Interest rate clock ticks for Janet Yellen and the Fed – but is China a wild card?
In just a little over three weeks’ time, on 17 September, the US central bankers are going to have to sit down around a...
In just a little over three weeks’ time, on 17 September, the US central bankers are going to have to sit down around a table and decide whether to raise interest ratesfor the first time since before the financial crisis of 2008 unfolded. And just as the markets were preparing for the news, China has thrown a wrench in the works.
Just to put this in its proper context, the last time the Fed raised interest rates, it was June 2006. Microsoft was releasing a version of Windows Vista; Google officially became a word in the Oxford English Dictionary. The Da Vinci Code ruled at the movie box office. The iPhone hadn’t even been introduced yet; we didn’t yet live in a world of apps and selfies. Hey, you could even collect interest on your bank savings account!
If it all feels blurred and slightly unreal (especially the idea of earning interest from a bank account) in your mind, that’s OK. Time has a habit of doing that to us. Then, too, what has happened since then has rendered the events of 2006 pretty forgettable: the financial crisis, the recession, and the struggle to get back to where we were, all neatly summarized in the glib phrase that some use when describing the first part of the 21st century: the “lost decade”.
But the Fed really, really, really wants to get back to normal. And that would be the old normal – when its team of policymakers meets once every six or seven weeks to monitor the economy and determine whether it’s overheating or cooling down too rapidly. Then they whip out the key tool in their monetary policy arsenal – interest rates – and adjust it accordingly. If the economic environment is too robust and the threat of inflation looms large on the horizon, well then, higher interest rates should make money more costly, dampen demand for it and calm everyone down a bit. On the other extreme, if animal spirits are low and unemployment is high, low interest rates should generate some economic activity and get everything moving again.
For now, the Fed’s leaders have said repeatedly, they are waiting until they are reasonably sure that inflation is heading toward their annual target of 2%. For the last three years, it hasn’t approached that level, and there’s tremendous uncertainty about acting too soon – and causing the economy to stall altogether – or delaying and perhaps allowing bubbles to take shape and jeopardize the credibility of the Fed itself as a policy-making institution.
It doesn’t help that the post-crisis recession seemed to throw the ability of monetary policy as a tool to guide the economy smoothly through storms into question. It certainly wasn’t enough to get the economy going once the financial system had been rescued from bankers intent on dashing off a precipice like lemmings, carrying the whole structure with them.
And now policymakers must continue to grapple with economic news that can be used in whatever way a pundit wants, to advocate for pretty much whatever point of view one wishes. The housing market is recovering at its strongest pace in nearly a decade! But it’s still functioning well below long-term historical averages, when compared to total national GDP levels. It all depends on which data set you prefer to look at. Employment? Well, the good news is that unemployment levels have fallen. On the other hand, there’s absolutely no wage inflation to be found, much less to be contained: most Americans would find the idea to be laughable. Indeed, middle income earners have seen a significant erosion in their buying power. There is inflation, but it’s in the prices of goods and services, not in wages.
Yellen and her fellow policymakers need to wake up and smell the espresso, according to a consortium of progressive policy organizations led by the “Fed Up” campaign, a nonprofit created by the Center for Popular Democracy. They’re putting together an online petition to be delivered to Yellen and other Fed members at their annual Jackson Hole, Wyoming retreat at the end of August. “Working families haven’t made a full economic recovery, and now is not the time to declare victory,” the petition states, noting that higher interest rates would make it more costly for Americans to buy homes or cars, as well as boosting the costs of student loans and credit card or any other form of debt.
All of that is true, but the Fed policymakers aren’t just thinking about working families when they consider boosting interest rates. They’re considering the bigger picture, and specifically what might happen if they don’t act: inflation (in the form of a flood of new, cheap loans from banks) and, far more dangerously, asset bubbles.
