CPD IN THE NEWS

BANKS EYE CHANGES TO CEO GATHERINGS — When the Financial Services Forum holds its next meeting, a key item on the agenda may well be the fate of the organization representing CEOs of the nation's largest banks, insurers and asset managers.

Sources familiar with the matter told M.M. that some banks are ready to hash out whether it makes sense to keep investing in the group, wind it down or consider other options, including merging its functions with those of another trade organization. The CEOs are scheduled to meet next in October. Its members include the heads of JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley.

Washington's banking industry insiders have been chattering about the direction of the group since longtime president and chief executive Rob Nichols was named last year as head of the larger American Bankers Association. The ABA represents a broad range of small, regional and large banks.

"There's an ongoing debate among all the banks whether it's worth having all these different trade associations," one source familiar with discussions said.

Forum spokeswoman Laena Fallon did not comment on any CEO discussions about overhauling the organization.

“The Forum CEOs are looking forward to their annual fall meeting and are working together on a number of shared industry priorities including cybersecurity, strengthening the financial system, and helping provide credit to drive the economy forward," Fallon said.

JACKSON HOLE KICKOFF — The Federal Reserve Bank of Kansas City's annual economic symposium starts today in Jackson Hole. The main event for the markets will be tomorrow morning's speech by Federal Reserve Chair Janet Yellen on the Fed's "monetary policy toolkit." Bloomberg's Steve Matthews and Jeff Black expect that "any description she offers of the U.S. economy will probably be crafted to keep an interest-rate rise on the table for the central bank’s policy meeting next month — without committing it to act." http://bloom.bg/2bOzoxt.

The Wall Street Journal's Greg Ip argues that central bankers are facing big questions about their relevance, because of the persistence of slow economic growth since the 2008 crisis and therefore low interest rates. He lays out what they may do next: http://on.wsj.com/2bWVnp2.

'FED UP' MEETING AHEAD OF THE FESTIVITIES — In a sign of the movement's growing clout, a coalition of labor and community groups banding together as "Fed Up" expect at least seven Fed presidents and one Fed governor to show up at a public meeting in Jackson Hole this afternoon. Among other things, they will talk about reforming the Fed's structure and how monetary policy affects working-class communities. Fed Up expects the attendee list to include Fed Governor (and potential Clinton Treasury Secretary) Lael Brainard, New York Fed President William Dudley, Kansas City Fed President Esther George and Minneapolis Fed President Neel Kashkari.

The meeting will be livestreamed here at 6:30 p.m. ET: http://bit.ly/2bAZAuy.

Fed Up director Ady Barkan told M.M. that a major topic of discussion will be a proposal to overhaul the structure of the Fed to minimize the influence of commercial banks. "We're going to be asking them whether they support that, and why not if they don't," Barkan said.

HAPPY THURSDAY — It's been a pleasure serving as your guest host the last couple of weeks. I'm handing it over to my colleagues tomorrow, so please keep sending tips to Pro Financial Services editor Mark McQuillan: mmcquillan@politico.com. Happy to keep in touch on Twitter @zachary.

THIS MORNING ON POLITICO PRO FINANCIAL SERVICES – VIctoria Guida on the GAO's opinion on community-based flood insurance -- and to get Morning Money every day before 6 a.m. -- please contact Pro Services at (703) 341-4600 or info@politicopro.com.

DRIVING THE DAY — Hillary Clinton will give a speech on the "disturbing 'alt-right' philosophy" of Donald Trump's campaign; 3 p.m. ET in Reno, Nev. ... Fed Up meets with Federal Reserve officials at 6:30 p.m. as the economic symposium begins in Jackson Hole. ...

FOR YOUR FALL CALENDAR — A federal appeals court has scheduled Oct. 24 oral arguments in the government's fight to keep MetLife under scrutiny of the Federal Reserve because of its potential systemic risks.

TIME TO MEASURE THE DRAPES, MAJORITY LEADER SCHUMER? — The New York Times gives Democrats a 60 percent chance of retaking the Senate. http://nyti.ms/2bOAPfg.

