Progressive Groups Press Hillary Clinton On Wall Street's Golden Parachutes
The groups note that during Clinton's tenure as secretary of state, two of her aides -- ...
The groups note that during Clinton's tenure as secretary of state, two of her aides -- former Deputy Secretary Tom Nides and former undersecretary Robert Hormats -- received large bonuses, or "golden parachutes," from their Wall Street employers when they left to join Clinton's staff. Nides worked at Morgan Stanley before he joined the State Department, and has since returned; Hormats worked at Goldman Sachs.
The letter asks whether Clinton still supports this type of bonus and whether she would allow new employees in her administration to receive the same kind of compensation, should she become president.
"Awarding outsized bonuses and gifts of equity to Wall Street executives who temporarily leave to go into public service is either a breach of a public corporation’s fiduciary duty to its stockholders, or a down payment on future services rendered," the letter said.
"If the latter, it at best creates the appearance of corruption and conflict of interest. At worst, it results in undue and inappropriate corporate influence at the highest levels of government -- in essence, a barely legal, backdoor form of bribery."
Sen. Tammy Baldwin (D-Wis.) and Rep. Elijah Cummings (D-Md.) recently proposed legislation that would ban golden parachutes and reduce the number of government officials who have past ties to the industries they are supposed to regulate. Two of Clinton's primary opponents -- Sen. Bernie Sanders (I-Vt.) and former Maryland Gov. Martin O'Malley (D) -- have backed the legislation, the letter to Clinton noted.
"Golden parachutes for government service are rare in most industries, but common among senior government officials who were previously employed at Wall Street banks," the letter continued. "Golden parachutes have become so common and corrosive to the public trust that it has become clear the next president should prohibit executive branch employees from receiving them altogether."
Clinton's campaign did not return a request for comment about whether she would support Baldwin and Cummings' bill, and has previously declined to comment about golden parachutes for stories from other media outlets.
Sen. Elizabeth Warren (D-Mass.), a major champion of dismantling the link between Wall Street and the federal government, called Baldwin and Cummings' legislation “a bill any presidential candidate should be able to cheer for” in July, and encouraged progressives to press presidential candidates on the issue.
The groups who sent the letter to Clinton are Rootstrikers, American Family Voices, Center for Popular Democracy Action, CREDO Action, Democracy for America, Friends of the Earth Action, MoveOn.org Political Action and The Other 98%. The organizations said in a press release that they collectively represent more than 9 million Americans.
Source: Huffington Post
The resistance is making one last all-out push to kill the GOP health bill
The resistance is making one last all-out push to kill the GOP health bill
More than 300 health care activists, disability rights advocates, and organizers gathered on second floor of the...
More than 300 health care activists, disability rights advocates, and organizers gathered on second floor of the Dirksen Senate Office Building on Monday morning to oppose Senate Republicans’ Graham-Cassidy health care bill.
The bill would sharply reduce spending for Medicaid by billions of dollars by tying it to medical inflation, blow up Obamacare’s marketplaces, and open the door for states to curtail protections for patients with preexisting conditions.
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Lingo still a barrier to relief
Times Union – August 7, 2013, by Jimmy Vielkind - Immigrant advocacy groups say it remains difficult to get access to...
Times Union – August 7, 2013, by Jimmy Vielkind - Immigrant advocacy groups say it remains difficult to get access to government services in languages other than English — nearly two years after Gov. Andrew Cuomo decreed that written and oral interpretation would be available the state’s six most-spoken foreign languages.
Cuomo signed an executive order that took effect last October mandating state officials to offer language assistance for speakers of Spanish, French, Italian, French Creole, Russian and Chinese. But the order’s scope was necessarily limited to state agencies, even though state-funded services like food stamps, driver’s licenses and unemployment benefits are administered by New York City or other counties.
The groups — including Make the Road New York, the Center for Popular Democracy and the Center for the Elimination of Minority Health Disparities at the University at Albany — visited government offices and surveyed people with limited English proficiency to develop a measure of compliance. In a report released earlier this week, they found that less than half the people who needed language assistance were able to receive it.
According to Nisha Agarwal, deputy director of the Center for Popular Democracy, the survey found 63 percent of citizens using state-operated facilities that are explicitly covered by the order were not successful in their quest to gain language assistance.
“The governor’s team has been very engaged on implementation, and we’re sympathetic to the challenges of getting an entire state apparatus to change,” said Agarwal. “That said, the results are by no means satisfactory, and we were quite disappointed that the state took the position that county-run agencies for state services were not within the ambit of the order. We feel it’s a pretty big gap.”