The latter is a real risk: the Fed already is stepping up its scrutiny of one particularly risky and active party of the market fueled by ultra-cheap financing, the leveraged loan market. According to at least one source, since the Fed tried to crack down when banks were shrugging off the regulator’s guidelines, the market has only grown still larger, to nearly $875bn. And it is full of the kind of excessive risk taking that led to the 2008 crisis.
In a perfect world, Yellen and the Fed would rather not preside over a repeat of that event, and if the price to pay is higher interest rates, well, that’s a perfectly acceptable tradeoff, thank you very much. Indeed, some economists believe that they already are delinquent; that they should have begun “normalizing” interest rate policy a long time ago. Already, a Bank of America securities report has scoffed that keeping rates unchanged for so long has left the Fed suffering from “central bank policy impotence” – and no little blue pill in sight.
So, will the Fed act?
The minutes of the Fed’s last meeting, held in late July, which were released to the public last week, display a lot more dithering and a considerable amount of wariness. Inflation data just isn’t there; Federal Open Market Committee members say they want more evidence that economic growth is “sufficiently strong”. How Yellen will forge a consensus out of this group is baffling.
And then there is the wild card: China. Is it even possible for the US to consider raising interest rates with the yuan depreciating, stock markets plunging and the contagion spreading to other markets in Southeast Asia? The precise extent to which these events might affect the United States is hard to gauge, but in a globalized economy, of which China and its 1.4 billion citizens play a growing and significant role, the Fed can’t pretend that they are blips on the horizon.
For my part, I’m left with only one certainty. Charged with sorting through all these issues, weighing them, and making the right policy choices for the country, Yellen is earning every penny of her annual salary of $201,700.
Source: The Guardian
White House: Obama won’t discuss interest rates with Yellen
President Obama met with Federal Reserve Chairwoman Janet Yellen on Monday, but one of the most pressing topics for the...
President Obama met with Federal Reserve Chairwoman Janet Yellen on Monday, but one of the most pressing topics for the central banker was not on the agenda.
Obama did not plan to discuss interest rates with Yellen, according to White House press secretary Josh Earnest. He argued such a conversation could undercut the chair’s independence in setting monetary policy.
“I would not anticipate that, even in the confidential setting, that the president would have a conversation with the chair of the Fed that would undermine her ability to make these kinds of critical monetary policy decisions independently,” Earnest told reporters ahead of the meeting.
The closed-door discussion is instead an opportunity to “trade notes” on broader economic trends in the U.S. and abroad, as well as on a new set of regulations on Wall Street financial firms.
Obama and Yellen talked about the growth outlook, “the state of the labor market, inequality and potential risks to the economy,” the White House said after the meeting.
Vice President Biden also attended the meeting with Yellen in the Oval Office.
The meeting comes at time when Yellen is grappling with whether to raise interest rates further amid conflicting signs about the health of the global economy.
Yellen hiked the benchmark rate to 0.25 percent last December, the first such increase since the 2008 recession.
But since then, the central bank has taken a cautious approach to further hikes.
Reserve officials left the rate unchanged last month and reduced their estimate of the number of increases that could take place this year from four to two.
Yellen said late last month the economic recovery remains on track in the U.S. despite signs of weakness abroad, such as low oil prices and anemic growth in China. Inflation has also yet to hit the Fed’s 2 percent target.
She indicated she would take a wait-and-see approach on rate hikes until the economy shows more signs of improvement.
“I consider it appropriate for the committee to proceed cautiously in adjusting policy,” she said in a speech at the Economic Club of New York.
Election-year politics could complicate the Reserve’s decision-making process.
Progressive groups are wary of further rate hikes, worried that upping the cost of borrowing could slow the pace of hiring and economic growth.
The left-leaning “Fed Up” campaign circulated a questionnaire to presidential candidates Monday asking whether the Fed “should be intentionally slowing down the economy in 2016” by raising rates.
Republican leaders have frequently accused Obama of being too reliant on Fed policy to drive the recovery, which they say hasn’t spread to large segments of the economy.
Obama hasn’t publicly commented on interest rates. But he has sounded a more optimistic tone than Yellen on the economy, trumpeting a string of positive employment reports and rising wages.
