Minority Groups Rally Outside Fed Against Interest Rate Hike
Observer - March 5, 2015, by Will Bredderman - Minority activist organizations demonstrated in the snow outside the...
Observer - March 5, 2015, by Will Bredderman - Minority activist organizations demonstrated in the snow outside the Federal Reserve Bank of New York, insisting that the institution keep interest rates low until stubbornly high unemployment rates in nonwhite communities drop further.
Immigrant advocacy group Make the Road NY and neighborhood organizers New York Communities for Change joined other left-leaning groups outside the lower Manhattan headquarters of the New York Fed, a branch of the national system that controls the interest rates at which lending institutions may borrow money from the United States government. The Fed has left the rates near zero since the financial crisis of 2008 in order to encourage investment, but it has indicated it might raise them this summer amid an improving economy.
The protesters, however, argued that black and Hispanic communities in New York City are still languishing in an economic doldrums, with jobless rates sitting at 11.2 percent and 5.7 percent respectively.
“These unemployment rates are not going to be better by this summer. We’re not a couple months away from a recovery,” said Shawn Sebastian from the Center for Popular Democracy, arguing that the Fed is looking only at a general joblessness picture that averages in the relatively low unemployment rates among whites. “They’re trying to look at the aggregate levels of unemployment and ignore how it’s disproportionately affecting minority communities to push this narrative about a recovery that we’re not experiencing.”
Chanting “don’t raise the rate,” the demonstrators insisted that New York Fed President William Dudley meet with their organizations to discuss the special needs of minorities.
“We need to sit down with him and have an honest conversation about why he needs to keep interest rates low in order to fight for our communities of color, so that we can make sure we are supplying jobs to all,” said Victoria Ruiz of Make the Road.
The protesters also lashed out at the Fed, which has the additional duty of regulating large banks, for failing to prevent lenders from issuing, packaging and selling dubious mortgage loans—which disproportionately went to black and Hispanic homeowners, with areas like Southeast Queens now leading the country in foreclosures.
“The banks, while the Fed was not watching what they were doing, was not doing its job supervising them, they went around snapping up subprime lenders and fueling all of that toxic subprime lending that happened,” said Alexis Iwanisziw of the New Economy Project, noting many major financiers have since paid out massive settlements to the Department of Justice for their activities.
The Federal Reserve Bank of New York referred the Observer to chairwoman Janet Yellen’s remarks after the Fed’s meeting last December, when she said “it can be patient in beginning to normalize the stance of monetary policy.”
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Saratoga Springs man feeds marchers from Charlottesville to D.C.
Saratoga Springs man feeds marchers from Charlottesville to D.C.
MADISON, Va. - The day of the Charlotteville white supremacist rally and counter protests, Chad Radock was home with...
MADISON, Va. - The day of the Charlotteville white supremacist rally and counter protests, Chad Radock was home with his husband, Jeremy, listening to the hateful chants and homophobic slurs. And he knew he had to do something.
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Trump Picks Monetary Expert for No. 2 Job at Federal Reserve
Trump Picks Monetary Expert for No. 2 Job at Federal Reserve
President Trump continued a sweeping remake of the Federal Reserve’s leadership on Monday by nominating Richard...
President Trump continued a sweeping remake of the Federal Reserve’s leadership on Monday by nominating Richard Clarida, a Treasury official in the administration of President George W. Bush, for the Fed’s second-ranking job.
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These Dems Are Fed Up With The Federal Reserve
Daily Caller - November 11, 2014, by Rachel Stoltzfoos - Over 30 liberal groups frustrated with the economy have formed...
Daily Caller - November 11, 2014, by Rachel Stoltzfoos - Over 30 liberal groups frustrated with the economy have formed a coalition to protest the policies of the Federal Reserve and demand it pay more attention to the needs of workers.
The coalition is led by a progressive organization that describes itself as pro-worker, pro-immigrant and pro-racial and economic justice — The Center for Popular Democracy — and includes labor unions, religious leaders and policy experts. They’re fed up with stagnant wages, high unemployment and slow job growth, and are not happy with the Fed’s recent decision to end its long-term bond buying stimulus program.
“The truth about the economy is obvious to most of us: not enough jobs, not enough hours, and not enough pay — particularly in communities of color and among young workers,” a statement on the coalition’s website reads.
“Some members of the Federal Reserve think that the economy has recovered. They want to raise interest rates to slow down job growth and prevent wages from rising faster. That’s a terrible idea.”
In open letter to Fed Chair Janet Yellen and two regional presidents who are retiring, the coalition called for policies centered around wage and job growth rather than big banks and corporations, and for a more transparent selection process that allows for public input.
“The Fed is the only policymaking institution currently providing significant support to the economic recovery — efforts Congress has severely damaged by enforcing fiscal austerity — so it’s crucial for it to continue prioritizing the fight against joblessness,” Josh Bivens, research and policy director at the Economic Policy Institute, said in a statement about the letter.
