEFFRIES
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Lange, unregelmäßige Arbeitszeit: Starbucks weiter in der Kritik
Die Kritik vieler Mitarbeiter an den Arbeitsbedingungen bei der Kaffeehauskette Starbucks hat für einen neuen Begriff im Wortschatz vieler US-Amerikaner gesorgt: "Clopening". Für viele...
Die Kritik vieler Mitarbeiter an den Arbeitsbedingungen bei der Kaffeehauskette Starbucks hat für einen neuen Begriff im Wortschatz vieler US-Amerikaner gesorgt: "Clopening". Für viele Mitarbeiter ist das späte Schließen und das morgendliche Öffnen der Filialen durch ein und dieselbe Person eine hohe Belastung. Im vergangenen Jahr gelobte Starbucks Besserung, nachdem die "New York Times" ausführlich über Praktiken wie das "Clopening" berichtet hatte. Die Kritik richtete sich gegen die unregelmäßigen und zum Teil überlangen Arbeitszeiten, die den Mitarbeitern nur sehr kurzfristig mitgeteilt würden.
Hat sich seither etwas gebessert? Nein, schreibt die NGO Center for Popular Democracy in einer ausführlichen Analyse. Zuvor wurden Mitarbeiter befragt. Diese bemängeln nicht nur die weiterhin vorkommenden "Clopenings", sondern auch die Schwierigkeit, bei Krankheit Ersatz zu finden – ein Mitarbeiter bezeichnet es als anstrengender, selbst so lange durchzutelefonieren, bis er einen Springer gefunden hat, als einfach selbst krank zur Arbeit zu gehen. Problematisch sei auch die chronische Unterbesetzung der Filialen, die sich wiederum auf die Arbeitszeit auswirke.
Missstände auch in Europa
Starbucks ist nicht die einzige Kette, die ihren Mitarbeitern einiges abverlangt. Die Kritik findet in den USA deswegen so großes Echo, weil Starbucks seine Mitarbeiter als "Partner" bezeichnet und die Philosophie verfolgt, "den menschlichen Geist zu inspirieren und zu nähren". Es ist nicht das erste Mal, dass die sozial und umweltbewusst wirkende Unternehmensphilosophie (Fairtrade, Aktionen gegen Rassismus, bezahlte Ausbildung, Krankenversicherung) auf die Kaffeehauskette zurückfällt.
Beschwerden gab es in den vergangenen Jahren einige – auch außerhalb der USA. 2010 schleuste sich ein ZDF-Reporter in eine Starbucks-Filiale auf dem Frankfurter Flughafen ein und wurde Zeuge eines harten Arbeitsalltags: Abmahnungen gebe es teilweise wegen falscher Sockenfarbe, fiebrige Mitarbeiter durften nicht nach Hause gehen.
Dass sich bei Arbeitszeit und Dienstplänen nichts zum Positiven geändert hat, sieht man in der Führungsebene von Starbucks naturgemäß anders: "Wir sind die Ersten, die zugeben, dass wir viel Arbeit vor uns haben", sagte Unternehmenssprecherin Jaime Riley der "New York Times". Alle Angestellten würden ihre Dienstpläne mittlerweile mindestens zehn Tage im Voraus bekommen. In alle Filialen durchgedrungen sei diese Praxis aber noch nicht, heißt es in der Analyse des Center for Popular Democracy. (lhag, 25.9.2015)
Untersuchung des Center for Popular Democracy zu Dienstplänen
"New York Times"-Enthüllungen 2014
"New York Times"-Status-quo-Bericht 2015
Kooperation zwischen Starbucks und der Arizona State University
Source: derStandard.at
Still important to let our senators know what we think
What do Credo Action, MoveOn, Idaho Medical Advocacy, CPD Action, Daily Kos, People’s Action, Elizabeth Warren, Mom’s Rising, Our Revolution, Change.Org, AARP, and the Economic Policy Institute...
What do Credo Action, MoveOn, Idaho Medical Advocacy, CPD Action, Daily Kos, People’s Action, Elizabeth Warren, Mom’s Rising, Our Revolution, Change.Org, AARP, and the Economic Policy Institute have in common?
Well, possibly lots of things — each is an advocacy group working to change America.
Read the full article here.
California in Crisis - The Report
A Report on the Foreclosure Crisis
California in Crisis: How Wells Fargo's Foreclosure Pipeline is Damaging Local Communities
Five years after the housing market collapsed,...