Jared Bernstein, a former chief economist for Biden, expressed confidence Yellen would be able to insulate her decision-making from the political debate.
“The Yellen Fed, and particularly Chair Yellen herself, has been extremely data-driven, and I expect that to continue,” he said.
“What will be motivating her is less electoral politics and more the actual state of the real economy,” he added. “People worried about the fed loosening in an election year to help the incumbent party. I don’t think that is in play this year.”
Did you know 67% of all job growth comes from small businesses? Read More
Obama does not meet frequently with the Fed chair to discuss the economy. Yellen’s last one-on-one sit-down with the president occurred in early November 2014.
“I think the president has been pleased with the way that she has fulfilled what is a critically important job,” Earnest said.
Even while he offered praise for Yellen, the spokesman said Obama “cares deeply about preserving both the appearance of and the fact of the independence of the Federal Reserve and the chair.”
By Jordan Fabian
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Yet Another Subsidy for the Big Banks
But there’s a bigger risk-free payout the Fed makes to big banks, one set to rise exponentially as the economy improves...
But there’s a bigger risk-free payout the Fed makes to big banks, one set to rise exponentially as the economy improves. In fact, according to the Congressional Budget Office, hundreds of billions of dollars that would otherwise go into the federal Treasury will leak out to banks, including branches of foreign banks, in the coming years. If Congress needs to find money to pay for new programs, they could cancel the Fed’s recent practice of paying interest on bank reserves.
For nearly 100 years, the Federal Reserve managed the nation’s monetary policy without paying interest on reserves, including the 10 percent of the value of loanswhich banks are required by law to park at the Fed. But in 2006, Congress passed the Financial Services Regulatory Relief Act, authorizing interest payments. It was actually an old idea first promoted by conservative economist Milton Friedman.
Friedman thought that required reserves without compensation constituted a hidden tax on the financial industry. He also believed the strategy would make it easier for central banks to engage in monetary policy. If the Fed offered an interest rate on excess reserves just above the federal-funds rate (a.k.a. the rate banks use to lend to each other), then it makes more financial sense for banks to leave their money there. It sets a floor for the federal-funds rate, in other words, giving the Fed more control over its range. It also helps the Fed expand its balance sheet, critical to engaging in monetary interventions like quantitative easing.
Under the 2006 law, interest on reserves wasn’t supposed to kick in until 2011, but Congress moved up the date three years when it passed the law authorizing the Troubled Asset Relief Program (TARP). The Fed set the interest rate on all reserves at a skinny 0.25 percent, which produces a small payout on required reserves. But excess reserves above the 10 percent requirement, which banks never left at the Fed until 2008, exploded as the Fed’s balance sheet expanded. From virtually nothing seven years ago, excess reserves hover around $3 trillion today.
Who owns these excess reserves? As the Cleveland Fed noted in a report last week, more than 80 percent come from the top 100 largest banks. U.S. branches of foreign banks, primarily from the European Union, have about $1 trillion in excess reserves parked at the Fed.
The Fed’s audited financial statement indicates that they have paid banks $25.2 billion in interest on reserves from 2008 to 2014. That number jumped from $2.1 billion in 2009 to $6.7 billion in 2014, a three-fold increase. The entire time, the interest rate has been the same: 0.25 percent. But that’s subject to change.
As the economy improves, the Fed is clearly angling to raise the federal-funds rate, which has been stuck around zero since 2008. Fed officials have already indicated they will accomplish this mostly through recalibrating interest on reserves. At theirSeptember 2014 policy meeting, Fed Chair Janet Yellen said the central bank would “move the federal-funds rate into the target range … primarily by adjusting the interest rate it pays on excess reserve balances.” While the interest rate on required reserves may stay constant, the Fed would raise the interest rate on excess reserves, allowing interbank lending only to rise so far.
In effect, interest on excess reserves is equivalent to the federal-funds rate. And the higher the interest rate goes, the more money banks make from the Fed. You can see this most clearly in Congressional Budget Office (CBO) projections of Fed remittances.
