Debbie Wasserman Schultz’s Challenger Has a Chance
During the presidential primary, Democratic National Committee Chair Debbie Wasserman Schultz has managed the...
During the presidential primary, Democratic National Committee Chair Debbie Wasserman Schultz has managed the impressive feat of angering virtually every liberal in America. Bernie Sanders supporters think she displays a transparent biasfor Hillary Clinton. Party stalwarts, including Clinton fans, criticize the decision tohide primary debates on weekend nights, ceding hours of free media time to Republicans in the formative stages of the election. And in a recent interview with the New York Times Magazine, Wasserman Schultz insulted millennial women for being “complacent” about abortion rights. This is an incomplete list.
In two separate petitions, more than 94,000 people have demanded that Wasserman Schultz resign as DNC chair. But back in her district, in Hollywood, Florida, Timothy Canova has another idea: vote her out of office.
Last Thursday, Canova, a former aide to the late Sen. Paul Tsongas and a professor at Nova Southeastern University’s Shepard Broad College of Law, jumped into the Democratic primary in Florida’s 23rd congressional district. It’s Wasserman Schultz’s first primary challenge ever, and with frustration running high against her, it’s almost certain to draw national attention. But Canova first became interested in challenging Wasserman Schultz not because of her actions as DNC chair, but because of her record.
“This is the most liberal county in all of Florida,” Canova said in an interview, referring to Broward County, where most of Wasserman Schultz’s district resides (a small portion is in northern Miami-Dade County). But she more closely associates with her significant support from corporate donors, Canova argued. He listed several of Wasserman Schultz’s votes, such as blocking the SEC and IRS from disclosing corporate political spending (which was part of last month’s omnibus spending bill),opposing a medical marijuana ballot measure that got 58 percent of the vote in Florida, preventing the Consumer Financial Protection Bureau from regulating discrimination in auto lending and opposing their rules cracking down on payday lending, and supporting “fast track” authority for trade deals like the Trans-Pacific Partnership.
“I think anyone who voted for fast track should be primaried. I believe that ordinary citizens have to step up,” Canova said.
Canova espouses many of the populist themes that attract the left: fighting corporate power, defending organized labor, and reducing income inequality. But this is not just a Bernie Sanders Democrat. You have to go back further. Tim Canova is a Marriner Eccles Democrat.
Eccles chaired the Federal Reserve during Franklin Roosevelt’s presidency. And Canova believes the central bank should revisit Eccles’s unorthodox strategies to jump-start a broad-based economic recovery. “In the 1930s, the regional Fed banks made loans directly to the people,” Canova said. “Instead of purchasing $4 trillion in Treasuries and mortgage-backed securities, [the Fed] could buy short-term municipal bonds and drive the yield to zero for state and local governments. They could push money into infrastructure, making loans to state infrastructure banks.” Canova has even suggested that the government create currency outside of the central bank, breaking their monopoly on the money supply, as President Abraham Lincoln did with the “Greenback” in the 1860s.
During World War II, FDR directed Eccles’s Fed to finance American war debt at low rates, eventually producing a stimulus that helped to end the Great Depression. It was a time when the Fed was far more accountable to democratically elected institutions, one that Canova looks back upon fondly. “People like to talk about the Fed’s independence, that’s really a cover for the Fed’s capture,” he said. “They look out for elite groups in society, and the hell with everybody else.”
A growing faction of progressives are beginning to return to their roots, asking whether Fed policies truly support the public interest. The Fed Up campaign, with which Canova has consulted, seeks to pressure the Fed to adopt pro-worker policies. A surprise movement in Congress just cut a 100 year-old subsidy the Fed handed out to banks by $7 billion. Even mainstream figures like economist Larry Summerswonder whether the Fed’s hybrid public/private structure, which critics believe makes it beholden to financial interests, makes sense.