HOW DELAWARE DEFEATED CORPORATE SUNSHINE — A 3,000-word Reuters investigation on the state's fight against proposals that would reveal the owners of corporate shell companies: "[T]he proposed law continues to languish, thanks in part to [Delaware Secretary of State Jeffrey] Bullock. He was neither the first nor the only official to take up the fight, but became a leader in defending the status quo as worldwide support for change gained traction." http://reut.rs/2c8f8vb.

GOVERNMENT AT ODDS WITH ITSELF ON STUDENT LOANS — Bloomberg's Shahien Nasiripour on how the CFPB has become student loan borrowers' advocate against the Education Department: "Both the [CFPB] and the Obama administration share the same goal: improved customer service and fewer loan delinquencies. But industry observers see the administration as more accommodating to the industry's needs, while the consumer bureau has made clear that it's ready to sue. It's as if the Obama administration is using a carrot while the consumer bureau is brandishing a stick." http://bloom.bg/2bjb5uv.

EX-FED OFFICIAL WARNS AGAINST GOING EASY ON INFLATION — Former Fed Governor Kevin Warsh argues in a WSJ opinion piece that central bankers should resist calls to accommodate higher inflation, which has yet to rear its head, despite low interest rates: "A new inflation target would undermine the Fed’s commitment to any policy framework. It would please the denizens of Wall Street who pine for still-looser Fed policy. And households would be understandably miffed to receive a new lecture on unconventional monetary policy — this one on the benefits of higher prices." http://on.wsj.com/2bhsAqQ.

U.S., EU DUKE IT OUT OVER APPLE, TAXES — The FT's Barney Jopson and Arthur Beesley on the intensifying feud: "The U.S. has launched a stinging attack on the European Commission in a last-ditch bid to dissuade Brussels from hitting Apple with a demand for billions of euros in underpaid taxes. In a sharp escalation of the transatlantic feud, the U.S. Treasury Department issued a rare warning on Wednesday that Brussels was becoming a 'supernational tax authority' that threatened international agreements on tax reform. The criticism comes as the European Commission is finalizing a probe into an alleged sweetheart tax deal that Ireland granted to Apple, the biggest single case in a crackdown on corporate tax avoidance across the EU. After prolonged delays, a definitive ruling is expected next month." http://on.ft.com/2bhuJT5.

FLOOD INSURANCE POLITICS IN LOUISIANA SENATE RACE — Louisiana Insurance Commissioner Jim Donelon endorsed Republican Rep. Charles Boustany in the race for the state's open U.S. Senate seat, arguing that he is "the only candidate I trust to fight for affordable flood insurance." Congress faces a September 2017 deadline to reauthorize the government-run National Flood Insurance Program. "I look forward to working with Commissioner Donelon to write common-sense flood insurance policy as Louisiana’s next United States Senator when Congress begins work on reauthorizing the National Flood Insurance Program in 2017," Boustany said in a statement.

NYT'S TAKE ON GOLDMAN CATERING TO THE 'COMMON MAN' — From William Cohan in DealBook: "As it has done many times in its past to survive and to thrive, Goldman is in the process of reinvention. This explains Marcus, its new online lending business named after the company’s founder, Marcus Goldman, along with GS Bank, its online savings account business with no minimum balance requirements. After all these years, Goldman Sachs has suddenly discovered retail banking. But it is not out of altruism or charity, nor is it nefarious. It is all about making money from money, which has always been Goldman’s specialty." http://nyti.ms/2bCDhcf.

Read more: http://www.politico.com/tipsheets/morning-money/2016/08/banks-eye-change...

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By ZACHARY WARMBRODT

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Latin post - January 21, 2015, by Michael Oleaga - The National Association of Latino Elected and Appointed Officials (NALEO) welcomed Obama's efforts to improve the economy and education for Latinos, and all other Americans.

