Ahead of Black Friday, Walmart Workers Brief Capitol Hill Lawmakers
People's World - November 19, 2014 - Sen. Elizabeth Warren, D, Mass., Rep. George Miller, D,Calif., and legislative...
People's World - November 19, 2014 - Sen. Elizabeth Warren, D, Mass., Rep. George Miller, D,Calif., and legislative experts held a committee briefing today, titled Walmart and the Economic Insecurity of American Families. Only a week before Black Friday job actions that are expected at more than 1,000 Walmart stores nationwide the lawmakers heard from members of OUR Walmart on how the country's largest employer is creating an economic crisis for working families in America.
"I was glad to join Walmart employees today to support efforts to push back against practices by Walmart and other big corporations that make it hard for working families to make ends meet," said Warren. "Hardworking men and women across the country want a fighting chance to build a future for themselves and their families. We need to give workers this chance by raising the minimum wage, providing some basic fairness in scheduling, and fighting for equal pay for equal work."
"Walmart's shoddy business model is singlehandedly wreaking havoc on American families across the country and making it impossible for hundreds of thousands of workers to have a shot at the American Dream," said Miller, senior Democrat on the House Committee on Education and the Workforce. "America's workers and their families deserve better than they're getting from Walmart today-they deserve higher wages, less erratic schedules, and equal pay regardless of their gender. The courage of Walmart workers who are engaged in sit-down strikes to protest the company's illegal silencing of workers who have called for better jobs and full-time work is essential to creating real change."
At the Senate Health, Education, Labor and Pensions Committee briefing, Walmart workers discussed how Walmart's low pay, manipulation of scheduling and illegal threats to workers have created a new norm across industries that makes it nearly impossible for workers to hold down second jobs, arrange child care, go to school or manage health conditions.
"With Walmart's low-wages and hectic schedules, too many Walmart workers are left on the edge of poverty. But all too often when we stand up, Walmart tries to silence us. Just days before I planned to participate in our first sit-down strike in LA, Walmart fired me for speaking up for better wages and hours, but I'm still fighting today because my former colleagues like Fatmata Jabbie and Cantare Davunt deserve better," said Evelin Cruz, former Walmart employee and OUR Walmart member.
The briefing highlighted the Schedules That Work Act, Fair Minimum Wage Act and Paycheck Fairness Act-legislation that would force the company to improve its pay and hours for hundreds of thousands of American workers. Legislative experts including Carol Joyner of the Labor Project for Working Families, Amy Traub of Demos and Carrie Gleason of the Center for Popular Democracy joined the elected officials and Walmart associates on the panel to discuss the need for legislative action to set a new standard at the country's largest employer.
The action from elected officials comes as an increasing number of Americans and Walmart workers point to OUR Walmart as making significant changes at the country's largest retailer. Most recently, after public calls from OUR Walmart, the company committed to raise wages for its lowest paid workers and rolled out a new scheduling system that allows workers to sign up for open shifts. To date, workers at more than 2,100 Walmart stores nationwide have signed a petition calling on Walmart and the Waltons to publicly commit to paying $15 an hour and providing consistent, full-time hours.
"In three short years, OUR Walmart has grown to a powerful, national network that is making big changes at the country's largest employer," said Cantare Davunt, a Walmart customer service manager and OUR Walmart member during the briefing today."But more needs to be done. Legislative action would have a huge impact, but Walmart can lead the way now by adopting policies that give us the schedules and pay we need."
The briefing comes before next week's Black Friday nationwide strikes. Tens of thousands of workers, teachers, voters, clergy, environmentalists, and civil rights leaders will join workers at more than 1,600 protests, speaking out against retaliation and calling on Walmart and the Walton family to publicly commit to $15 an hour and provide full-time work.
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Report: Black Minnesotans Missing Out On Economic Recovery
CBS Minnesota - March 5, 2015 - African Americans are not experiencing the same economic recovery compared to others in...
CBS Minnesota - March 5, 2015 - African Americans are not experiencing the same economic recovery compared to others in the country, according to a new report from the Economic Policy Institute and the Center for Popular Democracy.
Some organizations say Minnesota is experiencing a crisis level of inequality with wages and jobs.
Black unemployment is four times higher than whites in the state.
“It’s a report that shows, I think, what we already knew,” Neighborhoods Organizing for Change’s Anthony Newby said.
