The very vocal protesters who took on the Fed are now fighting to protect it
The very vocal protesters who took on the Fed are now fighting to protect it
Liberal advocacy group Fed Up launched a campaign nearly three years ago in hopes of persuading the nation's central...
Liberal advocacy group Fed Up launched a campaign nearly three years ago in hopes of persuading the nation's central bank to hold off raising its benchmark interest rate.
The group organized protests at the Fed's annual retreat in Jackson Hole, Wyoming. It demonstrated outside the Federal Reserve Bank of New York. And it recruited prestigious economists and former top central bank officials to the cause.
But now, Fed Up has a new target: Republicans who want to curtail the central bank's power.
House Financial Services Chairman Jeb Hensarling, R-Texas, is expected to introduce legislation soon that would require the Fed to set rules for conducting monetary policy and explain any deviation from those rules. The Fed has bristled at the proposal, arguing that the proposal limits its power to revive the economy in moments of crisis.
Fed Up agrees, finding common ground between itself and the central bank it was created to criticize. The group mobilized its members at Fed Chair Janet Yellen's appearance Tuesday before the Senate Banking Committee. The group held protests ahead of her semi-annual testimony and intends to pack the hearing room with members wearing bright green shirts bearing slogans such as, "Whose Recovery?" Executive Director Shawn Sebastian said Fed Up met with several senators before the hearing to voice its concerns.
"We see the [bill] as speeding us toward another financial crash and preventing the Fed's ability to respond to another financial crash," Sebastian said.
The so-called Financial Choice Act would also roll back some of the regulatory authority handed to the Fed following the 2008 financial crisis. Sebastian said his group would be closely watching President Donald Trump's nominees to fill the three vacant seats at the central bank's board of governors in Washington. Fed Up has pushed for greater diversity among Fed appointees, both on the board and among the 12 regional central bank presidents.
The alliance could provide the Fed with its own grassroots support as it attempts to steer clear of the populist anger against economic elites that helped propel Trump into the White House. The president has promised to "do a number" on the post-financial crisis reforms known as the Dodd-Frank Act that were designed to, among other things, curtail risky behavior among banks and protect consumers from unscrupulous practices by lenders.
A draft version of Hensarling's bill includes shifting the Fed's annual bank stress tests into two-year cycles and changing the way banks calculate risk, among other things, according to a memo obtained by CNBC.
"Donald Trump and [Treasury Secretary] Steven Mnuchin, the foreclosure king, don't care about stories like mine. They only care about their billionaire friends," Philadelphia resident Tyrone Ferguson said in a prepared speech. "Now Trump and his billionaire friends want to take over the Fed, too."
Fed Up has proven adept at navigating the often esoteric world of central banking. The group has met with Yellen and Vice Chairman Stanley Fischer. It also raised pointed questions about racial diversity and ties to Wall Street during a discussion with top central bank officials at the Jackson Hole conference last year.
Sebastian compared the Fed's 14-year appointments to those of the Supreme Court. He said he will continue to press the central bank on those issues — as well as the lawmakers responsible for confirming the Fed's new governors.
"The entire world has shifted around us," Sebastian said. "But our principles have remained the same on this."
By Ylan Mui
Source
The Criminalized Majority
“Everyone should go to jail, say, once every ten years,” opined novelist and poet Jesse Ball in a recent LA Times...
“Everyone should go to jail, say, once every ten years,” opined novelist and poet Jesse Ball in a recent LA Times article. It may seem like Swiftian satire, but Ball’s proposal is earnest. Addressed “to a nation of jailers,” he argues that a brief but regular stint in jail would serve as the necessary correction to make such institutions more livable–and perhaps less common. “Just think,” he writes, “if everyone in the United States were to become, within a 10-year period, familiar with what it is like to be incarcerated, is there any question that the quality of our prisons would improve?”
Read the full article here.
Charter Schools are Cheating Your Kids: New Report Reveals Massive Fraud, Mismanagement, Abuse
Salon - May 7, 2014, by Paul Rosenberg - Just in time for National Charter School Week, there’s a...
