Fed Pressed on Questions of Diversity
The Federal Reserve faces criticism from lawmakers and others over its record on diversity at the same time the central...
The Federal Reserve faces criticism from lawmakers and others over its record on diversity at the same time the central bank is highlighting the economic outlook for minority groups.
Several Democrats on the Senate Banking Committee questioned Fed Chairwoman Janet Yellen on Tuesday about the selection process for regional Fed bank presidents, echoing the concerns of advocacy groups who have said the system should be more open and allow more public input.
The 12 regional bank presidents are appointed by regional boards, subject to approval by the Washington, D.C.-based Fed board of governors. As heads of regional Fed branches, they are expected to keep their fingers on the pulse of their local economies and participate on decisions about interest rates. Just two of the current presidents are women and none are black or Hispanic. The last black president stepped down in 1974.
Sen. Elizabeth Warren (D., Mass.) criticized the selection process, saying Washington officials represented little more than a rubber stamp. Earlier this year, Fed governors signed off on the reappointment of most bank presidents until 2021 “without any public debate or any public discussion,” she said.
“If you’re concerned about this, why didn’t you use either of these opportunities to say enough is enough. Let’s go back and see if we can find qualified regional presidents who also contribute to the overall diversity of the Fed’s leadership?” Ms. Warren asked.
“It just shows me that the selection process for regional Fed presidents is broken,” retorted Ms. Warren, calling on Congress to consider changing the process.
The Center for Popular Democracy, a left-leaning advocacy group, has been pressing the Fed for months to increase the diversity of its leadership, as have many Democrats on Capitol Hill who signed onto a letter from Ms. Warren to Ms. Yellen on the matter last month.
Presumptive Democratic presidential nominee Hillary Clinton has also weighed in. Her campaign released a statement saying the Fed “needs to be more representative of America as a whole.”
In a June 13 response to the lawmakers’ letter, Ms. Yellen acknowledged “there is still work to be done” on diversity within the Fed ranks “and I assure you that workforce diversity remains a priority for the Federal Reserve.”
In her prepared testimony Tuesday, Ms. Yellen stressed the need to ensure that the gains from the economic recovery are widely distributed.
She noted that blacks and Hispanics are still suffering some of the effects of the recession in more pronounced ways than other groups. Black and Hispanic workers still face higher unemployment rates than the workforce as a whole, she said.
“It is troubling that unemployment rates for these minority groups remain higher than for the nation overall, and that the annual income of the median African-American household is still well below the median income of other U.S. households,” Ms. Yellen said.
Diverging economic circumstances between white and black households predate the recession but the gaps widened after the financial crisis and have only barely narrowed in the recovery.
A Fed report released alongside Ms. Yellen’s testimony found that black households, which saw their median incomes fall 16% during the recession, are only 88% of the way back to prerecession levels. White households, by contrast, saw incomes fall only 8% and are already back to 94% of prerecession levels, the report said.
It is rare for the Fed to address the economic conditions for individual demographic groups. The central bank’s congressional mandate requires that it seek to hold down unemployment and keep inflation stable for the country as a whole. In the past, Ms. Yellen has said she was sympathetic to the economic troubles of minority groups but stressed the Fed’s options for addressing them were limited.
Ms. Yellen’s comments Tuesday suggest a rising recognition within the Fed that the racial gaps in the economy are becoming more pronounced and that there is a role for monetary policy to play in shrinking those gaps.
“It’s important for us to be aware of those differences and to focus on them as we think about monetary policy and work that the Federal Reserve does in the area of community development,” she said.
Ms. Yellen is set to address the House Financial Services Committee on Wednesday and could face many of the same questions.
By David Harrison
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Progressive Group Sues Fed, Seeking Information on Presidential Selection
Progressive Group Sues Fed, Seeking Information on Presidential Selection
The left-leaning Center for Popular Democracy on Wednesday filed a lawsuit in federal court against the Federal Reserve...