He says he did not need a report to know the challenges faced by many in his community.
“If you look right outside the door here on Broadway Avenue, you’ll see a total lack of industry. We’ve got low-wage jobs, low-wage opportunities,” Newby said. “We’re a mile and a half or so from downtown Minneapolis, which is considered one of the economic hubs, certainly of the Midwest.”
The report spells out how the economy is bouncing back, but not for African Americans — especially those who live in Minnesota.
Since 2000, wages have decreased by 44 cents an hour for African Americans. This statistic does not ring true for whites or Latinos.
“We’re told that Minnesota is one of the best places in the country to live if you want a job, and that’s true if you’re a white person. Unemployment is 2.8 percent. If you’re black, its 10.9 percent,” Newby said.
Kentha Parker says she is more than a statistic.
“I’ve been looking for work since 2011, since the tornado,” Parker said.
She’s a mother who is struggling to find work to take care of her family. She says she’s tired of hearing these words: “We’re not hiring at this time, we’ll keep your application on file."
“The Federal Reserve, which has a branch right here in Minneapolis, could do a lot to actually influence the general economy,” Newby said.
He believes the Federal Reserve has the power to keep interest rates low, which in turn could boost wages and help reduce income inequality.
Newby says Neighborhoods Organizing for Change will push to be a part of the conversation.
He wants to see people of color at the table when the Federal Reserve produces its policies.
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Activist With ALS Spearheads Campaign To Punish Lawmakers Who Voted For Tax Law
Activist With ALS Spearheads Campaign To Punish Lawmakers Who Voted For Tax Law
The campaign will involve using digital persuasion ads and get-out-the-vote efforts to vote out incumbents who...
The campaign will involve using digital persuasion ads and get-out-the-vote efforts to vote out incumbents who supported the tax law. Barkan and his team are still developing their strategy, but they plan to focus on congressional races in eight districts around the country. They will be campaigning in Arizona, California, New Jersey, Pennsylvania, Texas, and Wisconsin.
Read the full article here.
The Fed’s about to try something that almost always has ended in recession
The Fed’s about to try something that almost always has ended in recession
The Federal Reserve‘s looming attempt to shrink its mammoth portfolio of bonds comes with an ugly track record:...
The Federal Reserve‘s looming attempt to shrink its mammoth portfolio of bonds comes with an ugly track record: Virtually every time the central bank has tried it in the past, recessions have followed.
Over the past several months, the Fed has prepared markets for the upcoming effort to reduce the $4.5 trillion it currently holds of mostly Treasurys and mortgage-backed securities. The balance sheet ballooned as the Fed sought to stimulate the economy out of its financial crisis morass.
Read the full article here.
Liberal groups push Clinton on Wall Street 'golden parachutes'
In a letter sent to Clinton, who is running for the Democratic presidential nomination, the groups pressed her to...
In a letter sent to Clinton, who is running for the Democratic presidential nomination, the groups pressed her to oppose “golden parachutes” given to bank executives when they agree to take high-ranking government jobs. Such a payment structure is not uncommon on Wall Street, but critics of the practice say it encourages a “revolving door” in Washington and undue governmental influence by the financial sector.
The groups asked Clinton if she supported the practice, while noting that two of her main primary opponents — Sen. Bernie Sanders (I-Vt.) and former Maryland Gov. Martin O’Malley — have backed barring the practice.
"The revolving door between government and Wall Street helps the wealthiest few hijack our democracy for their own gain,” said Murshed Zaheed, deputy political director at Credo Action. “Americans cannot afford to have another administration from either party filled with Wall Street executives with multi-million dollar golden parachutes.”
Other groups signing on to the letter were Rootstrikers, Democracy for America, MoveOn.org Political Action, Center for Popular Democracy Action, The Other 98%, Friends of the Earth Action and American Family Voices.
The letter marks the latest in a series of pushes from the left to encourage Clinton to take a harsher stance on the financial sector. Whlie Sanders and O’Malley have hammered the financial sector as a key part of their campaign message, Clinton has taken a more measured tone.
Gripes about a heavy hand from finance in powerful government positions has become a particularly sore spot on the left of late. Sen. Elizabeth Warren (D-Mass.) helped derail President Obama’s nomination of Antonio Weiss, a top executive at Lazard, for a top Treasury post. Warren argued Lazard’s long history on Wall Street should disqualify him for the position, urging someone else to fill the role without such ties. Weiss eventually took a separate post at the Treasury in an advisory role, where he did not need to be Senate-confirmed.
