Puerto Rico is on Track for Historic Debt Forgiveness -- Unless Wall Street Gets its Way
Puerto Rico is on Track for Historic Debt Forgiveness -- Unless Wall Street Gets its Way
For bondholders sitting on Puerto Rican debt, Hurricane Maria may have come just when they needed it, just as a yearslong battle over the fate of the island’s financial future was beginning to...
For bondholders sitting on Puerto Rican debt, Hurricane Maria may have come just when they needed it, just as a yearslong battle over the fate of the island’s financial future was beginning to turn against them. Or, depending on how the politics shake out, they could see their entire bet go south.
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Leaders Begin City’s Left Turn With Sick Pay Proposal
New York Times - January 17, 2014, by Michael Grynbaum and Katie Taylor - New York City’s top elected officials said on Friday that they would greatly...
New York Times - January 17, 2014, by Michael Grynbaum and Katie Taylor - New York City’s top elected officials said on Friday that they would greatly expand the reach of a measure mandating paid time off for sick workers, a cherished cause of the national left that had long been resisted by local business leaders.
The plan, a stark show of force by the city’s new liberal establishment, is the first in a series of labor- and immigrant-friendly laws that Mayor Bill de Blasio is expected to champion, including higher pay for employees on many city-sponsored projects.
For the mayor, who has been in office for two and a half weeks, the sick-leave effort carried a potent symbolic weight, offering a chance to show early action on his campaign promise to close the gap between the city’s working class and its elite.
A bill unveiled on Friday would require businesses with five or more employees to provide up to five compensated days off to full-time workers if they, or their family members, fell ill. The benefits would accrue for 360,000 more New Yorkers, and affect 40,000 more employers, than under a weaker version that passed last year, which included only companies with staffs of 15 or more.
The revised measure, which also requires workers be paid on days spent caring for sick siblings, grandchildren and grandparents, would put New York closer in line to more stringent measures enacted in Portland, Ore.; Seattle; and Washington, D.C. It must be approved by the City Council, a likely outcome since Mr. de Blasio helped elect its new speaker, Melissa Mark-Viverito.
In stagecraft and in substance, the announcement amounted to a direct jab from the city’s ascendant liberal leaders at the business-friendly, centrist politicians they have supplanted, who blocked action on a sick-leave measure for years, arguing its requirements would be financially onerous.
“Politics matter, and elections have consequences,” said Letitia James, the city’s new public advocate, in a pointed declaration that earned a broad smile from Mr. de Blasio and loud cheers on a mobbed sidewalk outside a Brooklyn restaurant, where officials introduced the measure.
The event, organized by the mayor’s office, was more like a raucous political rally than a formal news conference. Mr. de Blasio stood before a campaign-style banner featuring the slogan “One New York,” a play on his ubiquitous “tale of two cities” theme. Through loudspeakers, union officials and liberal activists chanted “Si, se puede!” as the mayor, at the lectern, conducted with a wave of his index finger.
“It may have taken awhile, brothers and sisters, but you never gave up the fight,” Mr. de Blasio said as he took the stage, acknowledging grass-roots advocates and council members gathered in the crowd.
“This City Hall is going to be on the side of working families all over this city,” the mayor said.
Liberal groups, led by the Working Families Party, had fought for years to enact sick-leave legislation in New York City, only to be stymied by Mr. de Blasio’s predecessor, Mayor Michael R. Bloomberg, and the previous Council speaker, Christine C. Quinn, who said businesses were too overburdened to withstand the added requirements.
Mr. de Blasio has long supported sick-leave laws, but he became more outspoken as the issue came to the forefront in the mayoral race, when he started hammering Ms. Quinn, a chief rival for the Democratic nomination, over her refusal to allow a vote on the measure. Under pressure, she eventually allowed a compromise bill to pass the Council. At the time, the city’s leading business groups, who had a sympathetic ear with Mr. Bloomberg, virulently protested the passage of the bill.
Signaling New York’s political turn, those same groups on Friday issued only tepid statements, saying they hoped to work with legislators in shaping the final form of the measure.
In interviews, small-business owners offered mixed reviews when told of Mr. de Blasio’s plans.
Sunny Singh, the manager of Market Deli in Midtown Manhattan, said he employed six workers and was fearful that the requirements would be financially harmful.
“Small businesses, they cannot afford it,” said Mr. Singh, who was overseeing a busy lunch hour, adding that he did not have enough money to pay employees who were unable to come to work. “When they are sick, they don’t get paid. It’s usually like this.”