The Cuomo administration responded by saying that all covered state agencies are in compliance with this executive order
“This report paints an inaccurate picture of reality by relying on visits to county-run agencies that by law fall outside the executive order,” said Cuomo spokesman Richard Azzopardi. “Everyone should have the same access to their government, and we encourage counties to follow the state’s lead.”
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Jackson Hole Demonstrators Rally Against Rate Hike
Associated Press - August 22, 2014, by Matthew Brown — Shadowing central bankers and economists at the annual Federal...
Associated Press - August 22, 2014, by Matthew Brown — Shadowing central bankers and economists at the annual Federal Reserve conference here, a group of about 10 demonstrators pressed Fed Chair Janet Yellen not to yield to pressure to raise interest rates.
Carrying placards and green T-shirts embossed with the slogan "What recovery?" they said they'd come from New York, Missouri, Minnesota and elsewhere to draw attention to people left behind by the recovery and still unable to find work.
One demonstrator approached Yellen to press his point as she prepared to enter the opening reception Thursday night. With security guards hovering nearby, the two shook hands and spoke for about a minute before Yellen entered the closed-door gathering.
Yellen spokesman Doug Tillett said her staff would seek to arrange a meeting between the chair and the demonstrators back in Washington.
Their message was generally in sync with Yellen's stance since she became Fed chair in February to keep rates low to help support a still-subpar economy. In a speech to the conference Friday, Yellen noted that while the unemployment rate has steadily dropped, other gauges of the U.S. job market have been harder to evaluate and may reflect continued weakness.
The timing of a Fed rate increase remains unclear, though many economists foresee an increase by mid-2015.
The demonstrators, including several who said they were unemployed or had settled for low-wage jobs, said they'd traveled here to encourage Yellen not to give in to those who say rates must be increased to avoid causing high inflation or other financial instability.
The demonstrator who approached Yellen before the opening reception was Ady Barkan of a group called the Center for Popular Democracy in New York.
"She said she understood what we were saying and that they were doing everything they can," Barkan said Friday. "We'd like them to do more."
He argued that the Fed should lower its target for unemployment and factor in whether wages are rising consistently before making any move to raise rates.
Tillett, the Yellen spokesman, said, "We're certainly willing to meet with them and hear what they have to say."
Asked whether there were security concerns in having demonstrators approach Yellen and seek to buttonhole other conference attendees, Tillett said, "We appreciate their freedom of expression."
The demonstrators also met before the event with Esther George, president of the Federal Reserve Bank of Kansas City, which sponsors the Jackson Hole event. Later, they managed to corner Fed Vice Chair Stanley Fischer during a break in the proceedings.
"We're not in recovery," Cee Cee Butler, a 34-year-old mother of two from Washington, D.C., told Fischer. "It may be fine on Wall Street, but on my streets, it's not fine at all...There's a lot of homeless people that live in my city, a lot of children that panhandle quarters."
Butler said she works a minimum wage job at McDonald's and receives food stamps but still can't make ends meet. She said the trip to Wyoming — her first time aboard an airplane, she said — was paid for by donations from advocacy groups.
Another demonstrator, 42-year-old Kendra Brooks, told Fischer that she holds a master's degree in business administration but has seen her income drop by more than half since losing her job as a program director at a nonprofit about a year and a half ago.
Two weeks ago, Brooks said, she began working for Action United in Philadelphia, a community advocacy group. But it's not comparable to her former job, she said, and "is like starting from scratch."
"They heard what we said, but the outcome of that, in terms of interest rates, is still pending," Brooks said of the group's interactions with Yellen, George and Fischer. "This has been what my recovery looks like, and it's a nightmare."
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Austin becomes first city in the South to mandate paid sick leave
Austin becomes first city in the South to mandate paid sick leave
But Austin’s paid sick leave vote has implications for many other areas. Sarah Johnson, the co-executive director of...
But Austin’s paid sick leave vote has implications for many other areas. Sarah Johnson, the co-executive director of Local Progress, an organization that has worked to help Austin’s paid sick leave efforts advance, told ThinkProgress that the wider region stands to benefit from the city’s example.
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Albany Must Keep the Charter Cap
Earlier this year, the New York City Council passed my resolution urging the state legislature to keep the cap on...
Earlier this year, the New York City Council passed my resolution urging the state legislature to keep the cap on charter schools. That was nothing new: Council Members have long showed their opposition to raising the cap. But, with recent efforts by powerful special interests, including more than $13 million spent in lobbying and campaign ads, we need to remind New York why raising the cap is not only unnecessary, but also harmful to our public school children.