Progressive debates on central banking are not as advanced here as in Europe, where British Labour Party leader Jeremy Corbyn wants a “quantitative easing for people,” where the central bank injects money directly into the economy rather than filtering it through financial institutions. But Canova, who says his views were most influenced by an undergraduate economics professor who taught with one book—John Maynard Keynes’s General Theory of Employment, Interest and Money—bridges this gap. Twenty years ago this week, he wrote an op-ed for the New York Timesopposing the reappointment of Alan Greenspan as Fed chair because of his support for high real interest rates. If elected this fall, he would instantly become the strongest advocate in Congress for a people’s Fed.
While Debbie Wasserman Schultz has few known views on the Federal Reserve, Canova’s populism offers a strong counterweight to her corporate-tinged philosophy. And even before that contrast plays out, the hunger for any challenge to Wasserman Schultz is palpable.
“The money is coming in more rapidly than believable,” said Howie Klein, co-founder of Blue America PAC, which raises money for progressive Democrats. Wasserman Schultz has been on Klein’s radar since she, as chair of the “Red to Blue” campaign for electing House Democrats, refused to campaign against three Republicans in Florida because of prior friendships and their joint support for the state sugar industry.
Klein sent a Blue America fundraising email shortly after Canova’s announcement, and raised $7,000 within 12 hours, and over $10,000 at last count. The intensity of support reached beyond the PAC’s traditional donor base. “Our average donation is $45, but in this case we’re getting $3, $5,” Klein said. “For people who our donors have never heard of, it can take three-four months to do that. It’s just because ofDebbie Wasserman Schultz.”
Similarly, Canova says he’s seeing tens of thousands of visits to his website andFacebook page, suggesting support beyond south Florida. However, he wants to localize rather than nationalize the race. The district, initially drawn with Wasserman Schultz’s input when she served in the Florida state Senate, is now more Hispanic and less reliable for a politician who Canova believes has lost touch with her constituents.
“You talk to people at the Broward County Democratic clubs, they say she takes us for granted,” Canova said. The political model for his campaign is David Brat, another academic who took on a party leader—then-House Majority Leader Eric Cantor—and defeated him, on the grounds that Cantor ignored his district amid constant corporate fundraising.
If there’s one thing Wasserman Schultz can do, it’s raise money—that’s why she chairs the party. She will have a big cash advantage and the power of incumbency. But Canova thinks he can outmatch her by riding the populist tide. “There’s a tendency to get so down about the system, but this is an interesting moment we’re living in,” Canova said. “This is a grassroots movement. We’re tapping in without even trying yet.”
Source: The New Republic
The public compact
The public compact
It is always amusing to be the subject of a John McClaughry jeremiad. While I don’t mind being labeled as the “foremost...
It is always amusing to be the subject of a John McClaughry jeremiad. While I don’t mind being labeled as the “foremost defender” of public education, he insists on giving me full personal credit for what is a state school board position.
In the instant case, John appears to be affronted by the suggestion that private (independent) schools that take public money must actually be held accountable for that money. This principle is at the core of the state board’s review of the independent school rules. Now this seems like a straightforward and fundamentally democratic concept that is generally accepted, but it has been a long-standing problem for some.
The law (16 VSA 166) provides a list of reporting requirements for independent schools if they want to chow down at the public trough. Unfortunately, as far back as the 1914 Carnegie Commission, we find evidence of the refusal of some independent schools to provide private school data even though it was the law of the land. (At that time, the Cubs were still basking in the glory of their World Series victory.)
The second paramount principle is that we have to educate all the children — regardless of needs and handicaps. That’s a necessity in a democracy. Denying a child admission on the basis of a handicap is, in most cases, illegal. Furthermore, it’s wrong. Public schools serve every child. The false fear John peddles is that the private school can’t afford to serve these children. That’s incorrect. It’s really quite simple. While great eruptions of umbrage are displayed, this problem has been solved for years. The private school contracts with (or hires) a specialist who bills the costs back to the public school. Approval in a given area requires that one sheet of paper be filed with the state. As simple as the solution actually is, some independent schools refuse to adopt an equal opportunity policy.
Instead, John proposes that Vermont “clone” Florida’s McKay Scholarship program where parents can choose the school for their handicapped child. That hasn’t worked out too well. If you think a “business management class” that sends students onto the street to panhandle is an acceptable education, then the McKay program may be just your thing. The Florida Department of Education has uncovered “substantial fraud,” including schools that don’t exist, non-existent students, and classes held in condemned buildings and public parks. And the state of Florida does not have the staff to adequately monitor the program. This is a recipe for abuse. Last May, the Center for Popular Democracy estimated that $216 million in charter school money went out the back door.