Five years after the housing market collapsed, California’s economy remains weak. The unemployment rate is nearly 10 percent, twice what it was in 2006, and in 2012 the State’s underemployment rate averaged an astonishing 19.3 percent.
The continuing housing crisis remains a key cause of this widespread economic tragedy. Nearly two million California homeowners are underwater, owing more on their mortgage than their home is worth.
Since 2008, banks have foreclosed on approximately 1.7 million homes in the state. Right now, around 65,000 California homeowners are in the “foreclosure pipeline” – they’ve received a Notice of Default or a Notice of Trustee Sale. Every day, more and more families get added to this list.
Wells Fargo is the biggest mortgage service provider in California, responsible for nearly one in five of these impending foreclosures. This report shows the tremendous damage that will befall California’s communities if Wells Fargo continues to foreclose on so many families.
Download the report here.
Executive SummaryFive years after the housing market collapsed, California’s economy remains weak. The unemployment rate is nearly 10 percent, twice what it was in 2006, and in 2012 the State’s underemployment rate averaged an astonishing 19.3 percent. Millions of Californians are struggling to make ends meet.
The continuing housing crisis remains a key cause of this widespread misery. Nearly two million California homeowners are underwater, owing more on their mortgage than their home is worth. This tremendous mortgage debt is severely crippling the State’s economy by holding back consumer spending and preventing a robust recovery.
And the mortgage debt is devastating the lives of too many Californians. Since 2008, banks have foreclosed on approximately 1.7 million homes in the state. Right now, about 65,000 California homeowners are in the “foreclosure pipeline” – they’ve received a Notice of Default or a Notice of Trustee Sale. Every day, more and more families get added to this list.
Wells Fargo is the biggest mortgage servicer in California, responsible for nearly one in five of these impending foreclosures. This report shows the tremendous damage that will befall California’s communities if Wells Fargo continues to foreclose on so many families. As of February 2013, Wells Fargo had 11,616 homes in its foreclosure pipeline. If all of these homes were to go through foreclosure:
Each home would lose approximately 22 percent of its value, for a total loss of approximately $1.07 billion, Homes in the surrounding neighborhood would lose value as well, for an additional loss of about $2.2 billion; and Government tax revenues would be cut by $20 million, as a result of that depreciation.Every month, more homes fall into the foreclosure pipeline, compounding this disaster. The foreclosure crisis has hit African-American and Latino borrowers and communities particularly hard. The pages below highlight the concentration of distressed loans handled by Wells Fargo that are in African-American and Latino neighborhoods. These communities have already suffered tremendous wealth loss due to the recession and this report shows that far more harm will occur in the coming months unless Wells Fargo changes its policies.
But Californians do not have to accept this bleak future. Economists and policy experts across the political spectrum agree that an alternative approach to the housing crisis can be a win-win-win for homeowners, mortgage holders, and California’s economy. As this report explains, widespread modification of home mortgages to current market value would prevent tens of thousands of needless foreclosures, inject billions of dollars into the economy, create hundreds of thousands of new jobs – and would even be in the financial interest of the investors who own the mortgages.
Wells Fargo is a pivotal actor in determining whether principal reduction becomes a widespread solution. Its failure to lead on this issue is clear. The most recent report from the national monitor of the multi-state Attorneys General mortgage servicing settlement shows that in California, Wells Fargo is providing far less principal reduction than Bank of America, despite the fact that it services more loans.
The solutions are clear: Wells Fargo should (1) commit to a broad program of principal reduction, (2) be honest with Californians by reporting data on its principal reduction, short sales, and foreclosures by race, income, and zip code, and (3) immediately stop all foreclosures until the first two solutions are implemented.
After years of predatory lending and heartless foreclosures, it is time for Wells Fargo to stop. Stop the needless foreclosures. Stop the needless evictions. End this housing crisis.Los trabajadores latinos quieren que la Fed les oiga
Lo cierto es que pese a la mejora económica la tasa de desempleo de latinos (6.8%) y negros (9.1%) es más elevada que la de los blancos (4.6%) y asiáticos (4%) y muchos de ellos trabajan por...
Lo cierto es que pese a la mejora económica la tasa de desempleo de latinos (6.8%) y negros (9.1%) es más elevada que la de los blancos (4.6%) y asiáticos (4%) y muchos de ellos trabajan por sueldos muy bajos. Muchos de ellos, como Rubio no sienten la recuperación. “Yo paso por los bares y los veo llenos incluso los lunes pero no todos podemos hacer eso, yo no”, explica.