Salon - May 7, 2014, by Paul Rosenberg - Just in time for National Charter School Week, there’s a new report highlighting the predictable perils of turning education into a poorly regulated business. Titled “Charter School Vulnerabilities to Waste, Fraud and Abuse,” the report focused on 15 states representing large charter markets, out of the 42 states that have charter schools. Drawing on news reports, criminal complaints, regulatory findings, audits and other sources, it “found fraud, waste and abuse cases totaling over $100 million in losses to taxpayers,” but warned that due to inadequate oversight, “the fraud and mismanagement that has been uncovered thus far might be just the tip of the iceberg.”
While there are plenty of other troubling issues surrounding charter schools — from high rates of racial segregation, to their lackluster overall performance records, to questionable admission and expulsion practices — this report sets all those admittedly important issues aside to focus squarely on activity that appears it could be criminal, and arguably totally out of control. It does not even mention questions raised by sky-high salaries paid to some charter CEOs, such as 16 New York City charter school CEOs who earned more than the head of the city’s public school system in 2011-12. Crime, not greed, is the focus here.
In short, the report is about as apolitical as can be imagined: It is narrowly focused on a white-collar crime wave of staggering proportions, and what can be done about it within the existing framework of widespread charter schools.
The report, co-authored by the Center for Popular Democracy and Integrity in Education, makes the point that the problem of charter school waste, fraud and abuse, which it focuses on, is just one symptom of the underlying problem: inadequate regulation of charter schools. But it’s a massive symptom, which has so far received only fragmentary coverage.The report takes its title from a section of a report to Congress by the Department of Education’s Office of the Inspector General, a report that took note of “a steady increase in the number of charter school complaints” and warned that state level agencies were failing “to provide adequate oversight needed to ensure that Federal funds [were] properly used and accounted for.”
But, the report noted, it’s not just the federal government that should be concerned. Reform efforts are underway in several states; Hawaii even repealed its existing charter school law in 2013, and put strict new oversight measures in place, and “Even the Walton Family Foundation, an avid charter advocate, launched a $5 million campaign in 2012 to make oversight of charters schools more stringent.”
“We expected to find a fair amount of fraud when we began this project, but we did not expect to find over $100 million in taxpayer dollars lost,” said Kyle Serrette, the director of education justice at the Center for Popular Democracy. “That’s just in 15 states. And that figure fails to capture the real harm to children. Clearly, we should hit the pause button on charter expansion until there is a better oversight system in place to protect our children and our communities.”
The report explained that the problem has its roots in a historical disconnect between the original intentions that launched the charter school movement and the commercial forces that have overtaken it since. At first, the report noted:
Lawmakers created charter schools to allow educators to explore new methods and models of teaching. To allow this to happen, they exempted the schools from the vast majority of regulations governing the traditional public school system. The goal was to incubate innovations that could then be used to improve public schools. i The ability to take calculated risks with small populations of willing teachers, parents, and students was the original design. With so few people and schools involved, the risk to participants and the public was relatively low.
But the character of the movement has changed dramatically since then. As charter school growth has skyrocketed (doubling three times since 2000), “the risks are high and growing, while the benefits are less clear,” the report continued, adding:
This is not an uncommon occurrence in our nation’s history. In the past—in some cases, our very recent past—industries such as banking and lending have outgrown their respective regulatory safety nets. Without sufficient regulations to ensure true public accountability, incompetent and/or unethical individuals and firms can (and have) inflict great harm on communities.
The report found that “charter operator fraud and mismanagement is endemic to the vast majority of states that have passed a charter school law.” It organized the abuse into six basic categories, each of which is treated in its own section:
• Charter operators using public funds illegally for personal gain; • School revenue used to illegally support other charter operator businesses; • Mismanagement that puts children in actual or potential danger; • Charters illegally requesting public dollars for services not provided; • Charter operators illegally inflating enrollment to boost revenues; and, • Charter operators mismanaging public funds and schools.
Perhaps most disturbingly, under the first category, crooked charter school officials displayed a wide range of lavish, compulsive or tawdry tastes. Examples include:
• Joel Pourier, former CEO of Oh Day Aki Heart Charter School in Minnesota, who embezzled $1.38 million from 2003 to 2008. He used the money on houses, cars, and trips to strip clubs. Meanwhile, according to an article in the Star Tribune, the school “lacked funds for field trips, supplies, computers and textbooks.”