The left-leaning Center for Popular Democracy on Wednesday filed a lawsuit in federal court against the Federal Reserve, seeking to shine light on the central bank’s president selection process.
The lawsuit, filed under the Freedom of Information Act, is a product of the “Fed Up” campaign to strip private bankers’ influence from the Fed’s top rungs and increase transparency in its leadership selection. The suit was filed after the Fed ignored a FOIA request filed in August seeking information on president selections in 2015 and 2016, the group said.
“The leaders of the twelve Reserve Banks are among the most powerful and influential actors in shaping the nation’s monetary policies, yet the process by which they are chosen is completely non-transparent,” the group wrote in the complaint, filed in the U.S. District Court for the Eastern District of New York.
The lawsuit comes as Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, prepares to leave the bank in February.
“The public has a right to obtain records about how the Federal Reserve’s leaders are selected, and there is no justification for the Fed’s withholding of basic information about its governance,” said Connie Chan, an attorney representing Fed Up, in a statement. “The fact that Fed Up has to bring this FOIA lawsuit is itself further evidence of the Fed’s lack of transparency.”
By Tara Jeffries
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New York City Council Passes Bill Forcing Employers to Provide Paid Sick Leave
The New American - May 9th, 2013 - On Wednesday the New York City Council...
The New American - May 9th, 2013 - On Wednesday the New York City Council voted 45-3 to pass the New York City Earned Sick Time Act, a bill that will require employers with more than 20 employees to provide five paid sick days to each of them every year while mandating that those employees using their sick days can’t be fired. The law would become effective on January 1, 2014, and companies with more than 15 employees would be required to comply with the law starting in 2015.
Even if Mayor Bloomberg vetoes the bill, the council will likely override it, making the law effective anyway. This will impact the employers of more than one million employees who currently have no paid sick days provided for them. The costs to be borne by those employers weren't provided in any public announcements.
The AFL/CIO explained why such legislation was needed:
In addition to the potential loss of wages for working families, the lack of paid sick days forces many people to go to work when they are contagious and [make] co-workers and customers sick.
No paid sick time also decreases [the] productivity for workers who show up unable to perform to their normal level of ability.
The Center for Popular Democracy (CPD) was joyous over the vote, calling it “a historic agreement to give over one million New Yorkers the right to take paid days off from work to care for themselves or a sick family member. The new legislation represents a major step forward for workers’ rights.” The CPD was joined by Make the Road New York; 32 BJ SEIU, the largest property service workers union; NYC City Council’s Progressive Caucus; the Working Families Party; A Better Balance; and the NY Paid Sick Leave Coalition.
Bill Lipton of the Working Families Party was equally ecstatic: "This is a sweet victory. It provides economic security for New Yorkers, and a shot in the arm for the paid sick days movement across the country."
The bill was first introduced by council member Gale Brewer, a permanent politician and long-time progressive political activist, back in July 2009 but went nowhere for nearly four years, owing to resistance by City Council Speaker Christine Quinn. Quinn’s change to allow a vote coincided nicely with her announcement in March to run to succeed Mayor Bloomberg.
Brewer exulted in the victory:
After 4 years of non-stop advocacy and coalition building, I want to thank the Paid Sick Days Coalition members and my Council colleagues with all my heart for support [of my bill] and never giving up.
I also extend my thanks to Speaker Quinn and her staff for their contributions to this legislation….
The argument over [paid sick leave] was always about common sense and fairness. I believe this law enshrines the principle that American exceptionalism is not just about large profits and small elites, but a workplace that is safe, fair and respectful of the lives of workers.
Approximately one million New Yorkers will now have the fundamental right to a paid day off when they or a family member falls ill, and no worker will be fired if they must stay home. This is a tremendous accomplishment of which all fair-minded New Yorkers can be proud.
