Castro moves to stop VP fire from the left
Castro moves to stop VP fire from the left
Targeted by progressive activists hoping to kill his chances of being Hillary Clinton’s running mate, Julián Castro is...
Targeted by progressive activists hoping to kill his chances of being Hillary Clinton’s running mate, Julián Castro is set this week to announce changes to a hot-button Housing and Urban Development program to sell bad mortgages on its books.
The changes, which HUD officials will brief stakeholders and activists on during a conference call on Monday, could be made public as early as Tuesday — depending on when department lawyers give the green light to publishing them in the Federal Register.
But they won’t take effect before the next auction of HUD mortgages, scheduled for May 18.
Castro’s actions could potentially defuse an issue that activists have been using to question his progressive credentials — and he’ll be doing it at the moment the running mate search has begun to get serious at Clinton campaign headquarters.
Among the changes, according to people with knowledge of what’s coming: The Federal Housing Authority will put out a new plan requiring investors to offer principal reduction for all occupied loans, start a new requirement that all loan modifications be fixed for at least five years and limit any subsequent increase to 1 percent per year, and create a “walk-away prohibition” to block any purchaser of single-family mortgages from abandoning lower-value properties in the hopes of preventing neighborhood blight.
HUD officials say that the timing isn’t a response to the activist pressure or the presidential campaign calendar.
“It has always been our goal to get the policy right, regardless of arbitrary deadlines, and we expect to announce those changes this week,” said HUD press secretary Cameron French.
But the changes come after two years of calls by activists — joined last September by Sen. Elizabeth Warren (D-Mass.) — for major reforms to the Distressed Asset Stabilization Program. Their calculations — numbers that HUD says are way off — allege that during Castro’s tenure, 98 percent of problematic mortgages the department has sold went to Wall Street firms that they say were responsible for the housing crisis in the first place.
With the backdrop of a Democratic Party recalibrated by Bernie Sanders’ surprisingly strong candidacy, activists were preparing a full offensive against Castro this week, looking to leverage his political ambitions against him to extract major concessions.
Last Thursday, activists sent an ultimatum letter to HUD titled, “Seeking swift changes to HUD's DASP program,” and demanding response within 24 hours. They had set up a national day of action for Tuesday, with protests scheduled at HUD offices in New York, Philadelphia, Los Angeles and San Francisco, along with a news conference at Newark City Hall — which remains on for now, pending whether they feel HUD has gone far enough in what the agency tells stakeholders on Monday afternoon.
“I would say we’re cautiously optimistic, but we don’t know, and what we need to see is a plan that will lead to substantially more mortgages not getting into the hands of bad actors and saving more homes from foreclosure,” said Amy Schur, campaign director for the Alliance of Californians for Community Empowerment, on Sunday afternoon. “Unless we see that, it’s going to be a problem.”
Schur has been in touch with HUD regularly over the course of the past two years, and in recent weeks when the conversations stepped up after the activists fired a warning shot against Castro by launching a public effort built around the website DontSellOurHomestoWallStreet.org.
That first attack on Castro in early April prompted a number of leaders to rush to his defense — some because they felt the criticisms were unfair, others because they were eager to protect the future of arguably the most promising Latino rising star in the Democratic Party.
“Some of y’all may have seen recently concerns that were voiced about DASP,” Castro said last week in an appearance at a National Association of Realtors event teasing the changes.
“We’re improving that and have been working to do that to ensure that folks are able to stay in their homes longer because they’re offered principal reduction in certain instances,” Castro said, “that we get better outcomes for neighborhoods by making sure that folks who secure those loans aren’t able to just walk away from those properties and by instituting something that we refer to [as] ‘payment shock protection’ to make sure that once payments are modified that they don’t just jump up a couple years later.”
Other members of the coalition and signatories on the ultimatum letter are American Family Voices, the Center for Popular Democracy Action, Daily Kos, Democracy for America, MoveOn.org Civic Action, New York Communities for Change, Other 98% Action, Presente.org, RootsAction.org, the Rootstrikers Project at Demand Progress and the Working Families Party.
Schur said that she and others are hoping that HUD will include some method of incentivizing mortgage sales through early bidding or favorable rates to nonprofits and neighborhood groups, rather than the Wall Street firms that have bought many of the mortgages. They feel that large financial institutions don’t care about the effect on neighborhoods from letting properties go vacant or decline, or of overwhelming homeowners with liabilities — though many argue that the reason these institutions buy so many of the mortgages is that they are the only ones that have the capital and management capability to handle the purchases.