Finally, John raises the cost question and says private school scholarships would be “less expensive.” Yet he also criticizes the cost of the state’s excess public school capacity. Now let’s look at Vermont’s private independent school numbers. In 1998, there were 68 independent schools, and by 2016, the number had exploded to 93. In the decade 2004-14, independent school enrollments went down from 4,361 to 3,392. A 37 percent increase in schools with a 29 percent drop in students suggests somebody needs to revisit their business plan.
Taking it all together, (1) all who profit from the public treasury must be accountable for that money, (2) children have the right to be admitted to private schools, free of discrimination, on an equal opportunity basis, (3) private schools are a part of our system, (4) the public purse must be protected from fraud and abuse, and (5) directly or indirectly building and operating a parallel school system would be inordinately expensive and wasteful. Do these principles sound reasonable?
William J. Mathis is managing director of the National Education Policy Center and a member of the Vermont state Board of Education. The views expressed here are his own and do not represent the views of any group with which he is associated.
Source
Hillary Clinton to support Federal Reserve change sought by liberals
Hillary Clinton to support Federal Reserve change sought by liberals
Democratic presidential front-runner Hillary Clinton said she would support changes to the top ranks of the Federal...
Democratic presidential front-runner Hillary Clinton said she would support changes to the top ranks of the Federal Reserve, an issue recently championed by progressive groups amid debate over how long the central bank should keep supporting the American economy.
The Fed is led by a seven-member board of governors based in Washington and a dozen regional bank presidents based across the country, from New York to Kansas City to San Francisco. The governors are nominated by the White House and approved by the Senate, but regional bank presidents are selected by their boards of directors, whose occupants are chosen by the banking industry and by the Fed governors in Washington.
In a statement to The Washington Post, Clinton’s campaign said she supports removing bankers from the boards of directors and increasing diversity within the Fed.
"The Federal Reserve is a vital institution for our economy and the well-being of our middle class, and the American people should have no doubt that the Fed is serving the public interest,” spokesman Jesse Ferguson said. “That's why Secretary Clinton believes that the Fed needs to be more representative of America as a whole and that commonsense reforms — like getting bankers off the boards of regional Federal Reserve banks — are long overdue.”
The statement puts Clinton on the same page as her rival, Vermont Sen. Bernie Sanders. In an op-ed in the New York Times in December, he said removing bankers from the Fed’s governance would mean “the foxes would no longer guard the henhouse.”
On Thursday, Sanders and top Democratic lawmakers called on the Fed to increase the number of minorities in leadership positions. They also urged the central bank to consider the high unemployment rate among some racial groups as it debates whether to keep pulling back its support for the American economy.
In a letter to Fed Chair Janet Yellen, the lawmakers argued that more minority representation would help broaden the Fed’s internal discussions about the health of the economy. In addition to Sanders, 10 senators signed the letter, including banking committee members Elizabeth Warren of Massachusetts, Jeff Merkley of Oregon and Robert Menendez of New Jersey. More than 100 congressmen joined the effort, which was led in the House by Michigan Rep. John Conyers and gained support from California Rep. Maxine Waters, ranking member of the House financial services committee.
“Given the critical linkage between monetary policy and the experiences of hardworking Americans, the importance of ensuring that such positions are filled by persons that reflect and represent the interests of our diverse country, cannot be understated,” the letter states. “When the voices of women, African-Americans, Latinos, and representatives of consumers and labor are excluded from key discussions, their interests are too often neglected.”
Donald Trump, the GOP’s presumptive nominee, did not return a request for comment.
The leaders of the Fed are responsible for steering the ship of the American economy, setting a benchmark interest rate that can influence the cost of borrowing money for everything from a car, to a home to a factory. They also regulate the country’s biggest banks and help ensure the nation's financial system can withstand another crisis, making them among the most influential policymakers in the world.