Four major cities have already passed paid sick leave laws — Portland (Oregon), San Francisco, Seattle, and Washington, D.C. — while similar measures are being considered in 20 others. On the national level, two other progressives, Sen. Tom Harken (D-Iowa) and Rep. Rose DeLauro (D-Conn.), are pushing the Healthy Families Act, which proposes essentially the same thing as Brewer’s bill: seven paid sick days each year required to be paid for by employers with more than 15 employees. The National Partnership for Women & Families outlined the benefits of such national legislation:
• Paid sick days provide families with economic security;
• Providing paid sick days is cost effective to employers;
• Paid sick days reduce community contagion;
• Paid sick days can decrease health care costs.
Each of these assumptions can be rebutted successfully, but none does it better than Ayn Rand, who always asked “At whose expense?” and Henry Hazlitt in his book Economics in One Lesson, which also asked about the unseen consequences of such meddling. The "broken window fallacy" is also helpful in understanding what progressives refuse to see: Someone must pay for such mandates, usually someone silent or impotent, without enough political influence to stop such “progress” — usually the taxpayers or employers unlucky enough to have a successful business large enough to be included in the mandate.
Some of the unseen consequences would naturally include higher employment costs to the business owners, as these are, in effect, pay raises to employees. The business owners' higher costs would be reflected in higher prices to consumers, which would likely reduce competitive advantage in a market niche. More likely, however, owners will discover that they can’t afford all the people working for them and will be forced to reduce their payrolls through terminations or attrition. That will increase social costs, as those no longer working will start receiving unemployment benefits provided by the state.
In the longer run, however, making employers less competitive will shrink rather than expand the general economy. Some will not hire new workers. Others may decide to retire, deciding that it’s no longer worth the effort, as government becomes more and more intrusive. Still others may choose to move out of the city, or the state, to more tax-friendly environments, further reducing the city’s economic output.
The biggest cost of all, however, is the continued and growing acceptance of government intervention as a way to solve perceived social “problems” and giving progressives more opportunities to expand the power and reach of government
Perhaps the best rebuttal is to review the bill of rights of another country, well-known to historians, which also had a progressive agenda very similar to that of Quinn, Brewer, and the AFL/CIO. It stated:
Citizens … have the right to work, that is, are guaranteed the right to employment and payment for their work in accordance with its quantity and quality….
Citizens … have the right to rest and leisure … the reduction of the working day to seven hours … [and] the institution of annual vacations with full pay….
Citizens … have the right to maintenance in old age and also in case of sickness or loss of capacity to work … ensured by the extensive development of social insurance for workers and employees. [Emphasis added.]
These are, of course, the rights enshrined in the 1936 Constitution of the USSR.
A graduate of Cornell University and a former investment advisor, Bob is a regular contributor to The New American magazine and blogs frequently at www.LightFromTheRight.com, primarily on economics and politics. He can be reached at badelmann@thenewamerican.com.
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The Spy Who Fired Me
Harpers Magazine - March 2015, by Esther Kaplan - Last March, Jim Cramer, the host of CNBC’s Mad Money, devoted part of...
Harpers Magazine - March 2015, by Esther Kaplan - Last March, Jim Cramer, the host of CNBC’s Mad Money, devoted part of his show to a company called Cornerstone OnDemand. Cornerstone, Cramer shouted at the camera, is “a cloud-based-software-as-a-service play” in the “talent-management” field. Companies that use its platform can quickly assess an employee’s performance by analyzing his or her online interactions, including emails, instant messages, and Web use. “We’ve been managing people exactly the same way for the last hundred and fifty years,” Cornerstone’s CEO, Adam Miller, told Cramer. With the rise of the global workforce, the remote workforce, the smartphone and the tablet, it’s time to “manage people differently.” Clients include Virgin Media, Barclays, and Starwood Hotels.