“Where we would like to be with HUD is partnering to roll out a positive program in our cities across the country,” Schur said. “We’d rather be doing that than protesting. But if the changes are insufficient and this program is going to continue to be almost a wholesale giveaway to speculators, we’re going to have to keep the pressure up. We’re not going to have a choice.”
HUD officials point out that the May 18 auction isn’t for the DASP program and call the complaints surrounding that unfair. It is for different mortgages, called an “aged loan sale,” scheduled before these reforms were far along. No DASP auction has been set yet for 2016, and reconsideration of the program, according to French, has been underway since the most recent DASP auction, at the end of last year.
“Since 2014, FHA has made changes to the DASP program before every sale. FHA has been working on the latest round of changes to the DASP program for months, and, in our desire to be as comprehensive as possible, we’ve engaged a broad group of stakeholders on the potential reforms that would make the most impact for distressed homeowners,” French said.
Activists had been growing frustrated with the pace and substance of the conversations with HUD, and HUD officials have been losing patience with them as well, feeling that the activists are out for attention and landing on Castro simply because his name is in the running mate mix.
And, well aware that this is a critical political moment for Castro, activists warn that they’re ready to keep after him until the Democratic convention in July, and beyond that if he is Clinton’s pick.
“We would all love for the secretary to really come through in a big way, but housing activists and folks in our neighborhoods are not going to stop when our neighborhoods are being sold off to Wall Street. There has to be a major, major change,” said Jonathan Westin, director of New York Communities for Change. “Folks are completely ready to keep pushing.”
By Edward-Isaac Dovere
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Meet One of the Sexual Assault Survivors Who Confronted Jeff Flake & Triggered FBI Kavanaugh Probe
Meet One of the Sexual Assault Survivors Who Confronted Jeff Flake & Triggered FBI Kavanaugh Probe
Republican Senator Jeff Flake of Arizona was on his way to cast his vote, shortly after announcing his intentions to...
Republican Senator Jeff Flake of Arizona was on his way to cast his vote, shortly after announcing his intentions to confirm Trump’s Supreme Court nominee Brett Kavanaugh, when he was confronted in an elevator by two women who are sexual assault survivors. The women held open the elevator door, telling Flake, through their tears, that he was dismissing their pain. Soon after, Flake surprised his colleagues on the Senate Judiciary Committee by advancing Kavanaugh’s nomination but asking for an FBIinvestigation before the full Senate vote. President Trump has now ordered an FBIinvestigation into Kavanaugh. We speak with Ana María Archila, one of the women credited with helping to delay Kavanaugh’s confirmation.
Watch the video here.
Activists: US Justice Department Response to Baltimore Police Racism Falls Short
Activists: US Justice Department Response to Baltimore Police Racism Falls Short
The response by the US Department of Justice to exposing Baltimore Police Department (BPD) violations of citizens’...
The response by the US Department of Justice to exposing Baltimore Police Department (BPD) violations of citizens’ constitutional rights falls short of addressing the systemic problem of racism in US policing, activists said.
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How Hillary Clinton can win in November
How Hillary Clinton can win in November
Hillary Clinton may be tempted to relax into her inevitable nomination as the Democratic presidential candidate given a...
Hillary Clinton may be tempted to relax into her inevitable nomination as the Democratic presidential candidate given a sizable delegate lead that looks likely to hold going into the Democratic convention — particularly if she wins the big prize of New York in April.
However, even after the convention, she will need to woo her opponent's supporters — many of whom claim they won't vote for her — to prevail in an unpredictable general election against an unconventional candidate like Donald Trump.
Bernie Sanders has been buoyed consistently by supporters disgusted with a political system awash in big money — and dismayed by Clinton's uncomfortably close relationship to Wall Street. There is a simple move Clinton can make to prove she is willing to take bold action against Wall Street: She can bring back the Glass-Steagall Act that put up a firewall between commercial and investment banking.
Over the course of recent Democratic debates, Clinton has remained opposed to reinstating Glass-Steagall even as Sanders used the rallying cry of breaking up the banks to help lock up several Midwest and Northeastern primaries.
The division between commercial and investment banking imposed by Glass-Steagall, enacted in 1933 amid the Great Depression, prevented banks from using customer deposits to take high-octane gambles in the market that could bring on another financial cataclysm.