Any money the Fed makes on investments gets returned to the federal Treasury. And business has been good for the Fed of late. They remitted $99 billion in 2014 and a projected $102 billion this year. But CBO’s latest update predicts that number will fall drastically, to $76 billion in 2016, $40 billion in 2017, and just $17 billion in 2018. The lion’s share of the difference comes from the Fed paying out their earnings to banks, with higher interest on reserves as they hike rates.
While it’s hard to pinpoint the totals because the CBO doesn’t separate out interest on reserves, by marking the difference between 2015 and subsequent years we can estimate that the Fed could deliver anywhere from $20 billion to $50 billion a year to banks, risk-free. That’s an enormous amount of money, based on the claim that interest on reserves is somehow an indispensible strategy for monetary policy, even though the Fed thrived for 91 years without such a tool.
This shift in how monetary policy is conducted occurred with practically no debate. Fed officials are reportedly worried about the “optics” of their exit plan, with its unjust enrichment of the largest banks. But outside of a few libertarians, nobody has raised alarms yet.
One progressive group that’s challenged the Fed from the left was stunned to learn that, in addition to depressing the economy, an interest-rate hike would have a secondary effect as a silent bank bailout. “Clearly this is under-covered, because I haven’t heard about it,” said Ady Barkan with the Center for Popular Democracy, director of Fed Up, a grassroots organization pushing the central bank to adopt pro-worker policies. “But we shouldn’t be shocked. It is the rule that the Fed prioritizes helping banks, and has over the last seven years.”
There are other ways to control monetary policy besides interest on excess reserves, unless you believe that the Fed was impotent from 1917 to 2008. For instance, the Fed could reduce their balance sheet, rather than letting it contract through attrition, the current strategy. That would reduce the money supply, which shows what a pickle the Fed has gotten itself into with its expanded balance sheet. But the Minneapolis Fed, at least, downplayed the risks of gradual asset sales into a global market.
Another option is to hold off on raising rates, allowing the balance sheet to slowly contract and encouraging banks to recirculate excess reserves into the economy by creating favorable conditions for more profitable investments. “It’s incomprehensible to us to think that the economy is getting too healthy too quickly,” said Barkan of Fed Up.
Members of Congress, who created this mess by authorizing interest on reserves, could take it away too, and in so doing could create a large pay-for that could be transferred into productive projects. You could potentially fund an entire six-year highway bill simply by eliminating interest on reserves.
We don’t even know if the Fed’s rate-raising strategy will work without drawbacks, as it’s never been tested. But if “working” equals paying the largest banks hundreds of billions in unearned money, the Fed should figure out something else.
‘Conservatives Cannot Sit Back’: Coalition Wants to Meet With Fed Chair Janet Yellen
The Daily Signal - December 17, 2014, by Kate Scanlon - Federal Reserve chairwoman Janet Yellen met with...
The Daily Signal - December 17, 2014, by Kate Scanlon - Federal Reserve chairwoman Janet Yellen met with several left-leaning groups last month to discuss monetary policy. Now, several conservative organizations are asking for the same opportunity.
Twenty representatives from more than a dozen conservative groups hand-delivered their request to the Federal Reserve last week seeking a meeting with Yellen.
The groups, led by American Principles in Action, include Americans for Tax Reform, the Jack Kemp Foundation and Citizens for Limited Government.
The letter states that “thought leaders from the center-right” deserve the same opportunity because “the left by no means has a monopoly on concern for unemployment and wage stagnation.”
Steve Lonegan, director of monetary policy at American Principles in Action, told The Daily Signal:
Monetary policy is at the root of economic stability, critical for assuring equitable prosperity for all Americans. Conservatives are committed to building a sound economy where everyone, rich and poor, can grow and prosper.
The left has met with Janet Yellen in an effort to influence monetary policy. Conservatives cannot sit back and allow liberals to have sole voice with the Federal Reserve System.