Cornerstone, as Miller likes to tell investors, is positioning itself to be “on the vanguard of big data in the cloud” and a leader in the “gamification of performance management.” To be assessed by Cornerstone is to have your collaborative partnerships scored as assets and your brainstorms rewarded with electronic badges (genius idea!). It is to have scads of information swept up about what you do each day, whom you communicate with, and what you communicate about. Cornerstone converts that data into metrics to be factored in to your performance reviews and decisions about how much you’ll be paid.
Miller’s company is part of an $11 billion industry that also includes workforcemanagement systems such as Kronos and “enterprise social” platforms such as Microsoft’s Yammer, Salesforce’s Chatter, and, soon, Facebook at Work. Every aspect of an office worker’s life can now be measured, and an increasing number of corporations and institutions—from cosmetics companies to car-rental agencies—are using that informationto make hiring and firing decisions. Cramer, for one, is bullish on the idea: investing in companies like Cornerstone, he said, “can make you boatloads of money literally year after year!”
A survey from the American Management Association found that 66 percent of employers monitor the Internet use of their employees, 45 percent track employee keystrokes, and 43 percent monitor employee email. Only two states, Delaware and Connecticut, require companies to inform their employees that such monitoring is taking place. According to Marc Smith, a sociologist with the Social Media Research Foundation, “Anythingyou do with a piece of hardware that’s provided to you by the employer, every keystroke, is the property of the employer. Personal calls, private photos—if you put it on the company laptop, your company owns it. They may analyze any electronic record at any time for any purpose. It’s not your data.”
With the advent of wireless connectivity, along with a steep drop in the price of computer processors, electronic sensors, GPS devices, and radio-frequency identification tags, monitoring has become commonplace.Many retail workers now clock in with a thumb scan. Nurses wear badges that track how often they wash their hands. Warehouse workers carry devices that assign them their next task and give them a time by which they must complete it. Some may soon be outfitted with augmented-reality devices to more efficiently locate products.
In industry after industry, this data collection is part of an expensive, high-tech effort to squeeze every last drop of productivity from corporate workforces, an effort that pushes employees to their mental, emotional, and physical limits; claims control over their working and nonworking hours; and compensates them as little as possible, even at the risk of violating labor laws. In some cases, these new systems produce impressive results for the bottom line: after Unified Grocers, a large wholesaler, implemented an electronic tasking system for its warehouse workers, the firm was able to cut payroll expenses by 25 percent while increasing sales by 36 percent. A 2013 study of five chain restaurants found that electronic monitoring decreased employee theft and increased hourly sales. In other cases, however, the return on investment isn’t so clear. As one Cornerstonereport says of corporate social-networking tools.“ There is no generally accepted model for their implementation or standard set of metrics for measuring R.O.I.” Yet this has hardly slowed adoption.
Read the full article here.
Former Yellen Adviser Proposes Sweeping Reform of Fed System
A former aide to Federal Reserve Chair Janet Yellen has broken ranks with his former employer and issued a blueprint...
A former aide to Federal Reserve Chair Janet Yellen has broken ranks with his former employer and issued a blueprint for a sweeping reform of the U.S. central bank, including regular government audits and shorter term limits for policy makers.
Dartmouth College professor Andrew Levin targeted four areas of change for the Federal Reserve system: make the Fed a fully public institution; ensure the process of picking regional Fed presidents is transparent; set seven-year term limits for regional presidents and Board governors; and make the entire Fed subject to external review.
The proposals were taken up by the union-backed activist group Fed Up, which promoted them Monday in a conference call with journalists, and come during an election year where the central bank has been a campaign topic.
“There is one key principle in this document which is the Fed needs to become a public institution,” Levin said. “Pragmatic, reasonable Fed reform should be able to be passed by the Congress, by both parties. That is my hope.”
The Dartmouth professor worked two decades at the Fed, and was a special adviser from 2010 to 2012 to former chairman Ben S. Bernanke, and Yellen when she was vice chair, according to his biography page at the university.