Then, in 1999, under heavy pressure from the financial industry, Glass-Steagall was repealed by President Bill Clinton, unleashing the rise of a number of behemoth banks with combined commercial and investment arms. Less than a decade later, most of them nearly combusted in the greatest financial crisis since the Great Depression, requiring billions in taxpayer bailout funds to stay afloat.
Today, Wall Street continues to be riddled with systemic risks. The Dodd-Frank financial reforms enacted in 2010 in the wake of the financial crisis helped reduce some of the risk, but as the new president of the Minneapolis Fed recently acknowledged, they didn't go far enough. "I believe the biggest banks are still too big to fail and continue to pose a significant, ongoing risk to our economy," Neel Kashkari — a Republican – told an audience at the Brookings Institution in Washington D.C. last month.
An even more unlikely proponent of reining in big banks is Asher Edelman, the inspiration for Gordon Gekko in the movie "Wall Street." In a recent interview with CNBC, Edelman called for banks to return to lending, which stimulates middle class spending and the overall economy, rather than speculation, which pads the balance sheets of the big banks, not to mention the pockets of the top 1 percent.
While the Volcker Rule — the set piece of the Dodd-Frank reforms — bans commercial banks from using customer deposits for speculative trading on the bank's own accounts, numerous exceptions permit commercial banks to engage in risky investment banking activities they would be unable to carry out under Glass-Steagall. It's not difficult to conjure a scenario in which using customer deposits to bolster market bets causes a global financial contagion on the order of — or greater than — what we witnessed in 2008.
Some argue that Glass-Steagall is unnecessary because many of the financial institutions that triggered the financial crisis, such as Bear Stearns, were purely focused on trading and didn't have commercial banking arms. But those failed investment banks were able to take their risky gambles because they could easily borrow from hybrid entities such as Citigroup. And we should not forget that commercial-investment bank hybrids like Citigroup and Bank of America were ultimately some of the biggest recipients of bailout money.
The solution must be a stronger wall between commercial and investment banking. Senators Elizabeth Warren andJohn McCain have already proposed bipartisan legislation to bring back an updated, stronger version of the Glass-Steagall legislation specifically focused on banning publicly supported banks from engaging in the type of practices that created the financial crisis.
Afraid of Congressional gridlock? A President Clinton could even avoid a dysfunctional Congress altogether by working with bank regulators to create many of the same activity limitations through executive action — but only if she appoints strong regulators dedicated to reining in Wall Street.
With an increasingly likely path to the general election ahead of her, Hillary Clinton in the next few months must strive to shed her image of being beholden to wealthy, Wall Street interests. Reinstating Glass-Steagall is a good way to start.
By Anita Jain
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Amazon’s ripple effects: Six things that might happen if Pittsburgh gets HQ2
Amazon’s ripple effects: Six things that might happen if Pittsburgh gets HQ2
Sarah Johnson, the Local Progress Director for national advocacy group Center for Popular Democracy, said she doesn’t...
Sarah Johnson, the Local Progress Director for national advocacy group Center for Popular Democracy, said she doesn’t expect Amazon to change how it operates.
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Is the Fed Due for a Revamp?
US News & World Report - November 13, 2014, by Katherine Peralta - Building on momentum from earlier this year, a...
US News & World Report - November 13, 2014, by Katherine Peralta - Building on momentum from earlier this year, a group of policy advocates, economists and community organizations is calling for more transparency at the Federal Reserve, imploring that the Fed consider the plight of many who haven’t enjoyed the kind of recovery that recent positive economic data suggest.
The push for more access to the Fed is gaining momentum among the public and in Congress, though revamping a decades-old central banking system that’s helped stabilize the economy through multiple crises is not without controversy.
As two of the Fed’s most vocal critics of its current monetary policy near their retirement at the beginning of next year, a coalition called “Fed Up” is asking that the public have more say in the process of appointing their replacements and future Fed leaders. Members sent letters outlining their concerns to the Fed and will meet Friday with Fed Chair Janet Yellen in the District of Columbia.
As it progresses toward its dual objective of price stability and full employment, the Fed has said it will eventually raise short-term interest rates, which have been kept near zero since 2008 to stimulate growth. The coalition says since the economy isn’t yet strong enough to stand on its own, the Fed should maintain its easy-money policies, which make lending cheap for borrowers and businesses but don’t do much to boost those on fixed incomes like retirees.