"These policies can allow more Latinos to rebound from the economic troubles experienced in recent years and pursue their piece of the American Dream, resulting in a more skilled work force and an expanded middle class that is able to 'do their fair share' and fully contribute to our nation's prosperity," added NALEO in a statement.

On immigration, NALEO said passing comprehensive immigration reform, which should include a pathway to citizenship, will help undocumented immigrants integrate with U.S. life and contribute to the growing economy and shrinking deficit.

"Action to bring immigrants who have played by the rules fully into our economy and democracy is not only the right thing to do, but also the smart thing to do," added NALEO. "Immigrants who learn English can on average quadruple their annual incomes, resulting in increased revenues at the state and federal level and a more skilled workforce that will reinforce our ability to prosper in the new global economy."

The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), the largest organization comprising of unions, commended the president for advocating for working families.

"The President's focus on raising wages through collective bargaining, better paying jobs, a fairer tax code, fair overtime rules, and expanded access to education and earned leave sent the right message at the right time," said AFL-CIO President Richard Trumka. "So did his embrace of union apprentices and immigrants who want to achieve the American Dream. The President has again demonstrated his strong commitment to creating an economy that truly works for all working people."

Trumka said income inequality remains one of the biggest challenges despite the world's wealth being in "the hands of a very few." He also said the time has come for Congress to address minimum wage.

On climate change, 350.org, an organization which address the issue and opponent of the Keystone XL pipeline, gave their support for the president. 

"He said we need to think beyond a single pipeline, and made a strong case for developing sustainable, clean energy sources like wind and solar," said 350.org Executive Director May Boeve. "The President is clearly beginning to think about his climate legacy, and he clearly understands that it depends on rejecting Keystone XL."

Boeve said this year's State of the Union address was a vast improvement compared to previous speeches, specifically the 2011 address which had no mention of climate change. She acknowledged climate change was addressed among a few paragraphs and attributed to last September's People's Climate March for increasing awareness of the issue.

Center for Popular Democracy Co-Executive Director Ana Maria Archila applauded Obama's progress but said a "range of daunting crises" still exists for U.S. workers, communities of color and immigrants. Archila noted the crises include climate change, racial injustice, and immigrant and workers' rights.

"The president's speech barely addressed racial inequalities and the discriminatory policing that threatens far too many communities of color," said Archila. "The president was right to point out 'different takes on Ferguson and New York,' but families of color who wonder if they, and their children, are safe when crossing paths with the police need stronger national leadership to confront police impunity."

Archila recognized Obama's emphasis for a higher federal minimum wage, child care, and paid sick leave for working families. She added that full-time workers should not be stuck in poverty or encounter the inhumane choice between a paycheck and caring for their family.

"We commend the president for speaking from the right place and with the right intentions. We will continue to fight to build an innovative, pro-worker, pro-immigrant, racial and economic agenda. The work ahead of us is real, and we are moving forward," said Archila.

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An estimated 1,500 demonstrators will hit the streets of Downtown Pittsburgh this afternoon — and both geographically and politically, they expect to cover a lot of ground.

The “Still We Rise” March, which kicks off a two-day gathering of activists from around the country, begins at 2:30 and will feature stops including the Pittsburgh branch of the Federal Reserve, the headquarters of UPMC and the Station Square office of Pennsylvania Sen. Pat Toomey.

Ana Maria Archila, co-director of the Center for Popular Democracy, which is organizing the gathering, said the activists are turning out to put the spotlight on issues communities face such as economic inequality, racism and xenophobia.

“… We will win our rights,” she said, adding that the event “is really the launch of a national grassroots community.”

In fact, the “People’s Convention” at the David L. Lawrence Convention Center expects to attract over 40 progressive groups from 30 states, focusing on issues ranging from immigrant rights and racial equity to environmental concerns and public schools advocacy. A parallel program will involve policy discussions among progressive elected officials: Pittsburgh Mayor Bill Peduto and City Councilor Daniel Lavelle are among those participating.

The event “reflects what we’re trying to do in Pittsburgh, on a national level,” said Erin Kramer, executive director of activist group One Pittsburgh.