Those officials tend to be white males. Yellen is the first woman to serve as chair in the central bank’s 101-year history. Only three Fed governors have been African American, and there have been no black regional bank presidents. No one now in the top brass is Hispanic.
In addition, an analysis by the progressive Center for Popular Democracy found that 83 percent of the boards of directors are white and three-fourths are male. The group also found that 39 percent of directors come from the financial industry, while 11 percent are from community groups, labor organizations or academia.
There are nine seats on the boards of directors. Under current law, three are required to be filled by representatives of the banking industry. However, they are not allowed to participate in choosing reserve bank presidents — the officials who would be responsible for setting the nation’s monetary policy. The bank president must also win approval from the Fed's politically appointed board of governors, based in Washington.
In a statement, a spokesman for the Fed’s board of governors said it is committed to fostering diversity of all types within its leadership and that its track record has improved.
“To bring a variety of perspectives to Federal Reserve Bank and Branch boards, we have focused considerable attention in recent years on recruiting directors with diverse backgrounds and experience,” the statement said. “By law, we consider the interests of agriculture, commerce, industry, services, labor, and consumers. We also are aiming to increase ethnic and gender diversity.”
The criticism comes in the midst of a controversial debate within the central bank. The Fed hiked interest rates in December for the first time since the Great Recession, citing the strength in the U.S. recovery. It had anticipated increasing rates four more times this year but has since downgraded that expectation amid weakness in the global economy. Investors around the world are now carefully watching to see what the Fed will do when it meets again in June.
Federal Reserve chief Janet Yellen was joined by her three predecessors Ben Bernanke Paul Volcker and Alan Greenspan at a discussion in New York City on the global economy. (Reuters)
The Center for Popular Democracy and its activist coalition, Fed Up, are pressuring the central bank not to raise its benchmark interest rate until the unemployment rate falls to 4 percent. Sanders has endorsed that target in the past, though the letter released Thursday said only that the central bank should give “due consideration” to the unevenness of the recovery.
“It is unacceptable that discussion of the job market for these populations would be an afterthought, or worse, ignored entirely, and we are concerned that the lack of balanced representation may be a significant cause of this oversight,” Democratic lawmakers said in their letter to Yellen.
Democrats have generally supported the central bank’s aggressive stimulus efforts following the 2008 financial crisis, but the prospect of higher interest rates is prompting some to question the Fed’s stance. In congressional testimony earlier this year, Yellen said there are limits to the central bank’s ability to help disadvantaged communities.
"It’s important to recognize that our powers, which involve setting interest rates, affecting financial conditions, are not targeted and can't be targeted at the experience of particular groups,” she said. “I think it always has been true and continues to be true that when the labor market improves, the experience of all groups does improve."
The Fed established an internal diversity office in 2011 as part of sweeping congressional reforms of the country’s financial system. The latest annual report for the Washington-based board of governors found minorities made up just 18 percent of top management in 2015, down from 21 percent the previous year. However, more than half of mid-level managers and administrative and support workers are minorities.
The report outlines several steps the Fed is taking to improve the recruitment and promotion of minority employees, such as a teaching and mentoring partnership with Howard University, a prestigious historically black college in the District.
By Ylan Q. Mui
Source
Multiple Arrests In Midtown During May Day Protests Outside Banks
Multiple Arrests In Midtown During May Day Protests Outside Banks
Hundreds of labor and immigrant advocates marched through east midtown early Monday in a demonstration against...
Hundreds of labor and immigrant advocates marched through east midtown early Monday in a demonstration against corporations which they say are profiting from President Trump's agenda—one of a series of May Day protests scheduled to take place throughout the city (and beyond) on Monday.
The specific targets of this action, according to organizers from Make The Road New York, are the Wall Street banks that help finance private prisons and immigrant detention centers. To that end, organizers said twelve protesters were arrested for peaceful civil disobedience while blocking the entrances outside of JPMorgan Chase, which is one of the companies named in Make The Road's and the Center for Popular Democracy's Backers Of Hate campaign.
Read full article here.
Activist Group Takes Out TV Ad Calling for Trump to Keep Yellen
The Center for Popular Democracy's Fed Up campaign broadcast a 30-second TV spot urging Mr. Trump to offer Fed...