The Fed consists of a central board of seven governors appointed by the president of the United States, and a network of 12 regional banks, each with its own president and nine-member board. The governors and five of the regional presidents come together on the Federal Open Market Committee to set monetary policy, which is then implemented by the regional presidents.
Each regional board consists of three bankers, three members elected by local banks and three members appointed by the board of governors in Washington. The regional boards are supposed to represent diverse views, including labor and consumers, but although a few are labor and community leaders, most of them are corporate executives.
The letter calls for a better representation of workers and consumers on the boards, and regular meetings between the regional boards and community members, and a more transparent process for replacing the regional presidents, including a public schedule, list of criteria, the names of candidates and public forums to discuss the process.
“It’s essential that concerned citizens are informed about and have their voices considered when monetary policy decisions are made,” Bevins added in his statement.
The coalition is scheduled to meet with Fed Chair Janet Yellen Friday to discuss their agenda.
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Senator Flake's Journey to Defying Trump on Supreme Court Nominee
Senator Flake's Journey to Defying Trump on Supreme Court Nominee
Something happened to U.S. Republican Senator Jeff Flake between being cornered in a Capitol elevator on Friday as two...
Something happened to U.S. Republican Senator Jeff Flake between being cornered in a Capitol elevator on Friday as two women shouted at him about sexual assault and, hours later, cutting a momentous deal with Democrats to defy President Donald Trump.
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State legislators clash over the rights of charter schools
State legislators clash over the rights of charter schools
To state Sen. Owen Hill, the issue is simple. "We [should] treat all public school students equally within a district...
To state Sen. Owen Hill, the issue is simple.
"We [should] treat all public school students equally within a district," the Colorado Springs Republican says.
Hill, chair of the Senate Education Committee as his second four-year term begins, says that's not happening right now because charter schools don't always get an equal share of mill levy increases approved by school district voters.
The money from those taxes isn't divvied up automatically based on pupil counts. Instead, it's distributed based on contracts that charters agree to when approved by a school district. Some districts might give charters a large share of those funds; some may not give them any.
Hill is co-sponsoring Senate Bill 61 — similar to a bill of his that failed last session — trying to change that system. The bill would require school districts to distribute mill levies on a per-pupil basis, starting in the 2017-18 school year, to charters and traditional public schools.
Some exceptions exist. If a mill levy was passed to fund something that a charter doesn't offer (like school buses), the charter won't get the money. If a charter school was authorized by a school district other than the one it was located within, then the authorizing district would only owe it the per-pupil amount for kids who reside in its boundaries. Charter schools authorized by the state's Charter School Institute would be compensated by the Department of Education based on a calculation of mill levies collected by "the charter school's accounting district."
To Hill, the bill aims to correct an unfair situation. Currently, he says, "[Parents have] got this situation where they go to one school on one side of the street and that school receives $10,000 for that child, or if they go to the school on the other side of the street, the school board will basically say, 'Well, all you get is $2,500 if your child goes there.' So now we're picking winners and losers among our kids."
But Hill's view isn't shared by all legislators or education workers.
What Hill leaves out, they say, is that charters aren't equal in any other way — they don't follow the same rules or meet the same standards. So why, they say, should they be treated the same only when it comes to funding?
When Colorado legalized charters in 1993, it was hoped they would foster innovation, serve different needs and give options to families in struggling areas.
Many specialize. In Colorado Springs, for instance, two new charters were recently authorized: Landmark Community School, a sober high school, and the Colorado Military Academy, a military-style K-12.
Charters may not get all the district funds they desire, but they receive no less than 95 percent of state per-pupil funding, often get a portion of district funding, and can apply for a variety of federal and private funds.
Back in 2014, for instance, Philanthropy News Digest reported, "Denver-based DSST Public Schools [a system of charter schools] has announced a $7 million pledge from cable television entrepreneur John C. Malone and the Malone Family Foundation." The Walton Family Foundation announced last year that it would give $1 billion over the next five years to expand charters and school choice.
Charters are not forced to abide by all laws and standards that apply to traditional public schools. According to the Colorado Department of Education, charter schools are automatically granted waivers to 17 state laws. Among them are "local board duties concerning competitive bidding" and "local board powers — accepting gifts, donations and grants." Unlike traditional schools, charters are not required to hire licensed teachers nor must they follow many employment rules that apply to firing and paying teachers.
What's more, charters can ask the State Board of Education to waive other laws. Charters are eligible to have all but three sections of laws waived. What that means, says Sen. Mike Merrifield, D-Colorado Springs and a former high school music teacher, is that charters get a pass on many expensive requirements, but are free to raise money in ways that are difficult or impossible for traditional public schools.
"I would be more inclined to be supportive [of Senate Bill 61] if [charters] would adhere to all the same requirements that local public schools do," Merrifield says.
Another critic: the state's largest teachers' union, the Colorado Education Association. CEA President Kerrie Dallman has a litany of complaints about SB61. Chief among them: "We have a chronically underfunded system, and what Owen Hill's bill does is pull money out of classrooms in order to direct it to these charter schools. What we ought to be doing is talk about growing the pie."