Legislative Plans
Republicans in the U.S. Senate and the House of Representatives last year proposed legislation that included reforms of the central bank, though none has become law. Fed spokeswoman Michelle Smith declined to comment.
As recently as February, Yellen said that while the Fed might be structured differently if it were created today, she believed it still worked well and wasn’t “broken.”
“Of course the structure could be something different and it’s up to Congress to decide that -- I certainly respect that,” she said at a Senate hearing. “I simply mean to say I don’t think it’s broken the way it is.”
The Fed system, which sets interest rates for the U.S. economy, is made up of a Board of Governors in Washington and 12 regional Fed banks. It was created by an act of Congress, yet private banks hold stock in the regional Fed institutions as a result of the way the capital structure was set up when the Fed was born more than a century ago.
“The Federal Reserve is the only central bank that I know of that isn’t a fully public central bank,” Levin said in an interview.
Levin said the 12 regional banks should become fully public entities, meaning they have to somehow eliminate or repurchase the stock they have issued to private member banks. He also proposed banning anyone affiliated with financial institutions overseen by the Fed from serving as a regional Fed director.
Three Classes
Each regional Fed has a nine-member board of directors which includes three Class A directors who represent private member banks, three Class B directors picked by the private banks to represent the public -- typically local business people -- and three Class C directors chosen to represent the public by the Fed board in Washington.
The presence of financial interests on Fed boards has been a long-standing source of criticism. Currently, for example, James Gorman, chairman and chief executive of Morgan Stanley, sits on the New York Fed Board as a Class A director.
Prior the passage of the Dodd-Frank financial reform act in 2010, Class A directors also helped pick the 12 regional Fed bank presidents, subject to the approval of the board in Washington. That potential conflict of interest, with bankers appointing their own supervisors, was limited by Dodd-Frank, which restricted the selection process to Class B and Class C directors.
Levin said the current system of picking Fed presidents, which is led by regional board directors, is too secretive. He recommended the reserve bank boards accept nominations from the public, publish a list of eligible nominees, and then engage in a “selection process that involves genuine public participation.”
The Dartmouth professor also said that the entire Fed system should be subject to “external reviews” and disclosure requirements “just like every other key public agency.”
“The Government Accountability Office should produce a regular annual review of all aspects of the Fed’s policies, procedures, management, and operations,” Levin wrote in his proposal. The Fed has strenuously objected to calls by Republican lawmakers that monetary policy decisions be subject to GAO audit. In the interview, Levin said the GAO should focus on the management and operations of the Fed system, “not so much on monetary policy.”
“Part of the financial crisis was due to mismanagement in the division of supervision at the Fed,” Levin said in an interview. GAO reviews would provide assurance to the public and Congress that the “Fed is a well-managed organization,” he said.
By Craig Torres
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Fed officials tell activists rate hikes won't derail economy
An unusually large group of Federal Reserve policymakers appeared before activists on Thursday and defended their plans...
An unusually large group of Federal Reserve policymakers appeared before activists on Thursday and defended their plans to raise interest rates to keep the U.S. economy from eventually overheating.
Several policymakers said raising interest rates gradually would allow them to stimulate the economy for longer, but that an overheating economy could end in a recession.
"It's not about trying to stop the economy from growing," San Francisco Fed President John Williams told about 100 labor activists from the Fed Up coalition who pressed policymakers not to raise interest rates. "We're going to keep this economy growing, we are going to run it hot."
"My objective is not to slow down the economy," said Kansas City Fed President Esther George, who organized the meeting ahead of the annual central banking conference in Jackson Hole, Wyoming.
Fed policymakers have yet to decide when to raise rates again after lifting them in December for the first time in nearly a decade. Policymakers are divided whether to hike soon or take a more cautious approach.
A core group of Fed policymakers, the Board governors, are currently debating what is going on in the U.S. economy and how to set policy, Fed Vice Chair Stanley Fischer told the meeting.