The Center for Popular Democracy's Fed Up campaign broadcast a 30-second TV spot urging Mr. Trump to offer Fed Chairwoman Janet Yellen a second term. The ad ran during "Fox & Friends," a morning show the president watches and often reacts to on Twitter.
Read the full article here.
Candidates Ready for GOP Debate: Alleged NY Backers of Hate Rhetoric
NEW YORK - Protestors called out some prominent New Yorkers ahead of tonight's GOP presidential candidate debate,...
NEW YORK - Protestors called out some prominent New Yorkers ahead of tonight's GOP presidential candidate debate, accusing them of funding a network of groups that promote anti-immigrant hate speech. Connie Razza, director of strategic research for the Center for Popular Democracy Action, said those allegations are confirmed in a new report that identifies New Yorker Barbara Winston as a financial contributor and board member of groups that, for example, worked to restrict undocumented immigrants' access to driver's licenses in the wake of the 9-11 attacks.
"When Donald Trump talks about deporting all of the undocumented immigrants in the United States," she said, "he's really picking up the platform that these wealthy New Yorkers have been investing in, over years." We reached out for comment to Bruce Winston Gem where Barbara Winston serves as president. Asked to respond to the allegation that Barbara Winston funded hate speech organizations, a manager there said, “No, it is not true.” Immigrant advocates say they protested in front of the Harry Winston Jewelers on Fifth Avenue Tuesday, because they say Barbara Winston owns that property.
Daniel Altschuler, managing director of the Make the Road Action Fund and co-editor of the report, "Backers of Hate in the Empire State," said it calls on nonprofit groups, political parties and the news media to sever ties with the New Yorkers cited in the report and the groups they are allegedly funding. "These are folks that have been buttressing the anti-immigrant infrastructure in this country," he said. "It identifies these folks, and demands that they be held responsible for promoting this kind of anti-immigrant rhetoric and false facts." Razza said it has been a major goal of these anti-immigrant groups to get their views front and center in prime-time slots such as tonight's GOP debate. "These wealthy New Yorkers are providing funding both to this anti-immigrant hate network and to the Republican Party," she said, "and starting to mainstream anti-immigrant hate in a way that's really dangerous."
The report is online at cpdaction.org. - See more at: http://www.publicnewsservice.org/2015-10-28/immigrant-issues/candidates-...
Source: Public News Service
Former Fed Staffer, Activists Detail Plan to Overhaul Central Bank
Former Fed Staffer, Activists Detail Plan to Overhaul Central Bank
A former top Federal Reserve staffer joined with activists on Monday to lay out the mechanics of a plan to overhaul the...
A former top Federal Reserve staffer joined with activists on Monday to lay out the mechanics of a plan to overhaul the structure of the U.S. central bank.
Dartmouth College’s Andrew Levin, who was a top adviser to former Fed Chairman Ben Bernanke, Jordan Haedtler of the left-leaning Center for Popular Democracy’s Fed Up campaign and the Economic Policy Institute’s Valerie Wilson say in a paper that their proposals amount to an important modernization of the Fed.
“The Fed’s structure is simply outdated, and that makes it harder for its decisions to serve the public,” Ms. Wilson said in a press call. “We are well aware we can’t create a dramatic shake-up” of the Fed, she said, explaining what she and her colleagues are calling for is “pragmatic and nonpartisan.”
The linchpin of the overhaul is bringing the 12 quasi-private regional Fed banks fully into government. The paper’s authors also repeated calls for bankers to be removed from regional Fed bank boards of directors, while proposing nonrenewable terms for top central bank officials and greater government oversight over Fed actions.
The paper Monday fleshed out the specifics of how the overhaul would happen, building on ideas first made public in April. “We had a ‘why,’ and now we have a ‘how,’” Mr. Levin told reporters.
Mr. Levin and Fed Up have seen successes in their campaign to overhaul the central bank. Earlier this year, congressional Democrats and the campaign of Democratic presidential nominee Hillary Clinton endorsed their push to remove bankers from the boards overseeing the 12 regional Fed banks. Fed Up’s effort to promote diversity in a central bank that is still dominated largely by white males, not withstanding the current leadership of Chairwoman Janet Yellen, also has gained traction among Democrats.