The charter system in general also has its detractors. A statewide poll of 500 registered voters in January 2016 found that "voters overwhelmingly favor charter school reform proposals."
The GBA Strategies poll, performed for In the Public Interest and the Center for Popular Democracy, found, for instance, that 88 percent wanted to "require state officials to conduct regular audits of charter schools' finances to detect fraud, waste or abuse of public funds"; 76 percent wanted to "require charter schools to publicly disclose they are exempt from some state or school district laws including the law requiring public school teachers to be licensed to teach"; and 74 percent wanted to "require companies and organizations that manage charter schools to disclose outside funding including gifts, grants, and donations." The margin of error was plus or minus 4.4 percentage points.
Last summer, the National Association for the Advancement of Colored People and the Movement for Black Lives (which includes Black Lives Matter organizers) both came out against charter schools. The groups expressed concerns ranging from the privatization of the public school system to segregation based on perceived abilities, to lack of transparency and accountability. That's notable, because charters, remember, were originally seen as a better way to educate underserved communities.
Cheyenne Mountain School District 12 Superintendent Walt Cooper says his district has long had a great relationship with its charter, The Vanguard School, which is actually located just outside D-12's boundaries. D-12 authorized it agreeing that Vanguard would get a per-pupil portion of D-12's mill levies — but only for Vanguard students living within D-12's boundaries. Cooper says the agreement was fair, and it actually wouldn't change should SB61 pass (a key change from last year's version of the bill). But he opposed Hill's first bill, and he's not keen on SB61 either.
Cooper says he's a fan of local control, adding, "A one-size-fits-all approach does not work."
What's more, he says, there are differences between charters and traditional schools — and that's fine. But, he says, "Let's either all play by exactly the same rules ... or recognize [charters] for the fact that they are different and let's not try to make them the same."
Hill has a counter to the "charters are different" argument. School districts can apply for waivers to state laws too, he says.
That's true. Districts can apply for waivers for "innovation schools" with specific, approved plans. But they don't get automatic waivers, and aren't eligible for as many waivers as charters. Plus, Cooper says, the state board seems less inclined to grant waivers for traditional schools.
He recounts D-12's recent waiver application for its kindergarten program. Cooper says he worked with Vanguard, whose application for the same waiver was approved immediately, to produce his own application. But Cooper's proposal wasn't rubber-stamped. It took three months, three tries and appearing before the state board to get his application approved, with a three-year sunset.
"Basically, we copied their [Vanguard's] homework, and they got an A and we got a D," he says. "We were asking for exactly the same thing."
By J. Adrian Stanley
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Groups launch 'people's filibuster' against GOP health bill
Groups launch 'people's filibuster' against GOP health bill
More than a dozen groups opposing the Senate GOP's healthcare bill will hold a "people's filibuster" for two days on...
More than a dozen groups opposing the Senate GOP's healthcare bill will hold a "people's filibuster" for two days on the lawn of the Capitol.
Activists and Democratic lawmakers will speak out against the ObamaCare repeal bill Monday and Tuesday and possibly later in the week.
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Dreamers demand protections as Senate Democrats cave on budget deal
Dreamers demand protections as Senate Democrats cave on budget deal
Immigrants and advocates were arrested in the U.S. Capitol Wednesday while urging lawmakers to support a “clean” Dream...
Immigrants and advocates were arrested in the U.S. Capitol Wednesday while urging lawmakers to support a “clean” Dream Act.
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Fed, Rates and Sun
New York Times - August 22, 2014, by Victoria Shannon - Sun and a little fun mixed with speeches are the hallmarks of...
New York Times - August 22, 2014, by Victoria Shannon - Sun and a little fun mixed with speeches are the hallmarks of the annual retreat of central bankers in Jackson Hole, Wyo.
But today was the first time participants could remember demonstrators showing up.
Protesters with green T-shirts reading “What Recovery?” were organized by the Center for Popular Democracy, a nonprofit group, to greet the bankers at their resort hotel.
“The demonstrators want to remind Fed officials, who tend to deal in abstractions, that real people are affected by their decisions,” says our Fed correspondent, Binyamin Appelbaum.
“Their presence has been mentioned repeatedly by Fed officials and speakers, suggesting that it has made an impression.”
Notably, the Fed chairwoman, Janet L. Yellen, stopped by to express sympathy. In a speech today, she said the central bank needed more evidence of growing employment before deciding when to raise interest rates.
“Historically, particularly during the 1980s, the Fed faced a lot of public pressure as it raised interest rates,” Mr. Appelbaum says, “so this may be the first sign of things to come.”
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Influence, the power to change
Influence, the power to change
Clad in a “Stand With Black Women” shirt, Mercedes Fulbright, the Texas State Coordinator at Local Progress, commanded...
Clad in a “Stand With Black Women” shirt, Mercedes Fulbright, the Texas State Coordinator at Local Progress, commanded attention during her engagement entitled, Deserving and Entitled; Engaging in Public Policy to Empower People, as part of the annual Speaking Truth To Power community activism seminar at Friendship West Baptist Church, June 29.
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