• Nicholas Trombetta, founder of the Pennsylvania Cyber Charter School is accused of diverting funds from it for his private purchases. He allegedly bought houses, a Florida Condominium and a $300,000 plane, hid income from the IRS, formed businesses that billed even though they had done no work, and took $550,000 in kickbacks for a laptop computer contract.
• A regular financial audit in 2009 of the Langston Hughes Academy in New Orleans uncovered theft of $660,000 by Kelly Thompson, the school’s business manager. Thompson admitted that from shortly after she assumed the position until she was fired 15 months later, she diverted funds to herself in order to support her gambling in local casinos.
Others spent their stolen money on everything from a pair of jet skis for $18,000 to combined receipts of $228 for cigarettes and beer, to over $30,000 on personal items from Lord & Taylor, Saks Fifth Avenue, Louis Vuitton, Coach and Tommy Hilfiger. But the real damage came from the theft of resources for children’s future.
“Our school system exists to serve students and enrich communities,” said Sabrina Stevens, executive director of Integrity in Education. “School funding is too scarce as it is; we can hardly afford to waste the resources we do have on people who would prioritize exotic vacations over school supplies or food for children. We also can’t continue to rely on the media or isolated whistle-blowers to identify these problems. We need to have rules in place that can systematically weed out incompetent or unscrupulous charter operators before they pose a risk to students and taxpayers.”
Stevens was not just expressing a nebulous hope. The report also offered a set of proposals on how to go about reining in the abuses. Initial suggestions on how to respond to each kind of abuse are presented in each of the six areas mentioned above, but there is also a comprehensive framework integrating them into a coherent whole.
The report’s first proposal is that all states should establish an oversight “Office of Charter Schools.” It “should have the statutory responsibility, authority, and resources to investigate fraud, waste, mismanagement and misconduct,” including the authority to refer findings for prosecution. It should have “an appropriate level of staffing” so that “The ratio of charter schools to full-time investigators employed by the Office should not exceed ten to one.” It should have the power to place distribution of charter school funds on hold. And it should have the authority to intervene in funding or other decisions made by charter authorizing entities if they are violating state or federal law.
A second proposal is that states amend their charter laws to “explicitly declare that charter schools are public schools, and are subject to the same non-discrimination and transparency requirements as are other publicly funded schools.”
A third proposal is to require public online availability of each charter school’s original application and charter agreement.
Not surprisingly, a number of proposals target those running charter schools. Specifically, regarding charter school governing board members, the report proposes: 1) Require them to live in close proximity to the school/s physical location. 2) Require boards to be elected “with representation of parents (elected by parents), teachers (elected by teachers) and in the case of high schools, students (elected by students).” Other board members should be “residents of the school district in which the school/s operate.” 3) Require board members to file full financial disclosure and conflict-of-interest reports, similar to those required of traditional school district board members — and post them online on the school’s website. 4) Hold board members legally liable for fraud or malfeasance occurring at the school or schools that they oversee.
More broadly, charter schools — and the oversight entities that authorize them — should be publicly transparent in the following ways: 1) A full list of each charter school’s governing board members, officers and administrators with affiliation and contact information should be available on the school’s website. 2) Minutes from governing board meetings, the school’s policies, and information about staff should be available on the school’s website. 3) Charter schools should be fully compliant with state open meetings/open records laws. 4) Charter school financial documents should be publicly disclosed annually, on the authorizer’s website, including detailed information about the use of both public and private funds by the school and its management entities. 5) Charter schools should be independently audited annually, with audits published on the school’s websites. 6) All vendor or service contracts over $25,000 should be fully disclosed. No such contracts should be allowed with any entity in which the school operator, or any board member, has any personal interest.
If most of these sound like simple common sense, that’s pretty much just the point. There are plenty of issues around education that are controversial. Protecting ourselves, our children and their future against a massive white-collar crime wave should not be one of them.
Source
Unpredictable Work Schedules: As Companies Shave Costs With Just-In-Time Scheduling, Workers, Regulators Fight Back
Unpredictable Work Schedules: As Companies Shave Costs With Just-In-Time Scheduling, Workers, Regulators Fight Back
Brianna Roy-Rankin, 23, is just the kind of worker Target would like to retain and promote. She says she loved her job...