The regional Fed banks are unique among major central banks for being owned by local banks. Some fear this structure gives financial institutions undue sway over policy decisions. Fed bank presidents have countered this isn’t the case.
Regional Fed officials have acknowledged that more diversity within the central bank system would be welcome, but they have been reluctant to tinker with the current structure. The paper also proposes auditing the Fed’s monetary-policy-making functions, and that has been something officials have fought hard against, believing it will lead to bad economic outcomes.
The authors say regional Fed banks can easily be made public by canceling the shares of the member banks and refunding the capital these banks were required to keep with the Fed.
The money to do this can be created by the Fed, and the paper says the fact that the central bank no longer would have to pay dividends to the banks would help it return more of its profit to the government. Over the next decade, that could mean the Fed might return as much as $3 billion more in excess profit, helping reducing the government’s budget deficit.
A number of regional Fed bank leaders have pushed back at being made fully public. In May, New York Fed President William Dudley said “the current arrangements are actually working quite well, both in terms of preserving the Federal Reserve’s independence with respect to the conduct of monetary policy and actually leading to pretty, you know, successful outcomes.”
The paper’s authors said making the Fed fully public also would allow it to remove bankers and other financial-sector members from the boards that oversee each regional Fed bank. The authors said directors should be nominated by either a member of Congress or a state governor, subject to approval by the Fed boards.
None of these directors should be from the financial sector, to prevent the conflict of interest created by a member of a regulated financial institution overseeing the operations of their own regulator.
This, too, has drawn pushback from some on the Fed. Philadelphia Fed leader Patrick Harker said in July that “the banker from a small town in Pennsylvania provides incredibly important insight,” and he wants people like that on his board.
New bank leaders should be selected by an open process in which candidates are named publicly, with a formal mechanism for public input. All Fed officials also should serve single staggered seven-year terms, which the paper says would help insulate central bankers from political interference. The selection process of regional Fed bank leaders has long been a secretive affair. Meanwhile, the leaders of the Dallas, Minneapolis and Philadelphia Fed banks, who all took their posts since 2015, have had connections to Goldman Sachs, which has drawn criticism from the Fed Up campaign. Mr. Dudley at the New York Fed was once that firm’s chief economist.
The authors also would like to subject Fed monetary policy decisions to Government Accountability Office audits. To ensure this oversight doesn’t interfere with Fed decision-making, the paper calls for the audits to be done annually and not at the request of a member of Congress, and the GAO shouldn’t be able to comment on any given interest-rate decision.
The paper calls for the Fed to release a quarterly monetary policy report that describes officials’ views on policy, the economy’s performance relative to the Fed’s official price and job mandates, forecasts and a description of risks, and a description of any models driving policy-making.
Any changes to the Fed are ultimately up to elected officials. In February, Ms. Yellen told legislators “the structure could be something different and it’s up to Congress to decide that—I certainly respect that.”
By Michael S. Derby
Source
Progressive Activists Keep Up Campaign to Thwart Rate Rises
NEW YORK—A group of activists lobbying the Federal Reserve to hold off on raising interest rates is pressing its...
NEW YORK—A group of activists lobbying the Federal Reserve to hold off on raising interest rates is pressing its campaign amid signs from the central bank that it is moving closer to lifting borrowing costs.
Members of the Fed Up Coalition, a left-leaning organization affiliated with the Center for Popular Democracy and connected with labor unions and community groups, met with Fed Chairwoman Janet Yellen and other central bank governors late last year.
They recently have met with the leaders of the Boston, Kansas City and San Francisco Fed banks, and are scheduled to meet next with Atlanta Fed President Dennis Lockharton Aug. 12 and with New York Fed President William Dudley on Aug. 14.
Most Fed officials, including Ms. Yellen, have indicated they expect to start raising short-term interest rates this year if the economy keeps improving. They have held their benchmark rate near zero since December 2008 to bolster the economy.