“We're going to talk about our request that the Fed create more transparency in a democratic process for appointments and that it adopt more pro-jobs, pro-wages policies, more expansionary policies, so as to get us to full employment,” says Ady Barkan, staff attorney at the left-leaning Center for Popular Democracy, which is part of the coalition. “They need to target higher wage growth instead of stepping on the brakes the moment that wages start to rise, which is what the hawks want to do."
The term "hawk" refers to those who see the labor market as strong enough to merit a faster interest rate hike to keep inflation in check and pertains to outgoing regional Fed bank presidents Richard Fisher of Dallas and Charles Plosser of Philadelphia. Doves, like Yellen, believe that there is still enough slack in the labor market to warrant maintaining as low interest rates as possible.
Each of the 12 regional Federal Reserve banks selects its own president through a process that’s criticized as rather opaque. Those presidents rotate on five of the 12 seats on the Federal Open Market Committee, the group at the Fed that sets interest rates. The remaining seven members of the committee, including Yellen, are appointed by the president and confirmed by the Senate.
The 12 regional presidents report back to the rest of the Fed about economic trends from their respective districts on a regular basis – a compilation of data amalgamated in a “Beige Book” published eight times a year and used to assess the economy’s health.
A spokeswoman for the Philadelphia Fed said it has retained the services of executive search firm Korn Ferry to replace Plosser and “will consider a diverse group of candidates from inside and outside the Federal Reserve system.” A Dallas Fed representative said the bank’s board of directors is meeting today to discuss the presidential search process to replace Fisher.
Stronger economic data this year have prompted many to wonder whether the Fed should start raising interest rates sooner rather than later. The U.S. economy’s reached the lowest jobless rate in six years and has enjoyed the strongest stretch of job gains since 1999.
But the coalition argues that despite what the national numbers may say about the recovery, they don’t necessarily speak to the experience of a lot of people who still feel the recession in their communities.
Even though the Dallas metropolitan area had one of the strongest monthly job gains in the country in September and has a jobless rate of 5 percent, well below the national rate of 5.8 percent, Connie Paredes, a volunteer with the Texas Organizing Project who will meet with Yellen Friday, says the economy in Dallas still feels “not that great.”
“There are a lot of statistics out there about the unemployment rate and how things have gotten better. It doesn't really reflect the fact that there is a lot of underemployment,” Paredes says. “There are a lot of college graduates who aren't able to find jobs. There are a lot of professionals who have to take on extra jobs in order to make ends meet.”
But attempting to change the appointment system might not be the solution to get more “everyday” voices before the Fed. Guy Lebas, chief fixed income strategist at Janney Capital Markets, says it’s a “solution in search of a problem.”
“There’s very little wrong from an economic perspective with how the Fed selection process works now, and a majority of the members who have input into monetary policy are democratically selected,” Lebas says.
Yellen herself has said it’s important to maintain a diverse group of viewpoints within the Fed.
“I believe decisions by the Federal Reserve Board and the Federal Open Market Committee are better because of the range of views and perspectives brought to the table by my fellow policymakers, and I have encouraged this approach to decision-making at all levels and throughout the Fed System,” she said in an Oct. 30 speech in Washington.
There’s also a push in Congress for changes at the Fed. The new GOP leadership could introduce a new version of former congressman and presidential candidate Ron Paul’s Audit the Fed bill, which, as its name implies, calls for a full audit of the Fed – including internal discussions on monetary policy – by the Government Accountability Office. Critics worry if passed, the bill would allow Congress to interfere with the Fed’s decision-making.
And a level of independence from the public may not be such a bad thing, says Gary Burtless, a senior fellow at the Brookings Institution, citing the Fed’s handling of the economic crisis – which included bailing out large financial institutions and beginning unprecedented and controversial economic stimulus programs.
“I realize many things the Fed did, although most economists think were entirely justified, are still immensely unpopular among the public, but so what?” Burtless says. “We do have this layer of insulation that I think we should protect. The events of 2007 through 2009 confirm the absolute importance of having that level of insulation so that members of the Federal Reserve Board don’t worry that their deliberations, their decisions about monetary policy, are going to be immediately undone by populist and perhaps poorly understood objections from the general public.”