Conservatives have the science, history, facts and philosophy for advancing good money that assures equitable prosperity for all Americans.
In November, Yellen met with representatives from several left-leaning groups, including The Center for Popular Democracy, a group that, according to its website, works with “high-impact base-building organizations, organizing alliances and progressive unions” to advance a “pro-worker, pro-immigrant, racial and economic justice agenda.”
Ady Barkan, an attorney with the center, told the Associated Press that she thought Yellen and other Fed officials “listened.”
“It was a very good conversation,” said Barkan. “They listened very intently, and they asked meaningful follow-up questions.”
According to The Daily Caller, the closed-door meeting was a source of frustration for conservatives because “the press was shut out of the meeting and no transcript made available.”
According to Bloomberg, the Nov. 14 meeting also included Fed governors Stanley Fischer, Jerome Powell and Lael Brainard.
The letter from the conservative groups argues that they deserve a similar meeting because “an evenhanded insight on achieving our shared goal of job creation and economic mobility would facilitate steps toward realization of this mutual objective.”
You can read the full letter here.
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Trump makes first mark on Fed as Senate approves key nominee
President Donald Trump officially made his first mark on the Federal Reserve on Thursday, when the Senate voted 65-32...
President Donald Trump officially made his first mark on the Federal Reserve on Thursday, when the Senate voted 65-32 to approve his first and only nominee to the central bank’s board.
Randal Quarles, a private equity investor and veteran of the Treasury Department, will also take over as the Fed's top banking regulator as the first appointee to the position of vice chairman of supervision, a role created by the 2010 Dodd-Frank Act.
Read the full article here.
Trump’s Immigration Policy ‘Fever Dream’
“The administration is “creating an environment of profound hostility,” as Ana Maria Archila, the co-executive director...
“The administration is “creating an environment of profound hostility,” as Ana Maria Archila, the co-executive director for the Center for Popular Democracy (CPD), told me. (Archila was one of the women who passionately confronted Senator Jeff Flake in an elevator last week during the Senate hearing on Supreme Court nominee Brett Kavanaugh, shortly before the senator urged an FBI investigation into the sexual-assault allegations.) Together with Make the Road New York (MRNY), CPD published an alarming data brief estimating that if the administration were able to effectively implement its “zero-tolerance” policy—its attempt to prosecute all people who cross the border outside of a port of entry—the number of migrants in private detention centers would rocket from between 290 to 580 percent in the next two years.
Read the full article here.
Mayoral Hopefuls Cool to Plan to Lift Up Low-Wage Workers
Labor Press - February 13, 2013, by Marc Bussanich - While the city’s economy has been recuperating from the Great...
Labor Press - February 13, 2013, by Marc Bussanich - While the city’s economy has been recuperating from the Great Recession, low-wage workers in the city face enormous difficulties in making ends meet in one of the nation’s most expensive cities. A new report, Workers Rising, reveals policy decisions the next mayoral administration can make to improve conditions and pay for low-wage workers.
Presented at a symposium on low-wage worker organizing at the Murphy Institute, the authors of the report, UnitedNY and The Center for Popular Democracy, write that the city should raise standards by guaranteeing at least five days of paid sick leave. The city should also regulate high-violation industries, establish a Mayor’s Office of Labor Standards to investigate complaints by workers and pass a resolution that’ll allow the city to pass a higher minimum wage than the state.
According to the report, the city’s economy is shedding living wage jobs, but is adding low-wage, service sector jobs such as restaurants (42,000) and retail trade (27,000).
Prince Jackson works as a security officer for the Air Serv Corporation at Kennedy airport and is part of a committee of security officers organizing for better pay and the appropriate equipment to do their jobs that ensures the safety of passengers.
He worked all night, but said it was important for him to be at the event.
“I’m very tired, but I will do anything that I can do to raise the standards for my fellow workers at the airport.”
Alterique Hall is a retail worker who said he’s behind his rent because he’s paid very low wages.