At a Manhattan branch of the nutrition retailer GNC, Sandra Cesar, the manager, said she believed her six employees deserved the benefits included in the measure. “Everybody is entitled to get sick and get paid for it,” she said.
But Ms. Cesar said she also worried that workers eager to avoid shifts could exploit the measure. “They might take advantage of it,” she said.
In other cities, including San Francisco, where sick-leave laws are already in effect, there have been few reports of businesses forced to close or lay off workers because of the requirement.
In Washington, which passed a law in 2008 requiring even the smallest businesses to provide three paid sick days a year, an audit last year found that the law had not discouraged new businesses from opening, although some local employers reported cutting back on workers’ hours.
Despite the celebratory atmosphere of the event on Friday, Mayor de Blasio and Speaker Mark-Viverito said they would hear out the concerns of business leaders who remain anxious about the measure.
“There is going to be a deliberative process,” the mayor said. “There is going to be an opportunity to hear the voices of small business.”
But Mr. de Blasio added that advocates had already spent several years debating the measure with business groups.
And Ms. James, who as public advocate presides over Council meetings, began her remarks on Friday by pantomiming a roll-call vote on the measure, joking that she would immediately move the bill, and declaring it passed when the council members gathered at the event shouted, “Aye.”
The expanded sick-leave bill would take full effect in April, unlike the measure passed last year, which was set up to be phased in over a period of 18 months beginning in April. And Mr. de Blasio’s plan would remove several provisions included to placate corporate leaders, including a clause that would eliminate the sick-day requirements if the local economy were to erode.
Nancy Alzokari, who works at Danice, a clothing store in Bedford-Stuyvesant, Brooklyn, said the new measure sounded like “a great step.”
A single mother, Ms. Alzokari said she was not compensated for sick days and often looked for a friend to take care of her three children if one of them was ill.
Even if someone becomes sick, she said, “the bills still got to be paid.”
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THE $15 QUESTION: Higher minimum helps workers and business
Chicago Tribune - June 5, 2014, by Connie Razza - The Great Recession is over! So say the corporations and the wealthiest among us. For the rest of us, the so-called recovery doesn’t feel like...
Chicago Tribune - June 5, 2014, by Connie Razza - The Great Recession is over! So say the corporations and the wealthiest among us. For the rest of us, the so-called recovery doesn’t feel like much of one at all.
Corporate profits and stock prices have rebounded, but wages have not. Middle-class and low-income workers are still struggling to keep up with the cost of living. Corporate recovery has been fueled by the proliferation of jobs paying low wages.
How can we fix this? Raise the minimum wage.
That’s why Aldermen Proco “Joe” Moreno, Roderick Sawyer and John Arena have introduced an ordinance to raise the minimum wage for Chicago workers to $15 an hour, following a March advisory referendum in a small number of precincts that showed about 86 percent of Chicago voters support such a proposal.
If adopted, the $15 wage would initially apply only to workers at businesses with $50 million or more in annual receipts, and their subsidiaries and franchisees, while workers at smaller businesses would see the wage phased in over a multi-year period.
A new study by the Center for Popular Democracy, where I serve as director of strategic research, shows that the ordinance will increase income for 40 percent of all Chicago workers.
But what about job loss? Big business will say the higher wage will hurt the economy and force layoffs.
Not so.
Our study shows that an additional $1.1 billion would be passed to workers as take-home pay. Almost all of that money will travel through the local economy, generating an additional $616 million in new economic activity and creating 5,350 new jobs.
And there is precedent for these findings elsewhere: The payroll company Paychex and research firm IHS did a survey that found that Washington, the state with the highest minimum wage, also has the highest annual job growth.
Raising the wage isn’t just the right thing to do; it’s the smart thing to do. And although it may seem counterintuitive, the higher wage will help businesses grow. How?
Because too much inequality threatens economic growth and stability by limiting consumers’ ability to buy goods and participate in the marketplace. In other words, who will buy a new car if no one can afford to pay rent?
Unfortunately, the so-called recovery we’re in has been fueled largely by low-wage jobs replacing previously existing higher-wage jobs, further fueling inequality. In 2012, the Brookings Institute named Chicago the eighth most unequal city in the country.
Latinos and African-Americans make up disproportionate portions of the low-wage workforce, exacerbating racial and geographic disparities in the economy. Our study shows that a higher minimum wage will address these disparities by helping low-wage workers to participate more fully in the city’s economy as consumers, and help facilitate economic recovery in the neighborhoods where these workers live.