Brianna Roy-Rankin, 23, is just the kind of worker Target would like to retain and promote. She says she loved her job at the retailer's store in Champaign, Illinois. She had great bosses, got along well with her co-workers and enjoyed the employee discounts. But last week, after two years as a sales associate, Roy-Rankin quit her job.
“I couldn’t really plan. I was at the mercy of the scheduling system,” she says. “Otherwise, I honestly, probably, would’ve stayed.”
Roy-Rankin went to college nearby, at the University of Illinois. Before she graduated in May, she says it was a constant challenge to balance her studies and social life with her part-time job -- usually around 20 hours a week at just under $10 an hour.
Target has an unforgiving scheduling system. Roy-Rankin says she would have to submit requests to take time off for spring break or visit her parents weeks, if not months in advance -- otherwise she’d be slotted to work without recourse. She would learn about her weekly work schedule three weeks in advance, which wasn’t too bad. But then her hours would fluctuate drastically. One week, she’d be scheduled for a 8 a.m.-to-noon shift on a particular day; the next, it might be a 5 p.m.-to-11 p.m. closing shift. Eventually, it became too much to juggle.
Roy-Rankin's situation is hardly unique.
A Common Trend
Nearly three in 10 hourly workers in the United States say they rarely get consistent work schedules, according to a study released Tuesday by WorkJam, a firm that specializes in workforce scheduling technology.
What’s more, an astounding 56 percent say they get their schedules a week or less in advance. Both trends run rampant in the fast-growing service sector, especially in low-wage fields like retail and fast food. And while policies of this sort save companies money by allowing them to tailor schedules to an expected flow of customer traffic, workers say it's the source of headaches.
Joshua Ostrega, chief operating officer and co-founder of WorkJam, admits the 56 percent figure came as a bit of a shock. “I think it’s extremely high,” he says. “We were actually quite surprised.”
Workers Employed in the Retail Trade Industries (Seasonally Adjusted) | FindTheData
An especially harsh practice among retailers is what’s known as just-in-time or on-call scheduling. Under this system, workers are required to be “on call” to come in and work on a particular day even if they’re not scheduled to do so.
The industry’s profit margins are tight, says Ostrega, and companies are looking to extract savings however they can. Software-based scheduling systems do the trick by linking labor supply to consumer demand. When store traffic is low, the system calls for fewer employees; when the system projects more patrons, it demands more workers. Employers like it because it keeps them from racking up unnecessary labor costs.
Now, unpredictable scheduling is increasingly drawing the interest of public authorities.
'The Pressure's Mounting'
In April, New York Attorney General Eric Schneiderman sent letters to major retailers that inquired about their on-call scheduling and asked whether their policies violated state law. Like seven other states and the District of Columbia, New York has so-called reporting-time laws that require employees to be paid when they report to work, even if no work is provided.
Since the letters went out, a number of high-profile companies have announced changes to their policies. The Gap and Abercrombie & Fitch, which both received the notices, said they would end the practice of on-call scheduling. And Starbucks promised last year to provide more consistent scheduling to baristas. But as a recent story in the New York Times revealed, the cafe chain has failed to do so.
Robert Hiltonsmith, senior policy analyst at Demos, a progressive think tank, expects the positive trends to continue -- even if Tuesday’s survey suggests employers overall aren’t relenting on tough and irregular scheduling demands. “I think it’s a slow burn, but the pressure’s mounting,” he says.
It’s in part a question of economic self-interest, Hiltonsmith says. Burned-out workers tend to quit their jobs fairly quickly, and high turnover is expensive. That’s one of the reasons why Walmart, the nation’s largest private-sector employer, and its top competitors voluntarily hiked wages earlier this year, according to Hiltonsmith. In fact, when Walmart announced it was boosting starting pay to at least $9 an hour, it also promised to notify workers of their schedules at least two and a half weeks in advance.
Reforms like this and others -- shifts that are scheduled the same time every week -- could prevent retailers from losing employees like Roy-Rankin, the kind of people who are otherwise content at work.
There’s also mounting political pressure, which stems from growing public concern over the livelihood of service-sector workers. Hiltonsmith attributes this to the “seismic shifts in the labor force” -- the decades-long decline of manufacturing and growth in service-sector employment.
Contrary to the popular image, retail workers are not teenagers looking to make a quick buck. The median age of a retail trade employee is 38, according to the federal Bureau of Labor Statistics.