“It’s difficult. Some days I just want to lie down and cry because I’m being paid and treated poorly. We need to fight for higher wages to better our futures,” said Hall.
A car wash worker who worked for seven years at a carwash owned by John Lage in SoHo, owner of multiple carwashes throughout the city, will soon be laid off because Lage is selling the property to a developer. The workers at the SoHo facility voted to join the Retail, Wholesale and Department Store Union in November, but Lage said the property was up for sale before the election.
Council Member Gale Brewer welcomed the proposal to create a local office for labor standards.
“All the other cities and states that have paid sick leave have such an office. Right now, the only way to get a complaint on many of these issues is on a complaint-by-complaint basis. There isn’t currently any organization; the state doesn’t have enough staff. You need a local office that will be a partner with the employee and employer to come up with safe standards,” Brewer said.
Also joining Ms. Brewer were two mayoral hopefuls—Public Advocate Bill de Blasio and former comptroller and 2009 mayoral candidate, William Thompson. They both said they support the movement to help low-wage workers, but they did not say they would enact the authors’ proposals if elected mayor.
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At Swanky Federal Reserve Retreat, “Computer Glitch” Cancels Minority Protesters’ Hotel Reservations
At Swanky Federal Reserve Retreat, “Computer Glitch” Cancels Minority Protesters’ Hotel Reservations
THE KANSAS CITY Federal Reserve’s annual symposium in Jackson Hole, Wyoming, attracts central bankers, economists and...
THE KANSAS CITY Federal Reserve’s annual symposium in Jackson Hole, Wyoming, attracts central bankers, economists and the global elite. The past two years, some new faces came to Jackson Hole: low-wage workers who object to the Fed raising interest rates when too many at the bottom rungs of the economic ladder still struggle.
This year, somebody appears to be ensuring that ordinary people won’t disrupt the party.
The Fed Up campaign, a coalition that brought the workers to Jackson Hole in 2014 and 2015, has filed a formal complaint with the departments of Justice and the Interior, along with the National Park Service, because their hotel reservations for this year’s conference were mysteriously canceled.
Despite paying in advance for spots at the 385-room Jackson Lake Lodge, the Grand Teton Lodge Company told the campaign July 26 that their reservations would not be honored, citing a “computer glitch.” Grand Teton operates the lodge, a publicly owned facility, under a contract with the National Park Service.
Thirty-nine members of the coalition planned to attend this year, but the lodge said computer glitch resulted in overbooking its rooms by 18. Instead of spacing that out among all Jackson Lake lodge guests, the company cancelled all 13 of the Fed Up campaign’s rooms. So nearly three-quarters of the cancelled reservations belonged to the Fed Up group, even though they were told when they booked that 100 rooms were still available at the lodge.
“There is no legitimate explanation for the company’s decision,” wrote Fed Up campaign chair Ady Barkan in the complaint, which alleges possible violations of the Civil Rights Act of 1964 and the First Amendment right to peaceable assembly. “This is egregious and disparate treatment.”
The coalition’s reservations were made in the names of staffers for three of its member organizations – the Center for Popular Democracy, the Economic Policy Institute, and the Center for Economic and Policy Research – using work email addresses.
In an email statement, Alex Klein, vice president and general manager of Grand Teton Lodge Company, said: “This summer we encountered an error with our booking system that resulted in our Jackson Lake Lodge property being oversold by 18 rooms for three peak nights in August. We worked proactively and diligently with guests to relocate them to our nearby Flagg Ranch property, and offered to keep them on a wait list for available rooms should there be cancellations at the Jackson Lake Lodge. We regret inconveniencing any of our guests.”
The Jackson Hole symposium takes place from August 25-27. The event typically features a highly anticipated speech by the Federal Reserve chair – Janet Yellen is expected this year.
In 2014 and 2015, Fed Up brought unemployed workers and local activists to Jackson Hole to highlight how the economy has left behind communities of color and to urge the Fed to hear their voices. Last year, they held an alternative conference in Jackson Hole lodge conference rooms, featuring economists like Nobel Prize winner Joseph Stiglitz.
