White Male Bankers Dominate New Crop of Federal Reserve Directors and Presidents
02/08/16
Today, the Fed Up campaign released...
02/08/16
Today, the Fed Up campaign released a report showing that the January 1 appointments to the 12 Federal Reserve boards across the country have exacerbated the system’s skewed leadership structure and resulted in economic policy choices that privilege the needs of the wealthy over the welfare of low-income communities of color. The report, “To Represent the Public”: The Federal Reserve’s Continued Failure to Represent the American People, is being released as Chair Janet Yellen begins two days of testimony before Congress and three weeks before the expiration of the five-year terms of all 12 regional Federal Reserve Bank presidents, who are all expected to be reappointed by the regional boards through a completely opaque process.
Among the 19 board members appointed at the beginning of 2016, 16 are white, three are black, and none are Latino or Asian. Twelve come from either banks or corporations, while three are from academia, one represents a labor union, and the remaining three come from the non-profit world. This year’s new appointees mirror society in terms of gender with 10 women and nine men, although the boards remain dominated by men.
The report is being released as approximately 80 community leaders and organizers from around the country converge on Washington DC today and tomorrow for Yellen’s “Humphrey-Hawkins” hearings in front of the House Financial Services and Senate Banking committees. For over a year, the Fed Up campaign have been warning the Fed not to intentionally slow down the economy while it remains fragile, with 0.7 percent growth in the fourth quarter of 2015 and a slack labor market with low wage growth. Nevertheless, Fed officials raised rates in December, sending international markets into a tailspin on fears of a global slowdown and even a new recession.“To Represent the Public” shows that its decision to slow down the economy – which reduces aggregate demand, slows job creation, undercuts workers’ bargaining power, and leads to lower wages – is the result of a leadership dominated by bank executives who profit from higher interest rates and corporate executives who profit from lower labor costs.
The report reveals that, despite the legal requirement that Federal Reserve Bank directors “represent the public” with “due consideration” to a wide array of constituencies across the economy, directorships at Fed Banks are occupied disproportionately by white men, almost entirely from the corporate and financial sectors. 83 percent of Federal Reserve board members are white and nearly 75 percent are men. By comparison, 63 percent of the country is white and 49 percent is male. Banking and commercial sectors dominate the board seats, with representatives from community and labor organizations representing less than five percent of all seats.
On top of the lack of diversity, the report casts a spotlight on the revolving door between the banking industry and the Federal Reserve. The majority of Federal Reserve Bank presidents spend their entire careers either in the federal government or in the banking sector before taking a job at the Fed. One fourth of current Fed presidents have strong ties to Goldman Sachs.
The report makes a set of recommendations, calling on the Fed to ensure that community, labor, academic, and alternative banking voices have a strong presence within the system’s governance.
Shawn Sebastian, the Fed Up campaign’s Field Director, released the following statement:
“When a policy-making body that looks like this evaluates whether lower unemployment and higher wages would be a good thing for America, whose perspectives are they taking into consideration? When no regional president is African-American, how do they weigh the importance of Black unemployment?
“When the vast majority who represent banking and financial interests debate with the few labor representatives over whether we have a strong labor market, who wins? The answers are obvious.
“The Federal Reserve intentionally slowed down the economy in December, ignoring the voices of working people around the country. The Fed needs to prioritize strong job and wage growth for everybody. But its leadership continues to represent America’s one percent and to advance policies that help the wealthiest, rather than the rest of us. That needs to change.”
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www.whatrecovery.com
Fed Up is a coalition of community organizations and labor unions across the country calling on the Federal Reserve to reform its governance and adopt policies that build a strong economy for the American public. The Fed can keep interest rates low, give the economy a fair chance to recover, and prioritize genuine full employment and rising wages.
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www.populardemocracy.org
The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.
Press Contact:
Anita Jain, ajain@populardemocracy.org, 347-636-9761
Sofie Tholl, stholl@populardemocracy.org, 646-509-5558
Martin Luther King Jr. had an economic dream - and it changed the Federal Reserve forever
Martin Luther King Jr. had an economic dream - and it changed the Federal Reserve forever
Most Americans have watched or heard Martin Luther King's famous "I Have a Dream" speech , delivered before the Lincoln Memorial in Washington in 1963. Few know his rousing call for racial...
Most Americans have watched or heard Martin Luther King's famous "I Have a Dream" speech , delivered before the Lincoln Memorial in Washington in 1963. Few know his rousing call for racial equality was the culmination of an event called the March for Jobs and Freedom.
Read the full article here.
De Blasio, Mark-Viverito Announce Paid Sick Leave Expansion Plan
NY1 - January 17, 2014, by Grace Rauh - Approximately 500,000 more New Yorkers could soon get paid sick leave benefits at work, as Mayor Bill de Blasio and City Council Speaker Melissa Mark-...