Su inquietud por los más desfavorecidos le ha llevado a integrarse en la asociación comunitaria Make the Road para ayudar a los trabajadores, muchos de ellos latinos, de forma diferente a como lo hacía en su país. Desde hoy está en Jackson Hole, Wyoming, donde se reunen economistas de todo el mundo y representantes de bancos centrales para hablar de política monetaria. Rubio forma parte de un grupo de trabajadores y asociaciones de base de todo el país, en las que hay representación latina, que quieren convencer a la Reserva Federal de que no suba las tasas de interés. Su argumento es que si se quedan bajas como ahora “ayudarán a mejorar las condiciones laborales y crear más empleo”.
Rubio dice que la recuperación no ha llegado a los trabajadores como ella y que por eso no es momento de empezar a subir unas tasas que reconoce que están históricamente bajas(0%-0.25% desde diciembre de 2008) para estimular el crecimiento durante la reciente Gran Recesión.
“Lo que decide la Fed nos atañe a todos”, explica con convicción Rubio antes de hablar de la fuerte desigualdad laboral que hay y el hecho de que apenas hay inflación, motivo por el que no debería haber prisa por subir tasas o como dicen los economistas, normalizarlas. El programa de Jackson Hole y la lista de asistentes se hace público por el organizador de este encuentro anual, la Reserva Federal de Kansas City, hoy mismo pero ya se sabe que la presidenta de la Fed, Janet Yellen, no va a asistir. Rubio espera estar en algunas reuniones con parte de los asistentes.
“Uno piensa que no les van a ver pero ha veces que hay que pedir y abrir un caminito”, dice.
De hecho, Rubio, junto con otros trabajadores y activistas, ya se reunió este mismo mes con el presidente de la Reserva Federal de Nueva York, William Dudley. Según esta hondureña les dio la razón cuando se planteó la existencia de una desigualdad laboral y que no hay empleo para todos. Dudley dijo que dada la situación económica fuera de las fronteras la necesidad de subir las tasas es ahora “menos imperiosa”.
Ady Barkan, abogado del Centro de Democracia Popular que está impulsando la campaña “Fed Up” y estas peticiones ante la Reserva, explica que es necesario que las autoridades monetarias “presten atención a los trabajadores”.
“La economía no se ha recuperado, hay mucho desempleo entre negros y latinos, subempleo, baja participación en el mercado laboral y apenas hay subidas de salarios”, resume Barkan. Este abogado cree que la economía necesita tasas bajas para que las empresas sigan invirtiendo de forma barata y que haya préstamos asequibles que reactiven el consumo de todos.
Lo cierto es que las empresas tienen cash y algunos tipos de préstamos como los hipotecarios no han remontado lo esperado. “No obstante, si las tasas suben la situación será peor”, explica Barkan, “porque las empresas tendrán más motivos para quedarse sentadas en sus montañas de cash si tienen rendimiento de ellas y por que para invertir necesitan una inflación que no hay, ni habrá si suben tasas”.
“La economía tiene que calentarse un poco más”, dice. Barkan admite que las tasas bajas no son suficientes y que sería bueno que el Congreso hiciera algo además de subir el salario mínimo.
Representantes de la campaña de Fed Up ya se han reunido con Yellen y presidentes de otras reservas como la de Kansas, San Francisco y Atlanta entre otras, miembros de la Federal.
Dean Baker co director del Center for Economic and Policy Research de Washington publicaba recientemente que la subida “reducirá ingresos y oportunidades para quienes menos tienen”, una posición que también comparte el nobel de economía, Joseph Stiglitz.
¿Cuál es la misión de la Reserva Federal?
La Reserva Federal o Fed es uno de los reguladores de la banca y la autoridad que tiene en sus manos la política monetaria, es decir, regula la cantidad de dinero en circulación. ¿Su misión? Asegurarse de que se creen las condiciones de crédito y monetarias para conseguir el máximo empleo, precios estables (ni inflación ni deflación) y tasas de interés a largo plazo moderadas.
¿Cómo funcionan las tasas?
La Reserva Federal sube las tasas de interés a corto plazo, el dinero que se prestan los bancos entre sí, para retirar dinero del mercado y evitar las subidas de precios o inflación. Cuando las baja es porque los precios están bajos y falla el consumo. Al bajarlas se pone más dinero en circulación lo que, en teoría, animando la economía. Estas tasas a corto terminan reflejándose en las de largo plazo que son las que se usan en hipotecas y otros préstamos que se usan para comprar e invertir. Cuanto más se invierte y más crece la economía más y mejor trabajo se crea.