This year, Fed Up planned to hold a teach-in outside of the lodge, and secured permits for a protest. They still expect 120 members, their largest contingent ever, to attend the proceedings, but they will have to stay in alternative accommodations that are a 20- to 30-minute drive away, separate from symposium guests and the press.
The majority of Fed Up members planning to attend the conference are African-American and Latino, which is why the campaign wants the Justice Department to investigate the matter as a violation of laws ensuring nondiscriminatory treatment in public accommodations. They also want to know if the Kansas City Federal Reserve was at all involved with the decision.
Kansas City Federal Reserve President Esther George has consistently drawn criticism from the Fed Up coalition for wanting to raise interest rates and slow down the economy.
The lodge’s general manager told Fed Up that their reservations were pulled because they were booked in a group of 13, making it easier to cancel them. This, the campaign believes, also violates First Amendment rights to freedom of assembly.
“I recognize that our presence is not desired by either the company or the organizers of the symposium,” Barkan wrote. “But the physical and virtual segregation of Federal Reserve decision-makers far away from the voices and opinions of working class people of color is precisely what the Fed Up coalition is trying to dismantle.”
The incident comes at a sensitive time for the Federal Reserve, which has already been criticized by 127 members of Congress for a lack of diversity among its leadership, which is disproportionately white, male, and either current or former executives of large corporations and financial institutions. Activists believe this homogeneity in race, gender, and background drives central bank decisions that cater to the wealthy and neglect communities of color.
Barkan’s letter to Justice and the Interior concludes: “Once again, the voices and faces of working class people of color have been marginalized … and an opaque, inaccessible, and incredibly powerful quasi-governmental institution has received a bit more insulation from the opinions of the people over whose lives it has so much power.”
The Intercept has reached out for comment to the Justice Department, the Interior Department, and the National Park Service, but did not immediately hear back.
Top photo: National Park Rangers stand silhouetted inside the lobby of Jackson Lake Lodge during the Jackson Hole economic symposium in August 2015.
By David Dayen
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Ciudades Invierten Para Que Más Inmigrantes se Hagan Ciudadanos
Vivelo Hoy - September 17, 2014, by Jaime Reyes - Chicago se unió a las ciudades de los Angeles y Nueva York en el...
Vivelo Hoy - September 17, 2014, by Jaime Reyes - Chicago se unió a las ciudades de los Angeles y Nueva York en el programa “Cities for Citizenship” para que más inmigrantes legales se hagan ciudadanos.
El programa, que además ayudará a inmigrantes con micropréstamos, servicios financieros y legales, será financiado por la corporación Citigroup, con más de $1 millón, y será coordinado por las organizaciones no lucrativas Center for Popular Democracy y National Partnership for New Americans.
Según un comunicado del municipio de Chicago, en Estados Unidos hay más de 8.8 millones de residentes legales, quienes son elegibles para ser ciudadanos.
“Los inmigrantes que se naturalizan hacen grandes contribuciones a nuestras comunidades, ciudades y país y nos conviene colectivamente promover la ciudadanía”, indicó el alcalde de Chicago, Rahm Emanuel, junto a los alcaldes Eric Garcetti, de los Angeles y Bill de Blasio, de Nueva York
Para leer más de nuestra cobertura sobre inmigrantes, visite este enlace.
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Hold JPMorgan Chase Accountable for Profiting Off Trump’s Attacks on Immigrants
Hold JPMorgan Chase Accountable for Profiting Off Trump’s Attacks on Immigrants
Take Action Now gives you three meaningful actions you can take each week—whatever your schedule. This week, you can...
Take Action Now gives you three meaningful actions you can take each week—whatever your schedule. This week, you can take a picture to support Nissan workers in Mississippi, hold JPMorgan Chase accountable for profiting off-immigrant detention centers, and lobby your members of Congress to think beyond resistance. You can sign up for Take Action Now here.
Read the full article here.
7 days ago
7 days ago