Here as elsewhere, organizers have pressed fast-food employers to raise minimum wages to at least $15 an hour, and fought for a city ordinance requiring employers to grant paid sick leave to workers. Other cities are weighing “fair scheduling” ordinances that require giving workers earlier notice about, and input on, their work schedules.

Immigration issues, which have become a critical issue in this year’s presidential race, also will be a key topic. While Ms. Kramer said the convention is about more than electoral politics, Republican presidential candidate Donald Trump “is really a threat for a lot of participants. He’s literally talking about building walls and sending people home. You may see a Trump puppet in the parade, more as a rodeo clown than anything else.”

The agenda may seem sprawling. “It is hard to weave these things together,” Ms. Archila admitted. One goal of the convention is for participants to craft a “statement of unity” outlining a vision to guide future activism.

But “all of our issues are interconnected,” said Pittsburgh education activist Pam Harbin, who will attend the convention to discuss tactics and lessons with organizers from elsewhere. “A $15 minimum wage is deeply connected to the fight for quality schools, because if you have parents working three jobs, you really can’t ask, ‘Why aren’t these parents more involved in their kids’ education?’”

Campaigns for higher wages or better worker protections often concentrate on the federal level. But with Washington in a partisan deadlock, activists are increasingly pressing for change locally.

“In some ways, people became more reliant on the federal government, and that took some of the wind out of the sails of local activism,” said Lisa Graves, executive director of the left-leaning Center for Media and Democracy. “But seeing the federal government crippled is an opportunity to reinvigorate local democracy.”

There are perils to the approach, as Pittsburgh has learned. Here as elsewhere, while progressives may control city hall, conservatives often rule state capitals.

State law has barred enforcing a Pittsburgh law to require the reporting of lost-and-stolen firearms, for example. And last December, an Allegheny County judge struck down ordinances requiring paid sick leave for employers, and special training for building security guards. A 2009 Supreme Court ruling barred municipalities for setting such rules for employers, Judge Joseph James ruled.

“It’s a growing trend to see these special interests using their access at the state level to preempt local democracy,” Ms. Graves said. This weekend will feature discussions of the challenge, but because states can limit local authority, “It’s extremely difficult to overcome.”

And a local ordinance may not help struggling families across the city line — at least not immediately.

Still, said Ms. Kramer, “If you lift the minimum wage in one place, people say, ‘Why not me?’ You have to start by painting an alternative picture.”

By Chris Potter

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New Pittsburgh Courier - October 2, 2014, by Christian Morrow - Protestors from Action United, supported by the Service Employees International Union, the Pittsburgh Federation of Teachers and the Pittsburgh Interfaith Impact Network rallied outside Gov. Tom Corbett’s Pittsburgh office this morning demanding a moratorium on charter school approvals and funding.

A companion rally was held in Philadelphia.

The call comes in the wake of a report compiled by Action United, Integrity in Education, and the Center for Popular Democracy that claims Pennsylvania charter schools have lost $30 million to fraud in the last 17 years.

“Pennsylvania children and families have been robbed by charter school operators to the tune of $30 million,” said Action United board member Ted Stones.

He urged Corbett to quit “expanding a broken system without the oversight and integrity our children deserve.”

The group then marched to the Urban Pathways charter school, which was selected because last November state Auditor General Eugene DePasquale asked the FBI to investigate allegations that the school misused thousands in funds on top-flight catering for board meetings, expensive restaurants, and board retreats to exclusive resorts.

The Pennsylvania Coalition of Public Schools issued a statement supporting investigations of charter school fraud, but said Action United’s report leaps to “sweeping conclusions about the entire charter school sector based on only 11 incidents over the course of almost 20 years.”

It ignores, the statement read, actual fraud and fiscal mismanagement in (public school) districts over the same time period “which dwarf the charter school allegations in terms of misuse of taxpayer funds.”

The report’s recommendations for achieving more transparency and accountability should be applied to all schools, the coalition said, otherwise it “would just be an example of pursuing a political agenda.”

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