"Everything that's being argued here is being argued in the board as well," Fischer said.
Much of the public commentary of Fed officials in recent weeks suggests the central bank is moving closer to a hike.
But the activists, who met with 11 Fed policymakers, used catcalls and applause to signal they were not buying it.
Years of lackluster wage gains and underemployment have left many Americans feeling left out of the country's economic recovery despite a 4.9 percent jobless rate.
Raising rates at this point in the recovery, said Rod Adams of Minneapolis, means "You'll be leaving us behind, pulling up the ladder right after you've climbed it."
The meeting, billed by organizers as a polite "listening session" for exchanging ideas, turned out to be a tough grilling for the Fed policymakers, who rarely appear in public in such numbers.
Fed officials worry that leaving rates too low for too long could stoke inflation, forcing the Fed to raise rates aggressively.
"One of the key goals should be that we don't have another recession," said Boston Fed President Eric Rosengren.
(Reporting by Ann Saphir and Jason Lange; Editing by Toni Reinhold and Andrew Hay)
By Ann Saphir and Jason Lange
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This Is What Chicago Can Learn From America's Other Police Accountability Taskforces
This Is What Chicago Can Learn From America's Other Police Accountability Taskforces
Chicago Mayor Rahm Emanuel ...
Chicago Mayor Rahm Emanuel announced the formation of a police accountability task force Tuesday.
In a Monday press release, the mayor said the five-member body — which he will appoint, and which will be advised by former Massachusetts governor Deval Patrick — "will review the system of accountability, oversight and training that is currently in place for Chicago's police officers," according to the Chicago Tribune.
"The shooting of Laquan McDonald requires more than just words," Emanuel said in a statement. "It requires that we act."
The announcement came one week after a Cook County judge compelled the city to release video footage of the Oct. 2014 killing of 17-year-old Laquan McDonald, which was captured on a patrol car dash camera but kept under wraps for 13 months.
McDonald's killer, Officer Jason Van Dyke, shot the teenager 16 times in front of multiple witnesses but was charged with first-degree murder only last week. The sluggish circumstances of the release have since drawn accusations of an administrative cover-up. Van Dyke was released from jail Monday after posting ten percent of his $150,000 bail.
Mayor Emanuel also fired Chicago Police Superintendent Garry McCarthy on Tuesday, in response to calls from the public and some officials to have him removed. Meanwhile, the video's release has set off a week of protests in Chicago, as questions remain regarding next steps.
Jason Van Dyke is the first Chicago police officer to be charged with first-degree murder for an on-duty incident in 35 years, a fact that has elicited doubt Emanuel's task force will yield substantive results.
"Our first thought is that this [task force] can't be a substitute for what's really needed here, which is a full-scale federal investigation of the Chicago Police Department with subpoena power," Ed Yohnka, Director of Communications and Public Policy at the ACLU of Illinois, told Mic. "Whatever this task force does, what we've witnessed in this and other instances is a fundamental breakdown in the ability of police to protect the public, and the public's faith in CPD."
Others echoed Yohnka's skepticism. "Appointing a committee to look into an issue is a tried-and-true tactic elected officials long have employed to buy time and breathing room when faced with a scandal or crisis," wrotethe Chicago Tribune. "[It] gives Emanuel something else to talk to reporters and the public about other than the ... video."
Indeed, it's unclear how effective police accountability task forces in other cities have been. An Inspectors General was appointed in Los Angeles, New York City and New Orleans have uncovered systemic abuses and identified problems that shoddy or nonexistent data collection had rendered invisible over the past decade. Seattle has a 15-member community police commission, appointed by the mayor, to review oversight and accountability processes.
However, "there is no clear evidence that these oversight bodies alone are effective in obtaining meaningful reforms," according to a Justice in Policing report and toolkit from the Center for Popular Democracy and PolicyLink, both policy advocacy organizations.