First, there is the capacity question. Charter schools have 2,500 unfilled seats in New York City. In addition, current charter agreements could allow for more than 27,000 additional authorized seats. In other words, these charter schools already are not handling their assigned share of students, and that burdens crowded public schools, making it more difficult for those schools to provide quality education.
Second, charter schools are not required to serve students who transfer to or join schools mid-year because of disciplinary measures or because of a family's choice. They also do not serve nearly the same amount of students with special needs as public schools. This means that when the school year starts, charters receive funding for a certain number of students yet actually end up teaching fewer than they are budgeted for. They then pocket the remainder and can boast lower class sizes while public schools again shoulder the burden.
Finally, the Center for Popular Democracy reported that New York stood to lose over $54 million to charter school-related fraud in 2014 alone. Audits can help uncover instances of fraud, mishandling of funds, conflicts of interest within governing boards, and a number of other troubling findings, yet charter schools largely oppose efforts to increase transparency. The State Comptroller's attempt to audit charter schools has already been foiled at every turn, meaning New Yorkers are left in the dark about how exactly our public dollars are spent.
Meanwhile, more than $5 billion in state money is owed to our traditional public schools to provide every child access to a "sound basic education" per the Campaign for Fiscal Equity ruling. Forty-four percent of all schools in New York City are overcrowded. The City's Independent Budget Office reports that most schools are at 102 percent capacity or more, and 88 percent of the city's charter schools are co-located within a district school, adding to the space crunch.
Co-located charter schools, by the way, are an exercise in inequality: privately run schools, with access to both private and public funds, that are taking resources from underfunded district schools. What does this mean for the social climate in these schools? Many students feel, and rightfully so, that district schools and their students are not valued the way they should be.
It is sensible to provide the money and attention owed to our public schools to keep them strong. Charter schools already divert resources from the majority of students, who attend public schools. Charter schools do not serve our children, especially the most needy, with enough accountability to justify increasing their share of funding.
All children deserve an education system that celebrates their potential by giving them the space and funding necessary to achieve educational excellence. The raising of the charter cap would be damaging to our public school system in terms of morale, space, funding, and overall quality. Leaders in Albany should finish their legislative session without altering the cap. Instead, it is time to ensure a feasible means of success for public schools by giving them the focus they need and not investing in a private enterprise that has yet to fulfill its promise to New Yorkers.
***Daniel Dromm is the Education Committee Chair of the New York City Council.
Source: Gotham Gazette
Activist Group Presses for Diversity on Fed Boards
Activist Group Presses for Diversity on Fed Boards
An activist group on Monday named a slate of candidates it would like to see placed on the boards overseeing the...
An activist group on Monday named a slate of candidates it would like to see placed on the boards overseeing the regional Federal Reserve banks, saying these people would promote diversity at the central bank and de-emphasize the influence bankers have on policy makers.
The slate of candidates is in large part aimed at addressing what the left-leaning Center for Popular Democracy’s Fed Up campaign sees as a lack of minority and female representation in the leadership ranks of top central bank officialdom.
“Regional Banks’ boards are disproportionately white, male, and from the corporate and financial sectors,” the group said in a report. “Regional Banks have continually selected bank directors without transparency or public input, and most directors’ backgrounds suggest that they are likelier to be familiar with the interests of the wealthy than with the interests of low-income individuals and communities of color,” the group said.
The Federal Reserve’s Shifting Makeup
The group identified a slate of candidates drawn from academia, think tanks and unions who could serve as directors at the 12 regional bank districts. These prospective candidates are mainly women or people of color. None are bankers or financial market participants.
The group also said the continued role of bankers on boards continues to create conflicts of interest between the Fed and regulated financial institutions. “The potential for conflicts of interest will remain high as long as commercial banks and financial institutions continue to dominate Fed leadership,” Fed Up said in its report.
Fed Up’s Candidates
The boards overseeing the regional Fed banks have long been a flashpoint. While the Washington-based Board of Governors, now led by Chairwoman Janet Yellen, is explicitly part of the government, the 12 regional banks exist as quasi-private institutions overseen by boards composed of a legally mandated mix of bankers, community members and business representatives.
The most public responsibility of these boards is to guide the selection of new regional bank presidents and to reapprove these officials when their terms are up. Directors from institutions regulated by the Fed aren’t involved in this process, but they were until several years ago.
The regional Fed boards also help oversee regional Fed operations and provide intelligence on local economic conditions. Most Fed bank presidents have spoken very favorably of their boards and have pointed out these directors have no influence and have no special access to Fed monetary policy-making.