The Clinton campaign did not immediately respond to a request for comment.
Source: The Hill
CPD's Josie Duffy on Why NY Needs the Scaffold Law
NY1 - August 28, 2014 - CPD's Josie Duffy joins Liz Benjamin on NY1 to discuss why workers need the Scaffold Law.
NY1 - August 28, 2014 - CPD's Josie Duffy joins Liz Benjamin on NY1 to discuss why workers need the Scaffold Law.
Jeff Flake lies to a dying man about the impact of his tax bill vote
Jeff Flake lies to a dying man about the impact of his tax bill vote
Sen. Susan Collins (R-ME) doesn't have the monopoly in telling happy lies about the Republican tax bill in hoping...
Sen. Susan Collins (R-ME) doesn't have the monopoly in telling happy lies about the Republican tax bill in hoping constituents will let her off the hook. On a flight back to Arizona Thursday evening, Sen. Jeff Flake (R-AZ) was politely confronted by fellow Arizonan Ady Barkan, who is also founder of Center for Popular Democracy's Fed Up campaign and was returning home after being arrested protesting the tax vote.
Read the full article here.
A 'striking lack of diversity' at the Fed distorts economic policy in ways most people don’t consider
A 'striking lack of diversity' at the Fed distorts economic policy in ways most people don’t consider
In a new report from the liberal-leaning Fed Up, a coalition of community groups advocating for continued low interest...
In a new report from the liberal-leaning Fed Up, a coalition of community groups advocating for continued low interest rates from the Fed with a view to helping the country's poorer families enjoy some of the benefits of the recovery, the group says a lot of work remains to be done despite recent progress on diversity under Yellen's tenure.
Read the full article here.
‘Patriot’ Dimon dodges calls to disavow Trump policies
Jamie Dimon endured a rough ride at the annual meeting of America’s biggest bank on Tuesday morning, as shareholders...
Jamie Dimon endured a rough ride at the annual meeting of America’s biggest bank on Tuesday morning, as shareholders repeatedly attacked the JPMorgan Chase chief over his ties to the administration of Donald Trump.
In December Mr Dimon was named chairman of the Business Roundtable, a group of almost 200 CEOs which is among the most prominent lobbying groups in Washington. Mr Dimon, chief executive of JPMorgan for the past 11 years and chairman for 10, is also a member of Mr Trump’s strategic and policy forum, which meets regularly to shape the economic agenda.
At the meeting in Wilmington, Delaware, a succession of shareholders challenged Mr Dimon to publicly disavow some of Mr Trump’s policies, such as his curbs on immigration from predominantly Muslim countries and his building a wall on the border with Mexico. One shareholder noted that users had sent more than 4000 messages to a website, backersofhate.org, urging Mr Dimon to “distance himself from hateful policies of human suffering”.
After staying silent throughout several speeches from the floor, Mr Dimon defended the bank’s record on Mexico, its support for lesbian, gay, bisexual and transgender people, and its funding of private prisons.
Finally, he said of Mr Trump: “He is the president of the United States, he is the pilot flying the aeroplane. I’d try to help any president of the US because I’m a patriot. That does not mean I agree with every policy he is trying to implement.”
Mr Dimon has long been the most outspoken of the big-bank chiefs in the US, often using his shareholder letter as a platform for taking positions on matters of public policy, and for challenging the regulatory framework put in place since the 2008 crisis.
In the weeks after the presidential election, the 61 year old was approached by members of Mr Trump’s transition team to serve as Treasury secretary but declined, saying he was unsuited to the role, according to people familiar with the discussions.
As hostile questioning resumed after his remarks at the Tuesday meeting, Mr Dimon tried to lighten the mood, saying “you’re starting to hurt my feelings”. The shareholder admonished him by saying that just by hearing him out, the chief executive would earn more than $100.
“I hope it’s worth it!” said Mr Dimon, who was paid $28m last year.
“This is not a laughing matter,” the shareholder replied.
The meeting stood in contrast to the peaceful gathering at the Goldman Sachs building in Jersey City at the end of last month, when chief executive Lloyd Blankfein faced just two questions from the floor, both of them friendly. Mr Blankfein, who is also chairman of the board, closed the meeting within just 24 minutes.