Yohnka suggested to Mic that a more tried route to change in Chicago would require a U.S. Department of Justice investigation. "That confidence needs to be restored, that someone in power is actively looking into this," he said. "But it's systemic. This issue pervades multiple superintendents and multiple people in terms of leadership in the department. It requires a systemic approach to accountability, transparency and how law enforcement operates."
One such DOJ examination of the Ferguson, Missouri, Police Department published in March laid bare a hotbed of racist law enforcement practices that yielded reform suggestions amidst a national conversation around racism and policing. This is not a unique phenomenon. According to the Washington Post, the DOJ has launched 67 investigations into police departments across the U.S. over the past decade, 24 of which were closed without reform agreements, and just 26 of which resulted in "binding agreements tracked by monitors."
Results have been mixed. The long-term effect of these agreements are not tracked by the DOJ, making it hard to tell if they actually work.
"We don't tend to evaluate .?.?. after we have left," Vanita Gupta, principal deputy assistant attorney general of the department's civil rights division, told the Post. "There's a limit to how much we can .?.?. remain engaged with a particular jurisdiction given our limited resources."
This leaves little precedent for a positive outcome in Chicago — a city with a staggering recent history of police abuse. Over the past decade, the city has spent $500 million on legal costs and settlements stemming from law enforcement misconduct, including $5 million paid out to Laquan McDonald's family in April.
That same month, Chicago set up a $5.5 million fund to compensate victims of former-CPD Commander John Burge, who tortured and sexually abused more than 100 mostly black arrestees during his tenure with the department. The case of Dante Servin, an off-duty officer who fired into a crowd and killed 22-year-old Rekia Boyd in 2012, was also dismissed in April because state's attorney Anita Alvarez — whose office has a history of questionable conduct — charged him with a crime the judge deemed too severe for what he did.
The McDonald case has also been plagued by scandal, including allegations that police officers tampered with surveillance tape that captured the shooting from a nearby Burger King, resulting in 86 minutes of footage gone missing.
Some have suggested the mere appearance of police accountability can have positive effects, lending legitimacy to law enforcement bodies that had formerly lost the trust of their communities. But in the case of Chicago, it may be too late for that.
"The reality is, we're kind of past the point of cosmetics here," said Ed Yohnka. "There's been this fundamental breakdown in terms of trust. Whether we're talking the Burge incidents or the millions of dollars in payouts to victims, there really needs to be a much broader look at what is going on."
Source: Mic
Don't Tinker with Md.'s Charter School Law
The Baltimore Sun - January 12, 2015, by Betty Weller and Verjeana Jacobs - The headlines in other states warning...
The Baltimore Sun - January 12, 2015, by Betty Weller and Verjeana Jacobs - The headlines in other states warning against weak charter school laws are mounting. In May, a report from the Center for Popular Democracy and Integrity in Education found that unscrupulous charter school operators in 15 states had lost, misused or wasted more than $100 million in taxpayer money.
A yearlong investigation by the Detroit Free Press found that Michigan's weak charter school law resulted in the state spending $1 billion annually on schools with little transparency, consistently poor results and questionable financial practices.
And in September, community groups in Philadelphia released a report finding that charter school officials had defrauded students and schools of at least $30 million since 1997.
Most recently, Ohio's Republican governor, John Kasich, spoke about the dire need to strengthen state regulation of charter schools to stem poor performance and financial mismanagement.
Fortunately, Maryland has not experienced these problems, thanks to the state's strong charter school law. Since 2003, Maryland's Charter School Act has promoted high standards, real accountability to students, parents and communities, and sound financial management.
That this track record of success has been questioned recently by The Sun is deeply troubling ("More choices for parents and students," Dec. 21).
It makes little sense to label a law "weak" because it holds charter schools to the same high academic and financial management standards as other public schools.