The current Illinois minimum wage is $8.25 an hour, a dollar higher than the federal minimum wage. Neither of these wage levels has kept pace with inflation or the cost of living, and both fall well below in purchasing power compared to the minimum wage in previous decades.
While the state and the federal government continue to ponder action, Chicago can’t afford to wait. The city is well positioned to take action, and join other cities, such as Seattle, San Francisco, and Washington, that are showing national leadership for urban America while Congress continues to stall.
More families than ever are relying on low-wage jobs to make ends meet. Let’s give them a fighting chance. Let’s make the economy work for all of us, not just the wealthy and the corporations.
Connie M. Razza is the director of strategic research at the Center for Popular Democracy, which gets funding from private philanthropy, community groups and labor organizations.
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Texas Gives The Green Light To Racial Profiling
Texas Gives The Green Light To Racial Profiling
Today, a judge in San Antonio will be hearing opening arguments on a lawsuit against Senate Bill 4, a law passed in Texas last month that is the single biggest attack on immigrants this country...
Today, a judge in San Antonio will be hearing opening arguments on a lawsuit against Senate Bill 4, a law passed in Texas last month that is the single biggest attack on immigrants this country has seen in decades. SB 4 commands police to search the papers of anyone who looks like an immigrant and levels hefty fines and even jail time for law enforcement officers who resist. Under SB 4, even campus police will have the power to do random searches, transforming college campuses, traditionally a site of sanctuary, into a source of terror.
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Another retailer pulls plug on on-call scheduling
"Following discussions with my office, L Brands' (LB) subsidiary Bath & Body Works has agreed to end on-call shifts for...
"Following discussions with my office, L Brands' (LB) subsidiary Bath & Body Works has agreed to end on-call shifts for employees in all U.S. stores next month," New York Attorney General Eric Schneiderman said Wednesday in a statement.
The agreement comes after the Columbus, Ohio-based retailer made the same moves at youth-focused retailer Abercrombie & Fitch (ANF) and underwear purveyor Victoria's Secret.
L Brands, which operates nearly 1,600 Bath & Body Works stores in the United States, declined to comment. A company source, however, said the company is phasing out on-call scheduling.
The company's move drew limited praise from one group advocating for workers, which said the change, while positive, still leaves troublesome policies in place.
"Since July, they have been relying on shift extensions at Victoria's Secret, which are on-call shifts by another name," Erin Hurley, an organizer for Rise Up Georgia in Atlanta, a partner of the Fair Workweek Initiative at the Center for Popular Democracy. "While we celebrate the step forward, we call on L Brands to take a definitive step toward a fair workweek by giving workers shifts with definite start and end times, and enough hours to support their families," added Hurley, a former Bath & Body Works employee.
Schneiderman in August said Gap (GPS) would this month end its policy of requiring workers to remain on-call for short-notice shifts after his office launched an inquiry, requesting information about scheduling practices from 13 retailers, including Gap, Abercrombie & Fitch and Bath & Body Works.
At the time, the attorney general said his office had received reports of more employers setting shifts the night before or even just a few hours in advance. The practice left workers with little time to arrange for childcare or work other jobs.
In New York, if workers shows up for a shift that they end up not being needed for, they're legally entitled to four hours of pay. Schneiderman's investigation delved into possible violations of that law.
"Employees deserve stable and reliable work schedules to adequately plan for childcare, transportation and other basic needs," Schneiderman said, adding that his inquiry had yielded "positive results for tens of thousands of workers."
Roughly a dozen states and a few municipalities have passed legislation addressing on-call scheduling, and a bill, the Schedules That Work Act, was reintroduced on Capitol Hill in July, with Sen. Elizabeth Warren, D-Massachusetts, among the sponsors.
"You can't win what you don't fight for," Warren told a news conference in acknowledging that the bill stood little chance of being enacted by the Republican-led Congress.
Source: CBS News
Policy for a new majority
The Huffington Post - July 15, 2013, by Brittny Saunders - Two weeks ago, the U.S. Senate approved historic federal immigration reform legislation in a 68-32 vote. Observers have linked the bill's...
The Huffington Post - July 15, 2013, by Brittny Saunders - Two weeks ago, the U.S. Senate approved historic federal immigration reform legislation in a 68-32 vote. Observers have linked the bill's relatively rapid movement -- perhaps unimaginable only a few years ago -- to the growing numbers of Latino and Asian voters and their overwhelming support for President Obama in the 2012 presidential election. The progress of federal immigration reform is just one signal that as the country undergoes sweeping demographic changes that will make the U.S. a majority people of color nation within 30 years, traditional understandings of what the machinery of public policy can produce and for whom will also shift.