NY1 - January 17, 2014, by Grace Rauh - Approximately 500,000 more New Yorkers could soon get paid sick leave benefits at work, as Mayor Bill de Blasio and City Council Speaker Melissa Mark-Viverito are teaming up to fast-track a new sick leave bill that would dramatically expand the old one. NY1's Grace Rauh filed the following report.
Mayor Bill de Blasio and City Council Speaker Melissa Mark-Viverito say they are going to take the city's paid sick leave law and expand it so that 500,000 more New Yorkers can stay home when they are ill and still get a paycheck.
"We've talked a lot about the tale of two cities," de Blasio said. "Our goal is to create one city where everyone can rise together, and this is one of the steps we have to take to make that possible. The time to act is now."
It is the new mayor's first big legislative push, and it is the first time he is teaming up with the new speaker, who he helped in her bid for the job.
"This is the kind of progressive change that can happen when the mayor and City Council share the same priorities and values, values that put working New Yorkers first," Mark-Viverito said.
After years of debate, the City Council passed a bill mandating paid sick last year, but it affected far fewer businesses than many advocates had wanted.
The new legislation would require businesses with five or more employees to provide paid sick leave. The earlier bill only targeted businesses with 15 or more workers.
Manufacturing businesses, which had been exempted from the earlier bill, would have to provide sick leave benefits, and employees would be allowed to use paid sick days to care for grandparents, grandchildren and siblings, as well as immediate family.
De Blasio said he wants the new bill to take take effect on April 1 of this year.
Many business leaders fought the previous legislation, arguing that it would put a strain on their bottom line. Their initial response to the new proposal was fairly measured, though. One industry leader said it was no surprise that the new mayor is pushing this expansion.
There is no specific timetable for introducing the bill in the City Council, but it is expected to move quickly through the legislative body and win approval.
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I'm a Puerto Rican refugee from Hurricane Maria. Here's why I care about the Pa. midterm
I'm a Puerto Rican refugee from Hurricane Maria. Here's why I care about the Pa. midterm
"I am a hurricane Maria survivor who now calls the state of Pennsylvania my home...Without support from the federal government, I am grateful for the assistance of grassroots organizations and...
"I am a hurricane Maria survivor who now calls the state of Pennsylvania my home...Without support from the federal government, I am grateful for the assistance of grassroots organizations and nonprofits like CASA and CASA in Action, affiliates of the Center for Popular Democracy...I am now proud to work with CASA in action, canvassing and energizing voters. It is empowering to knock on doors and connect with other Latinos and long time residents who came to Pennsylvania before me. They understand that it is our duty as a community to come together and send a strong message that we are here and that we vote too."
Read the full article here.
Allentown immigration rally encourages reform
WFMZ-TV - June 18, 2013, By Rosa Duarte - A big vote on immigration reform is coming up in the U.S. Senate next week and that has local politicians and community leaders sounding off on the issue...
WFMZ-TV - June 18, 2013, By Rosa Duarte - A big vote on immigration reform is coming up in the U.S. Senate next week and that has local politicians and community leaders sounding off on the issue.
Allentown Mayor Ed Pawlowski took part in an immigration rally Tuesday at City Hall accompanied by City Council President, Julio Guridy.
The event, organized by a local democratic and immigrant support group had just one message and that is to urge Senators Bob Casey and Pat Toomey to vote in favor of the senate's immigration bill.
“I think it's critical for our American economy, I think it's critical for our city, I think it's critical for the country as a whole to get behind comprehensive immigration reform that has a path to citizenship,” said Pawlowski.
However that may not be easy, the bill would offer a 13-year path to citizenship for the nation's 11-million undocumented immigrants.
Even if the Senate approves the bill, it could face a tough fight in the GOP-controlled House.
"Any immigration reform bill that is going into law ought to have the majority of both parties support, if we are really serious about making that happen. I don't see any way of bringing an immigration bill to the floor that doesn't have a majority support of Republicans," said House Speaker John Boehner (R-Ohio) on Tuesday.
A recent poll done by CNN/ORC shows a small majority of Americans in support of the Senate's immigration bill. With 51% in favor and 45% against.
When it comes to a pathway to citizenship only 36% of those polled believe that should be the government's main focus while 62% say there needs to be an increase in border security.
Regardless, those who spoke at Tuesday's rally believe Washington is closer than ever in passing meaningful reform.
"They've been talking about it for some time, they have tried so many times and have failed. and I think in a bipartisan way with this gang of eight I think they're going to be successful," said City Council President, Julio Guridy.
Boehner is scheduled to meet with the Congressional Hispanic Caucus Wednesday to discuss immigration reform.
The senate is expected to have its vote on the bill by the end of next week.
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Más alta la factura de luz y otras implicaciones de los acuerdos de la junta
Más alta la factura de luz y otras implicaciones de los acuerdos de la junta
Encubrimiento de violaciones de ley, conflicto de intereses, ganancias desmedidas de especuladores financieros y mayores cargas económicas para el pueblo son algunas de las implicaciones de los...