Mr Dimon wrapped up Tuesday’s proceedings by saying the entire board “takes this feedback seriously”.
Ana Maria Archila, co-executive director of the Center for Popular Democracy, said after the meeting that until Mr Dimon takes a stronger stand her organisation would continue to associate JPMorgan Chase with Mr Trump’s “anti-immigration” agenda.
Ms Archila arrived in America 20 years ago to reunite with her father, who had fled political violence in Colombia.
“I don’t think we have a plan to really inflict economic damages on the bank just yet,” she said. “But what we do have a plan for, is to force them to clarify whose side they’re on.”
Economic Sector Bias at the Federal Reserve
In part one of this two-part posting, I looked at the gender bias at the Federal Reserve, showing how men vastly...
In part one of this two-part posting, I looked at the gender bias at the Federal Reserve, showing how men vastly outnumber women in key posts at Federal Reserve Banks throughout the United States despite the Fed's Congressional mandate. In part two of this posting, I want to take an additional look at the Fed's bias; its failure to represent the economic diversity of America.
For those of you that either didn't read part one or who are unaware of the Federal Reserve's organizational setup, here is a graphic from a report by the Center for Popular Democracy showing the link between the Federal Reserve and its Federal Open Market Committee (FOMC) and its district banks known as Federal Reserve Banks:
Here is a map showing the regions covered by each of the 12 district banks (Federal Reserve Banks) and the 24 branches within each district:
Note that Alaska and Hawaii are covered by the San Francisco district.
If we start at the top of the organizational chart, the seven members of the Federal Reserve Board of Governors are appointed by the President and confirmed by the Senate for a 14-year term of office. The President (and Senate) also confirm two members of the Board to be Chair (currently Janet Yellen) and Vice Chair for four year terms. The FOMC consists of 12 members; the seven aforementioned Board members, the president of the Federal Reserve Bank of New York and four other regional Federal Reserve Bank presidents on a rotating, one-year term basis. The Federal Reserve Banks form an important link between the Federal Reserve and their local economy and help to dictate the Federal Reserve's monetary policies. Each of the twelve district banks has their own president and boards of directors (nine directors in total for each bank); in addition, each of the 24 district branches has its own directors (seven directors in total for each branch). The Board of Directors for each Reserve Bank are appointed in two ways; the majority are appointed by the Reserve Bank and the remainder are appointed by the Federal Reserve's Board of Governors. The directors for each district bank then appoint their own president and vice president. It all sounds rather nepotistic, doesn't it?
By law, under the Federal Reserve Reform Act of 1977, the Boards of Directors of the Federal Reserve are to be
"...elected with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor and consumers.".
That is, each of the leaders/directors of the world's most influential central bank and its district banking system are to represent a wide variety of each of the economic sectors that make up the American economy.
The report by the Center for Popular Democracy compares the economic sector representation during the period from 2006 to 2010 when the Government Accountability Office examined the composition of the Federal Reserve Bank Boards and the present. Here is a graphic showing the past and present composition:
In both 2006 to 2010 and 2016, directors from the banking sector filled over one-third of the board seats, growing by 3 percentage points over the timeframe of the study. In combination, in 2016, representatives from the commercial and industrial sector and the banking sector filled 68 percent of seats, up from 63 percent in 2006 to 2010. The service sector's representation fell from 26 percent of seats to 18 percent and agriculture and food processing saw their representation fall from 6 percent of seats to 3 percent. Interestingly, even though they are relatively poorly represented compared to the other sectors, the number of directors affiliated with consumer and community organizations rose from 3 percent to 8 percent.
For your illumination, here are a few of the Directors for each of the Federal Reserve Banks that you can get a sense of who is dictating America's monetary policies:
If you are interested in who is on the boards of the other Federal Reserve Banks, please see the original report.
Interestingly, during the "financial crisis" of 2008, there was some question about directors' independence and actions taken by the Federal Reserve banks since there was at least the perception of conflicts of interest when director-affliated institutions took part in the Federal Reserve System's emergency programs. With a preponderance of representation from the banking and commercial sectors, it certainly doesn't take a genius to figure out which sectors of the economy will likely be favoured by Federal Reserve policies should there be another "financial crisis", does it?
By A Political Junkie
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6 days ago
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