Changes in the racial and ethnic makeup of the nation's population demand policies that account for the needs of communities of color as well as the increasingly central role such communities will play in driving economic growth in coming years. As experts have noted, the continuing viability of entitlements like Medicare and Social Security will soon depend on the Latino, Asian and Black workers who will constitute a growing portion of American workers.
These shifts are also altering constituencies and causing some elected leaders to revisit old positions. While much attention has been focused on the implications of these demographic changes for national elections and policymaking, this is not only a national trend. In state houses and city halls across the country, a historic moment has been taking shape. People of color, immigrants and workers are fighting for and winning state and local legislation that demonstrates the growing influence of the emerging new majority. In Connecticut, for example, communities fought for and won a statewide policy that makes it clear that local governments need only comply with Immigration and Customs Enforcement (ICE) detainer requests under limited circumstances, helping to restore trust between immigrant communities and law enforcement. The legislation, called the TRUST Act, was passed only weeks after Connecticut legislators voted to grant driver's licenses to undocumented immigrants, joining a growing list of states -- including Washington, New Mexico, Utah, Maryland, Illinois and Oregon -- that have already enacted similar measures.
The demographic shifts that are underway also create increased opportunities for immigrant communities to unite with others that have long been targeted by discriminatory state and local policies and practices. Growing efforts to challenge tactics like racial and ethnic profiling and disparate enforcement are evidence of this. These tactics have grave consequences for immigrant Americans, for whom an unjustified street or vehicle stop can lead to detention, deportation and permanent separation from loved ones. And even for those for whom immigration status is not an issue, such targeting can lead to costly, long-term engagement with the criminal justice system with implications for housing and employment opportunities. But across the country, in urban, suburban and rural settings, immigrant and African-American communities are working together to win policies designed to end police targeting of their communities.
In New York, such efforts led recently to a victory that promises to set a new standard for what state and local governments can do to tackle the problem of discriminatory policing. At the end of June the New York City Council passed two historic bills that will enhance NYPD accountability. The measures -- which passed with support from a supermajority of the Council -- will establish external oversight of the Department, expand protection against profiling to a broader cross-section of New Yorkers, and give City residents new tools for challenging discriminatory practices. The bills' passage is due to tireless advocacy by Communities United for Police Reform, a coalition including groups representing not only immigrants and communities of color in the City, but also LGBTQ New Yorkers, homeless New Yorkers and others. While the Council must still override a promised mayoral veto, its leadership in this area is significant. With this legislation, New York City has an opportunity to move to the forefront of state and local public safety policy, demonstrating that there are alternatives to the discriminatory, outdated and ineffective policing strategies that have been in place in far too many communities for far too long.
Of course, success is not inevitable. And these and other attempts to change policy at the state and local levels have faced organized and passionate opposition. But each of these efforts suggests a tantalizing possibility: that in the decades to come we may actually succeed in breaking with the entrenched patterns of old and building power among communities that for much of our nation's history have been marginalized.
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Sexual assault testimony in the Senate Judiciary Committee hearing triggers trauma, reports
Sexual assault testimony in the Senate Judiciary Committee hearing triggers trauma, reports
The political became personal for many this week, as Christine Blasey Ford’s testimony of sexual assault reopened old wounds for other victims — including two women who dramatically confronted a...
The political became personal for many this week, as Christine Blasey Ford’s testimony of sexual assault reopened old wounds for other victims — including two women who dramatically confronted a key US senator Friday in a Capitol elevator.
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Signature gathering begins for $12 minimum wage initiative
Signature gathering begins for $12 minimum wage initiative
PHOENIX (AP) - A group advocating for worker’s rights is gathering signatures for a ballot initiative in Arizona that would increase the minimum wage to $12 an hour by 2020, at the same time...
PHOENIX (AP) - A group advocating for worker’s rights is gathering signatures for a ballot initiative in Arizona that would increase the minimum wage to $12 an hour by 2020, at the same time Republican lawmakers are proposing their own ballot measure that would give the Legislature sole authority to set the wage in the state.
The fight over Arizona’s minimum wage has grown amid widespread worker frustration over sluggish wage growth that has fueled presidential campaigns and led to legislative battles on both sides of the country - California and New York lawmakers are poised to pass bills lifting the minimum wage to $15 an hour over the next several years.