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For Safer City Schools, More Counselors, Fewer Cops
Our city is facing a tough question: how do we make schools safer? New York City schools are on the precipice of...
Our city is facing a tough question: how do we make schools safer?
New York City schools are on the precipice of returning to ineffective policies and practices like more policing and metal detectors that have harmed the students who are most in need. The city could and should instead take this opportunity to move further towards school culture and climate priorities that are designed to meet the social, emotional, and mental health needs of young people.
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The Queer Activists Working to Reverse America's Opioid Crisis
The Queer Activists Working to Reverse America's Opioid Crisis
“As queer people, we come out of this AIDS activist ACT UP tradition, where we’ve been very vulnerable around...
“As queer people, we come out of this AIDS activist ACT UP tradition, where we’ve been very vulnerable around healthcare and health coverage and have had to fight for our lives,” says Jennifer Flynn Walker, 46, a Brooklyn-based organizer with the progressive nonprofit Center for Popular Democracy. She is working on establishing an ACT UP-like national network of drug-user-led activism to demand comprehensive federal funding for the opioid epidemic. That idea, recently endorsed by Senator Elizabeth Warren, is modeled after the 1990 Ryan White CARE Act, which was sparked by activism and has since funded treatment and services for people with HIV/AIDS.
Read the full article here.
Report: Starbucks falls short on vow to make workers' schedules more fair
Despite a public pledge last year to ease scheduling burdens for its baristas, Starbucks has fallen short of its...
Despite a public pledge last year to ease scheduling burdens for its baristas, Starbucks has fallen short of its commitment on a number of fronts, according to a new report released Wednesday based on interviews with the coffee chain’s workers across the country.
The report, titled “The Grind: Striving for Scheduling Fairness at Starbucks” (PDF), said Starbucks baristas across the country were still complaining that they often don’t receive their work schedules soon enough before shifts and that they are under pressure to avoid taking sick days.
The New York-based advocacy group Center for Popular Democracy produced the report, which cited survey data collected from more than 200 Starbucks baristas in 37 states and compiled by Coworker.org, an online platform that supports workplace rights.
“More than six months after Starbucks publicly recommitted to scheduling policies and mandated ten days’ notice, the scheduling issues they sought to address still persist in their frontline stores,” the report said.
After a New York Times investigation in August 2014 highlighted the scheduling travails of a Starbucks worker and single mother named Janette Navarro, the company announced that it would strive to improve work schedules for its employees, whom the company calls “partners.” The workers’ survey cited in Wednesday’s report was conducted in March this year.
“Taking care of our partners is a responsibility I take very personally,” Cliff Burrows, a high-level Starbucks executive, said in an internal company email at the time, according to the New York Times and other news outlets. Burrows was quoted as saying the company would work to aid “stability and consistency” in the schedules of its more than 130,000 baristas.
Burrows pledged then that the company would improve its scheduling software to make it easier on employees to plan their lives.
But the directive has only partially trickled down to the company's more than 12,000 U.S. locations, Wednesday's report says.
“They’ve made some improvements, but they’ve been minor,” said Carrie Gleason, co-author of the report. “A fair workweek at Starbucks exists in some stores,” she said, but “the issue is inconsistency.”
Starbucks did not respond to a request for comment on the report's findings before the time of publication.
The report said many baristas noted a high incidence of so-called “clopening” shifts, in which a person closes and opens in consecutive shifts, often leaving a span of only a few hours in which to return home before working again.
Last year Starbucks' Burrows pledged an end to the dreaded clopening shifts, saying “district managers must help store managers problem-solve issues specific to individual stores to make this happen.”
But the report indicated that such shifts were still widespread, with nearly a quarter of workers regularly getting them.
“I feel that baristas should have a minimum of 10 hours in between shifts. Everyone should have a fair chance to get home, settled, and be able to sleep for eight hours before having to get up for another shift," the survey report quoted an Illinois Starbucks worker as saying.
But the majority of workers who do clopening shifts are able to get fewer than seven hours of sleep, the report said.
“Because I was frequently scheduled for clopening shifts, I got just four or five hours of sleep a night. I was doing all I could to get ahead, but Starbucks’ scheduling practices made me question whether that was possible,” said Ciara Moran, a former Starbucks barista wrote in a petition she launched with Coworker.org, asking for further scheduling reforms.