Source: La Raza
National advocacy groups are backing the sick-leave effort in Texas
National advocacy groups are backing the sick-leave effort in Texas
National advocacy groups based mostly in Washington, D.C., and Brooklyn, N.Y., were responsible for $1.8 million of the $2.5 million contributed and loaned to the political action committee...
National advocacy groups based mostly in Washington, D.C., and Brooklyn, N.Y., were responsible for $1.8 million of the $2.5 million contributed and loaned to the political action committee leading the effort to mandate paid sick leave for workers in Texas...The other major outside donors include...$95,000, Center for Popular Democracy, Brooklyn, N.Y.
Read the full article here.
Yellen Says Improving Economy Still Faces Challenges
The Washington Post - August 22, 2014, by Ylan Q. Mui - Federal Reserve Chair Janet L. Yellen on Friday expressed growing confidence that America’s market is...
The Washington Post - August 22, 2014, by Ylan Q. Mui - Federal Reserve Chair Janet L. Yellen on Friday expressed growing confidence that America’s market is improving but uncertainty over how much further it has to go.
Yellen began her remarks before a select group of elite economists and central bankers here by enumerating the unequivocal progress made since the Great Recession ended: Job growth has averaged 230,000 a month this year, and the unemployment rate has fallen to 6.2 percent after peaking in the double digits during the depths of the crisis.
But she quickly transitioned to the challenges in determining how close the labor market is to being fully healed — and how much the nation’s central bank should do to speed its convalescence. Although Yellen has consistently emphasized that the recovery is incomplete, her speech Friday focused on the difficulty of making a current diagnosis.
“Our understanding of labor market developments and their potential implications for inflation will remain far from perfect,” Yellen said at the annual conference sponsored by the Federal Reserve Bank of Kansas City. “As a consequence, monetary policy must be conducted in a pragmatic manner.”
The Fed slashed its target for short-term interest rates to zero and pumped trillions of dollars into the economy in the aftermath of the recession. More than five years later, it is finally scaling back that support. The Fed is slated to end its bond-buying program in October and is debating when to raise interest rates.
That decision carries enormous consequences: Move too soon, and the Fed risks undermining the economic progress made so far. Move too late, and it could risk stoking inflation in the future and sowing the seeds of the next financial crisis.
Investors generally expect the Fed to raise rates in the middle of next year, but several central bank officials gathered here cautioned that the moment could come earlier if the recovery improves more rapidly than expected. Yellen gave no clear timeline Friday but called for a “more nuanced” reading of the labor market as the economy returns to normal.
For example, the size of the nation’s workforce unexpectedly declined after the recession, the result of both demographic factors and unemployed workers who gave up hope of finding a job. Yellen reiterated Friday that a stronger economy could help stem that drop and suggested it may already be working. She also said that the run-up in involuntary part-time work and the low level of people choosing to quit their jobs could be reversed as the labor market improves.
But Yellen seemed to shift her stance on the country’s stagnant wage growth. Previously, she has cited it as a sign that the labor market remains weak. But on Friday she called on research that suggests wage growth has been subdued because employers were unable to cut salaries deeply enough during the recession, a phenomenon dubbed “pent-up wage deflation.” She also suggested that globalization and the difficulty that the long-term unemployed face in finding jobs could also be depressing wage growth.
The uncertainty facing the Fed means it will be carefully evaluating economic data over the coming months, Yellen said. And she said the central bank will remain nimble in its response.
“There is no simple recipe for appropriate policy in this context, and the [Fed] is particularly attentive to the need to clearly describe the policy framework we are using to meet these challenges,” she said.
Central bankers were not the only ones gathered in the Grand Tetons this year. Several workers and activists also traveled to Jackson Hole and called on the central bank to be cautious in removing its support for the economy, the first protest at the conference in recent memory.
The grass-roots group, organized by the Center for Popular Democracy, also issued an open letter to the Fed earlier in the week signed by more than 60 activist organizations. Kansas City Fed President Esther L. George — one of the most vocal proponents of raising interest rates soon — met with the protesters in Jackson Hole on Thursday for about two hours to hear their stories. Ady Barkan, senior attorney at the Center for Popular Democracy, said the groups plan to request meetings with other Fed officials as well.
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