The activists say they want the Fed to hold off a bit longer to ensure the expansion benefits all Americans, not just the wealthiest.
They also want the Fed to become more open about its actions and how it selects the presidents of the 12 regional reserve banks.
And they want the Fed to engage with banks to promote affordable housing.
“Over the last few weeks we’ve had a lot of success engaging with Fed officials,” said Ady Barkan, who leads the Center for Popular Democracy Fed campaign. His group is “seeing that [Fed officials] are really being responsive” to the case they are making, he said.
Mr. Barkan said a recent meeting with St. Louis Fed President James Bullard was particularly fruitful. Mr. Bullard said in an interview with the Journal Friday the Fed has a balancing act when it comes to setting interest rate policy.
He favors raising interest rates this year and says the central bank’s September meeting is likely a good time to start.
“I think I have the better policy for the type of people they want to help,” Mr. Bullard said. “If you go for too much in monetary policy you can get some sort of financial bubbles and imbalances that fall apart and cause a recession,” and modest rate rises soon will help reduce those risks.
The activist group also is calling for greater representation on regional banks’ boards of directors for noncorporate interests. By law, the regional Fed directors are drawn from a mix of financial industry professionals, community and business leaders. Each board oversees individual reserve bank operations, and the directors from outside the financial sector manage the selection of new reserve bank presidents.
Mr. Barkan said Fed boards are dominated by the perspectives of leaders from large institutions. While he welcomes union and nonprofit representation on the boards, Mr. Barkan said the diversity should extend further and include a more ground-level perspective on how the economy is functioning.
Jean-Andre Sassine, age 48, of New York City, plans to attend the group’s meeting with Mr. Dudley. Mr. Sassine, who said he works on television and advertising productions, became interested in the Fed when his family ran into difficulties during the recession. He said that led him to ask questions about the role the central bank was playing to help everyday people.
When he went with the group to the meeting with Ms. Yellen, Mr. Sassine said he walked away with “the sense they aren’t used to dealing with people. It seems like they just get reports” and work off that data, and little else, to make their decisions, Mr. Sassine said.
“We are supposed to have input and recognition and we don’t have it,” Mr. Sassine said. “It can’t all be corporate heads and bankers…We’ve got to have real people who buy groceries” on the Fed’s various advisory boards, he said.
The Fed has tried to broaden its public outreach in recent years. The central bank this year has been recruiting people to serve on a new Community Advisory Council, which will meet twice a year with Washington-based Fed governors. Ms. Yellen last year visited a job-training program in Chicago and a nonprofit in Chelsea, Mass., that helps unemployed people find work.
Mr. Dudley has conducted a number of public tours of the New York Fed’s district, in which he has met with business leaders, academics, community groups and others. In a Wall Street Journal interview in March 2014 he explained he had been using the tours to make the Fed seem less abstract. And he also said the visits had in particular deepened his understanding of the housing crisis and sharpened his response to those troubles.
Staff at the regional Fed banks who have met with the activists say their meetings are part of regular efforts to engage with their communities, and can offer valuable insight into the state of the economy.
In a statement, the Atlanta Fed said it regularly meets with community based interest groups “through its various outreach programs including community and economic development, economic education, and supervision and regulation.”
Source: The Wall Street Journal
Transcript: Netroots Annual ConfeCPD and Local Progress Mentioned in C-Span during Netroots Conventionrence
Transcript: Netroots Annual ConfeCPD and Local Progress Mentioned in C-Span during Netroots Conventionrence
...codirector of Local Progress, a national group that unites progressive local officials and allied organizations. It...
...codirector of Local Progress, a national group that unites progressive local officials and allied organizations. It is run by the Center for popular Democracy...
Read the transcript here.
Seis meses después de “María”, Puerto Rico sigue en lucha por reconstrucción
Seis meses después de “María”, Puerto Rico sigue en lucha por reconstrucción
“Tuesday, March 20th from organizations across the nation take to the streets in DC to make sure that @fema, Congress,...
“Tuesday, March 20th from organizations across the nation take to the streets in DC to make sure that @fema, Congress, and the Trump Administration hear our demands.”
Read the full article here.
14 hours ago
14 hours ago