The report released Wednesday said that 48 percent of surveyed Starbucks workers said they received their work schedules a week or less in advance, and that 40 percent reported they had experienced pressure to avoid taking sick days.
"Employees say that it can be extremely difficult to take sick days because they face pressure to work while sick, fear negative consequences or are forced to find their own replacement," the report said.
The report suggested that the experiences of individual workers varied considerably, depending on store locations and personnel.
“Many of us have different experiences at Starbucks, depending on our manager,” Moran said, asking others to support the cause “for consistent protections across the company, starting with healthy schedules across the board.”
“On a corporate level there isn’t that level of accountability. They’re not looking whether their polices are going far enough,” Gleason said. “For Starbucks, it can be a model for the industry for how to deliver a sustainable workweek.”
“I think they need to engage their workforce in a different way,” she said.
Source: Al Jazeera America
Richmond Fed President Jeffrey Lacker to Retire in October
Richmond Fed President Jeffrey Lacker to Retire in October
Federal Reserve Bank of Richmond President Jeffrey Lacker, one of the Fed system’s most outspoken advocates for higher...
Federal Reserve Bank of Richmond President Jeffrey Lacker, one of the Fed system’s most outspoken advocates for higher short-term interest rates in recent years, will retire Oct. 1 after 28 years at the bank, the regional Fed bank said Tuesday.
The Richmond Fed’s board of directors has formed a search committee led by Chairwoman Margaret Lewis to find a new president, and has hired the firm of Heidrick & Struggles to assist in the search, the bank said. The bank intends to conduct “a nationwide search to identify a broad, diverse and highly qualified candidate pool for this leadership role,” it said.
Mr. Lacker became the second Fed official to announce his plans to retire in 2017. Atlanta Fed President Dennis Lockhart will step down at the end of February.
“Jeff has been an outstanding leader for the Richmond Fed and has made many contributions to the Federal Reserve System,” Ms. Lewis said in a statement announcing his departure.
A Richmond Fed spokesman said Mr. Lacker wants to return to teaching, writing and academic research, though he had no details on where Mr. Lacker may go after he leaves the bank later this year.
Mr. Lacker joined the Richmond Fed in 1989 and served in various leadership positions before becoming president in August 2004. For the past decade he has anchored the Fed’s hawkish wing, warning of the risks of rising inflation and dissenting often in favor of a higher benchmark federal-funds rate, which officials held near zero for six years following the financial crisis.
He was a voting member of the Fed’s policy committee in 2006, 2009, 2012 and 2015, and dissented a total of 15 times out of 32 meetings.
Mr. Lacker also argued against the Fed’s interventions in financial markets throughout the financial crisis, and has said financial instability was worsened by expectations that the Fed would always provide a backstop for financial firms in trouble.
Over the past year, he has also argued against efforts to overhaul the Fed system, including measures that would subject the Fed’s interest-rate decisions to greater congressional scrutiny or tie its policy to a mathematical formula.
“I’m hoping that our leaders in Congress and the administration understand that our independence is of value and is important to the credibility of the country’s commitment to price stability and I hope they’re willing to proceed accordingly,” he said after the November presidential election.
Mr. Lacker said in a statement Tuesday he felt fortunate “to have participated in some of the most extraordinary policy deliberations in our nation’s history. It’s been my deepest privilege to lead the Richmond Fed and the dedicated people who work here.”
The search to replace Mr. Lacker is likely to face scrutiny from activists and congressional Democrats who have called for more diversity among the Fed’s upper ranks, as well as more openness about how it selects its regional bank leaders.
Following Mr. Lockhart’s announcement last year, the left-leaning Center for Popular Democracy’s Fed Up campaign said it hoped the next Atlanta Fed president would be black or Hispanic, which would be a first for a regional Fed bank.
In an unusual move, a group of African-American House members wrote to Fed Chairwoman Janet Yellen and the chairman of the Atlanta Fed’s board urging them to consider candidates of diverse racial, ethnic, gender and professional backgrounds. The lawmakers also noted that most of the presidents worked at major financial firms before their appointments.
“We hope that candidates from distinctive sectors like academia, labor, and nonprofit organizations are given due consideration,” they wrote.
Before joining the Richmond Fed, Mr. Lacker was an assistant professor of economics at the Krannert School of Management at Purdue University and previously worked at Wharton Econometrics in Philadelphia, the bank said.
The bank posted information about its search process on its website Tuesday.
By Kate Davidson
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