Encubrimiento de violaciones de ley, conflicto de intereses, ganancias desmedidas de especuladores financieros y mayores cargas económicas para el pueblo son algunas de las implicaciones de los acuerdos que la Junta de Supervisión Fiscal está negociando con los acreedores del gobierno, según el Frente Ciudadano por la Auditoría de la Deuda.
Read the full article here.
Allentown leaders, residents rally for immigration reform
The Express-Times - June 18, 2013, By Sarah Cassi - Allentown Mayor Ed Pawlowski and City Council President Julio Guridy were among the residents and community leaders rallying tonight at City...
The Express-Times - June 18, 2013, By Sarah Cassi - Allentown Mayor Ed Pawlowski and City Council President Julio Guridy were among the residents and community leaders rallying tonight at City Hall for federal action on comprehensive immigration reform.
Organized by Comunidad Unida del Lehigh Valley, the crowd called on U.S. Sen. Pat Toomey to support the Border Security, Economic Opportunity and Immigration Modernization Act. the bill would create a pathway to citizenship for illegal immigrants already in the country, toughen border security and create a guest worker program.
The Senate is preparing to vote on the bill next week.
Rally participants also called on Congressman Charlie Dent to reject piecemeal measures being advanced in the House.
“The piecemeal immigration bills currently being proposed in the House are cruel and totally miss the point. They ignore the crucial role that immigrants play in our communities and our economy. These bills don’t even offer immigrants a path to citizenship. Today we’re calling on our Congressmen to vocally support the Senate’s comprehensive immigration reform with a pathway to citizenship, which a clear majority of Pennsylvanians support,” Guridy said in a news release.
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The Refugees in New York’s Hotel Rooms
On Sept. 20, Hurricane Maria hit Puerto Rico, turning my life upside down. At the time, my two daughters and I were living in Carolina, a town on the northeastern side of the island. In just a day...
On Sept. 20, Hurricane Maria hit Puerto Rico, turning my life upside down. At the time, my two daughters and I were living in Carolina, a town on the northeastern side of the island. In just a day, my clothes were turned to rags, my home was destroyed, and I lost the few belongings I had.
My mother lived in the same town but her house was still standing. For two months, we slept on a couch in her living room. But we couldn’t stay there forever. In December, the Federal Emergency Management Agency moved us to New York City. Since then, we’ve been staying in hotels provided by FEMA in the Bronx and Brooklyn, like hundreds of other families who were moved to New York after the storm. Read more here.
Activists Protest Universities Over Investments In Puerto Rico Bondholders
Activists Protest Universities Over Investments In Puerto Rico Bondholders
A coalition of social and economic justice groups has launched a one-week campaign to end what they view as problematic university investments. The New York-based Center for Popular Democracy (CPD...
A coalition of social and economic justice groups has launched a one-week campaign to end what they view as problematic university investments. The New York-based Center for Popular Democracy (CPD) and partner organizations including three Make the Road branches will hold six protests along the East Coast, calling on Columbia, Harvard and Yale to pull their investments out of hedge funds that hold Puerto Rican debt and have advocated austerity measures in the U.S. territory, leading to mass school closings and higher tuition costs.
Read the full article here.
Report on Paladino's Ties to Charter Schools
The Buffalo News - October 22, 2014, by Sandra Tan - As noted in today's story,...
The Buffalo News - October 22, 2014, by Sandra Tan - As noted in today's story, Carl Paladino has financial investments in six Buffalo charter schools, leading some to question whether he has a conflict of interest as a board member on votes he makes regarding charter schools. He has arranged the financing and leased the buildings that charter schools need to get off the ground and expand. Some charter school founders say they might not exist without his help. Today, Alliance for Quality Education -- a statewide coalition that supports resources and support for traditional public schools and opposes charter schools -- has released a report that refers to Paladino's charter school holdings.
The anti-Paladino report "Good for Kids or Good for Carl?" was released by Alliance for Quality Education and Citizen Action, with research assistance from The Center for Popular Democracy. The report, below, focuses on the lease payments and tax breaks Paladino's company, Ellicott Development, receives for its investments in charter schools. It culls much of its information from news stories and public information from the Erie County Industrial Development Agency, the Erie County Clerk's Office and other public records. The report, however, does not include any information regarding the debt service and front-end investments made by Paladino into these schools, which would relate directly to the company's profit margin.
More detailed information about Paladino's investments into each of his charter school holdings will be posted to the School Zone Blog separately, based on additional information Paladino provided Tuesday. (Some of that information is available as part of the graphic that ran with the main story. A print version of the graphic erroneously states that Paladino anticipates a 1 percent return on investment for the Charter School of Inquiry. That should read 11 percent.) We will also live blog tonight's Buffalo School Board meeting at 5:30 p.m. Prior to the meeting will be an anti-Paladino rally by AQE and Citizen Action.
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2 months ago
2 months ago