Maryland's charter school law has protected us from the "worst-case scenarios" of financial mismanagement, persistently failing schools and conflicts between local communities and charter school operators that have plagued states with weaker laws than ours.
Ensuring local school board oversight and highly qualified teachers in the classroom are hallmarks of Maryland's charter school law. We need to protect Maryland's strong charter school law to ensure that charter schools are run well, and that all students, whether they're in a charter or a traditional public school, receive high quality instruction.
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US Federal Reserve Interest Rate: Philadelphia Activists To Protest New President Patrick Harker, Demand Meetings
Activists who are against a Federal Reserve interest-rate increase planned Tuesday to stage a protest outside the...
Activists who are against a Federal Reserve interest-rate increase planned Tuesday to stage a protest outside the Federal Reserve Bank of Philadelphia. The demonstration was expected to target the bank’s new president, Patrick Harker, as part of the “Fed Up” campaign, a national coalition of families and community leaders calling on the Fed to adopt pro-worker policies.
The activists expected anywhere from 15 to 20 people, including workers, small-business owners and clergy, at the demonstration, aimed at pressuring Harker to take a tour of Philadelphia’s low-income neighborhoods, Politico reported. Although Harker this summer informally agreed to meet with the coalition, the Federal Reserve Bank of Philadelphia has backed out of that commitment, activists said.
Kendra Brooks, a leader of Philadelphia’s Fed Up coalition, said she has been urging Harker to meet with more than just the heads of nonprofits and corporations, Politico reported. She tried to get a commitment from Harker at the Fed's symposium in Jackson Hole, Wyoming, in August, and posted video of their encounter on YouTube.
Raising the interest rate would have a tremendous impact on African-American workers, economists have said. Low rates have allowed the economy to inch closer to a full recovery and to full employment, which has benefited blacks more than others. However, blacks still have the widest unemployment rate gap to close with whites.
The African-American unemployment rate was 9.2 percent in September, more than double the 4.4 percent rate for whites. Black Americans make up about 13 percent of the country’s 318 million residents and have seen stagnant wages and declines in wealth, as the U.S. economy recovered from the recession of 2007-09, the worst economic downturn since the Great Depression.
“The Federal Reserve is the most important decision-maker when it comes to whether we’ll get to full employment in the next two to three years,” said Valerie Wilson, director of the Program on Race, Ethnicity and the Economy at the Economic Policy Center in Washington, D.C. Wilson released a reportin March on the racial impacts of a federal interest-rate hike.
“The timing of the Fed’s decision to raise interest rates will influence how low the unemployment rate gets, how quickly wages grow, and how much African-Americans will share in our country’s prosperity,” Wilson said. “For the sake of American workers, the Fed should not raise interest rates until we are much closer to full recovery and full employment.”
Source: IBTimes
¿A qué se exponen los dreamers arrestados por desobediencia civil en las protestas por DACA?
¿A qué se exponen los dreamers arrestados por desobediencia civil en las protestas por DACA?
“Aguilera fue una de cerca de 80 personas que fueron arrestadas el pasado lunes por bloquear las calles alrededor del...
“Aguilera fue una de cerca de 80 personas que fueron arrestadas el pasado lunes por bloquear las calles alrededor del Congreso, en una gran manifestación para pedir protección permanente para los jóvenes indocumentados del país. Unas 900 personas participaron del evento, según cifras dadas por los grupos que la organizaron, entre ellas el Center for Popular Democracy (CPD). "Muchas veces los consejeros legales les recomiendan que no tomen ese riesgo si tienen DACA. Pero muchas veces ellos dicen, ‘Entiendo los riesgos y estoy tomando esta decisión’", asegura Hilary Klein, quien maneja los programas de justicia para inmigrantes del CPD. "Creo que es un ejemplo de cómo los dreamers en esta batalla han liderado el camino con su valentía y su dignidad", agregó.”
Lea el artículo completo aquí.
2 months ago
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