The Fed Up campaign has been pressing the central bank for some time on diversity issues, to some successes. In May many congressional Democrats signed a letter to Chairwoman Janet Yellen expressing concern about what they saw as a lack of diversity among the Fed’s top officials and boards of directors. Presumptive Democratic presidential nominee Hillary Clinton also expressed support for getting bankers off Fed boards.
The Fed countered then that it is done a lot to improve diversity and that it would work to do even better in the future.
And speaking in early June with reporters, Dallas Fed President Robert Kaplan acknowledged the problem, saying “diversity, racial diversity, ethnic diversity of all kinds leads to better decision making and greater performance. That’s something we should be striving for at the Fed.”
Earlier this year, former Minneapolis Fed leader Narayana Kocherlakota indicated in a blog post that a lack of African-American representation in policy-making positions may have caused officials to pay insufficient attention to the needs of this group during the financial crisis.
By MICHAEL S. DERBY
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Activista colombiana de Queens confrontó a Senador Flake en ascensor sobre caso Kavanaugh
Activista colombiana de Queens confrontó a Senador Flake en ascensor sobre caso Kavanaugh
Ana María Archila, un activista colombiana residente en Queens que ha liderado muchas protestas en Nueva York, ganó...
Ana María Archila, un activista colombiana residente en Queens que ha liderado muchas protestas en Nueva York, ganó atención nacional ayer al confrontar al senador Jeff Flake en un elevador del Capitolio.
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The Fed should rethink how its conducts monetary policy
The Fed should rethink how its conducts monetary policy
There is a growing sentiment that the Federal Reserve needs to change the principles by which it manages our economy. ...
There is a growing sentiment that the Federal Reserve needs to change the principles by which it manages our economy. Federal Reserve officials are saying it. Community organizations, labor unions, and think tanksare saying it. And on Friday, 20 of the country's most prominent economists released a joint letter saying it.
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‘Working Moms and Dads Are Juggling a lot’ – Series of Bills Aim to Help Working Families
FOX CT - March 5, 2015, by Katie Harris - A series of bills were introduced at the Legislative Office Building ...
FOX CT - March 5, 2015, by Katie Harris - A series of bills were introduced at the Legislative Office Building Thursday, aimed at helping the “Women’s Economic Agenda.”
“We need an economy that works for everyone,” said Lindsay Farrell, Executive Director of Connecticut Working Families. “That simply isn’t the case right now, especially for women. The bills in the Women’s Economic Agenda give workers the chance to balance their jobs and caring for their families.”
The group says that for too many people, our economy isn’t working, and women face additional disparities. Women make just seventy-seven cents for every dollar a man earns. Women make up two-thirds of the minimum wage work force, and over seventy percent of servers. Women are far more likely to have the primary responsibility to care for children, and represent more than two-thirds of adults providing substantial assistance to elderly parents.
The bills in the Women’s Economic Agenda include:
HB 6932 which would establish a paid family and medical leave insurance style program for workers to care for new-born or adopted children, treat and recover from serious illnesses, or care for family members.
HB 6784, which would expand Connecticut’s groundbreaking and successful paid sick days program to workers who are currently not covered. It would include workers at businesses with 10 or more employees and workers in any employment category so more workers can take a day off when they are sick or have to care for a sick family member.
HB 6933, which establishes fair scheduling guidelines that will give workers input into, and advanced notice of, their work schedule.
SB 858, which eliminates the tip credit that allows businesses to pay tipped workers $5.78 an hour, so that every worker earns the same minimum wage.
HB 6791, which charges large corporations a fee for each employee they pay poverty wages to help offset the cost of state aid programs the workers are forced to rely upon.
SB 1037, SB 106, and SB 914 that protect workers from wage theft.
“In the early 1990s, the Family and Medical Leave Act was a landmark bill to help workers and their families take leave when they needed it” said Catherine Bailey, Legal and Public Policy Director, Connecticut Women’s Education and Legal Fund and chair of the CT Campaign for Paid Family Leave. “However, this law needs to be updated to catch up to the needs of modern American families, who shouldn’t have to choose between their health or caring for a family member and staying financially afloat. Now is the time for Connecticut to be a leader on policies that truly support family values.”
Director of Organizing and Capacity Building at the Center for Popular Democracy “Working moms and dads are juggling a lot – like doctor appointments, child rearing, and caring for aging parents. Fair scheduling legislation would go a long way to establishing basic standards that allow hardworking families to not just get by, but to get ahead.”
The Everybody Benefits Coalition was originally created to push for paid sick days. In 2011, the coalition successfully passed the first-in-the-nation statewide paid sick days program. Now, it aims to expand that program and make even more progress on family-friendly workplace policies.
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