The Fair Wages and Healthy Families Initiative incrementally increases minimum wage in Arizona to $12 per hour by 2020 and requires employers to provide earned paid sick time.
The initiative campaign has less than four months to collect more than 150,000 valid signatures necessary to get on the November ballot. Arizona’s current minimum wage is set at $8.05 per hour and is increased annually based on inflation.
Campaign manager Tomas Robles said his group has worked with people on both sides of the issues to find a compromise that offers workers a livable wage without putting too much of a burden on employers.
“We feel that this wage increase is that happy medium that protects small business and helps workers who can’t pay their rent at the end of the month even though they work full time,” he said.
The campaign committee has received backing from the Latino rights organization Living United for Change and the Center for Popular Democracy, a social and economic justice advocacy organization, Robles said. The campaign aims to collect more than 250,000 signatures using a combination of paid and volunteer petitioners to ensure they can get on the ballot.
At the same time, Arizona Republicans have proposed to increase the minimum wage to $9.50 an hour by 2020 with annual adjustments based on inflation - in a bid to stymie an increase in wages they say small businesses could not handle.
“This offering is kind of a counter-balance to the insane socialism we hear in other quarters,” said Sen. Don Shooter, R-Yuma, during a committee hearing in March.
It would also prevent cities, towns and counties from setting their own minimum wage, which Arizona Gov. Doug Ducey has said would “drive our economy off a cliff.”
The Senate Appropriations Committee passed the measure on a 5-3 party-line vote. It will now undergo a standard review before going to a Senate vote. If passed, House Concurrent Resolution 2014 could go before voters this November.
If both measures end up on the ballot and both pass, the initiative with greatest number of “yes” votes would win.
By RYAN VAN VELZER
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On-call Shifts String Retail Workers Along
The Boston Globe - April 19, 2015, by Dante Ramos - Because life-threatening crises arise at odd times, people in some fields have days when they’re on call. EMTs get called...
The Boston Globe - April 19, 2015, by Dante Ramos - Because life-threatening crises arise at odd times, people in some fields have days when they’re on call. EMTs get called to accident scenes. Doctors have patients who might fall ill or go into labor at any moment. But do unforeseen variations in sweater sales, or in foot traffic in the housewares department, have the same urgency? Of course not.
Recently, New York Attorney General Eric Schneiderman sent letters demanding information from Gap, Abercrombie & Fitch, Urban Outfitters, and 10 other major retail chains about their use of on-call shifts — periods for which an employee must keep an open schedule but might not end up working.
Instead of simply reporting for work, the employee has to check in with a supervisor a few hours in advance. If she gets called in, she may have to scramble for a babysitter. If she doesn’t get called in, she doesn’t get paid, and it’s too late to get a shift on a second job. “People will be scheduled for eight on-call shifts in a pay period and only get called in for one shift,” says attorney Rachel Deutsch of the Center for Popular Democracy, a labor advocacy group.
Some of the retailers Schneiderman targeted have written the practice into their employee handbooks. Others, such as JC Penney, told reporters last week they have policies against it. Still others have responded cryptically to reporters’ inquires; TJX, the Massachusetts-based discount giant, told CNN Money that its schedules “serve the needs” of workers and the chain. I contacted the company to clarify, but it didn’t respond.
On-call shifts are a new frontier: They’ve proliferated at big chains because of just-in-time scheduling software, which uses up-to-the-minute data to maximize sales while minimizing the number of employees on the clock at slower times. Statistics are hard to come by, although a 2011 survey by Retail Action Project, another advocacy group, found that 43 percent of New York City retail workers were assigned to on-call shifts sometimes or often. Until Schneiderman’s office started sending out letters, the practice had attracted little regulatory attention. (In Massachusetts, the attorney general’s office is watching what happens in New York, but hasn’t taken similar action.)
Despite their relative novelty in retail, on-call shifts speak to an age-old tension. Economic life is full of uncertainty. How much should employers bear, and how much should fall on workers? Jon Hurst, president of the Retailers Association of Massachusetts, argues that stores face stiff competition from e-commerce and survive at the mercy of the customer who, he says, “moves on a dime.” He adds, “If you choose to work in retailing, you have to live with the consumer.”
In other sectors, though, people who work on call are often paid salaries that presume some unpredictability, or they’re paid for the time they spend waiting around. Deutsch used to work as a union rep for hospitals in the Bay Area. One hospital, she says, had a handful of technicians on staff who performed echocardiograms during the workday. After hours, there was a technician on call, who was paid half-time for those shifts even when there was no work.
A key difference: Echocardiogram techs have a specialized skill. Entry-level retail workers don’t, and those averse to on-call shifts are easily replaced.
Businesses aren’t social-service agencies. To rely on employers as guarantors of health care and retirement security, as the US government did after World War II, is to assume they and their workers want to be bound together intimately, for decades on end. But at the other extreme, companies that treat employee relationships as fleeting and transactional — the workplace equivalent of a one-night stand — will end up with lots of churn in their ranks.
Or they’ll be subject to lots of government mandates. Responding to a variety of complaints about unpredictable schedules, San Francisco last year approved a far-reaching “retail worker bill of rights” that, among other things, requires employers to post schedules weeks in advance. A proposed Massachusetts law has similar provisions. Hurst points out that parts of the bill would have hamstrung local retailers in February, when sales plunged during a four-week Ice Age.
Retail chains can forestall such rules by changing their ways. When stores train workers to do more than scan tags and say “I can help who’s next,” those workers can improvise. They might tend to customers during a sudden rush while prioritizing other jobs, like restocking shelves, at slower moments. If employers still believe they need on-call shifts, they can simply guarantee employees some pay for those periods. Ideally, chains would do so voluntarily. In practice, some will need a regulatory nudge.
When retailers can claim free options on hourly workers’ time, they have no incentive to make firm decisions in advance. But no one likes being strung along, and no one’s life is infinitely flexible.
Soure
Report: Federal Reserve Should Be ‘Fully Public,’ Increase Diversity in Highest Ranks
Report: Federal Reserve Should Be ‘Fully Public,’ Increase Diversity in Highest Ranks
Lawmakers should strip banks’ influence from the Federal Reserve’s leadership, make its regional banks publicly owned corporations and increase transparency in selecting its top leaders, according...
Lawmakers should strip banks’ influence from the Federal Reserve’s leadership, make its regional banks publicly owned corporations and increase transparency in selecting its top leaders, according to a report released Monday by the Fed Up Coalition, a campaign led by the left-leaning Center for Popular Democracy.
The 17-page report — co-authored by Fed Up Coalition Campaign Manager Jordan Haedtler, economist Valerie Wilson of the Economic Policy Institute and Dartmouth College economist Andrew Levin — is a more detailed version of a Fed overhaul framework proposed in April by Levin, a former Fed staffer, and urges members of Congress to make the central bank a “fully public institution” and scrub the influence of banks from its top echelons.
The report also proposes establishing annual audits of the Fed by the Government Accountability Office, reworking the selection process of Fed regional presidents and directors, returning capital shares to commercial banks invested in the regional Fed branches and opening the 12 regional banks to the Freedom of Information Act.
“We have really strived to make a proposal that we see as sensible and pragmatic and nonpartisan,” Levin said Monday in a conference call with reporters. “Over the years, both progressives and conservatives have felt strongly that big banks should not have an undue influence in the governance and the decision-making process of the Federal Reserve, and making the Fed fully public is an important way to do that.”
The proposal differs from previous “audit the Fed” measures, such as Sen. Rand Paul (R-Ky.)’s legislation that failed to garner the 60 votes needed to advance during a procedural vote in January, because it would prevent “political interference” in the central bank by establishing an annual schedule for GAO audits and giving the reviews a comprehensive focus rather than allowing members of Congress or congressional committees to single out monetary policy decisions, Levin said.
The report calls for greater diversity at the Fed’s top levels — both in terms of increasing racial and ethnic diversity and limiting the influence of financial sector power-brokers. It also said policymakers should be limited to a single seven-year term. Currently, the Fed chair is appointed to a four-yeart term that can be renewed. Members of the central bank’s Board of Governors are appointed to staggered 14-year terms, but their tenures average about four years. Regional Fed presidents have renewable five-year terms, and they typically hold office for at least two decades, according to today’s report.
The authors said that refunding shares to commercial banks with stakes in the regional Fed branches would save taxpayers about $3 billion over the next 10 years.
Members of the Fed Up Coalition are scheduled to meet later this week with Fed officials, including Federal Reserve Bank of Kansas City President Esther George, at the central bank’s annual policy symposium in Jackson Hole, Wyo. The meeting with George won’t center on today’s report, but instead will focus on “presenting stories of communities that still have not recovered from the Great Recession,” Haedtler said.
By TARA JEFFRIES
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2 months ago
2 months ago