“I think people had less concern when it wasn’t people trying to support their families,” Hiltonsmith says. “For better or worse, the service economy is the economy of the country’s future.”
Source: International Business Times
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
100 groups call for Climate Investment Funds to sunset
100 groups call for Climate Investment Funds to sunset
Ahead of this week's meeting of the trust funds of the World Bank’s Climate Investment Funds, 100 groups have called...
Ahead of this week's meeting of the trust funds of the World Bank’s Climate Investment Funds, 100 groups have called for the CIFs to finally sunset, now that the Green Climate Fund is clearly operational. Two-thirds of the groups are from developing countries.
Here's the letter.
June 14, 2016
Dear Trust Fund Committee Members of the Strategic Climate Fund and Clean Technology Fund:
Now that it has approved projects and is beginning to disburse money, the Green Climate Fund is clearly operational. It is thus also unambiguously clear that it is time for the World Bank’s Climate Investment Funds to sunset.
Since their inception, the CIFs were meant to be interim funds. In 2008, the sunset clauses of the Strategic Climate Fund and the Clean Technology Fund said, “…the SCF will take necessary steps to conclude its operations once a new [UNFCCC] financial architecture is effective…” and “the CTF will take necessary steps to conclude its operations once a new [UNFCCC] financial architecture is effective.”[1] That new financial architecture – the Green Climate Fund – is now indisputably effective. The CIFs’ raison d'etre has expired; attempts to reinterpret the obvious must cease.
Unlike the multilateral development bank-driven CIFs, the GCF was set up according to the principles of the United Nations Framework Convention on Climate Change. With a governance structure evenly split between developed and developing countries, the GCF is founded on a “country-driven approach” accountable to the institutions and people in developing countries, and has placed a premium on direct access to funds by developing country entities. The GCF promotes a gender-sensitive approach to its funding – the first climate fund to do so from the outset of its activities.
While lessons learned from the CIFs should be applied to the GCF, efforts to spin the CIFs as complementary to the GCF are disingenuous. Resources directed toward the CIFs are resources that should instead be directed to the GCF. Any effort to raise new sources of finance for the CIFs should cease immediately, and there should be no new investments.
Thank you for your consideration.
Sincerely,
11.11.11-Coalition of the Flemish North-South Movement, Belgium
ActionAid International
Aksi for Gender, Social and Ecological Justice, Indonesia
All Nepal Peasants Federation, Nepal
All Nepal Women’s Association, Nepal
Alliance Sud, Switzerland
Alyansa Tigil Mina (Alliance Against Mining), Philippines
Aniban ng Manggagawa sa Agrikultura, Philippines
Asia Pacific Forum on Women, Law and Development, Thailand
Asian Peoples Movement on Debt and Development, Regional
ATTAC Japan
BankTrack, Netherlands
Beyond Beijing Committee, Nepal
Both ENDS, Netherlands
Bretton Woods Project, United Kingdom
Bukluran ng Manggagawang Pilipino, Philippines
Campaign for Climate Justice, Nepal
Carbon Market Watch, Belgium
Center for Biological Diversity, United States
Center for Environment, Bosnia and Herzegovina
Center for Popular Democracy, United States
Center for Socio-Economic Research and Development, Nepal
Centre for 21st century Issues (C21st), Nigeria
Centre for Social Impact Studies, Ghana
Centre pour l'Environnement et le Développement, Cameroon
Centro Humboldt, Nicaragua
Centro Salvadoreño de Tecnologia Apropiada/Friends of the Earth El Salvador
Christian Aid, United Kingdom
Civic Concern Nepal
Climate Action Network Europe, Regional
Climate Change & Development NGO Alliance, Azerbaijan
Climate Finance Group for Latin America and the Caribbean (GFLAC), Mexico
CNCD-11.11.11, Belgium
Consumers Protection Association, Lesotho
Digo Bikas Institute, Nepal
Ecological Christian Organisation, Uganda
Ecological Society of the Philippines
Environics Trust, India
Farmers Forum South Asia, Regional
Finance & Trade Watch, Austria
Food & Water Watch, United States
Foundation HELP, Tanzania
Freedom from Debt Coalition, Philippines
Friends of the Earth - England, Wales and Northern Ireland
Friends of the Earth United States
Gender Action, United States
Global Catholic Climate Movement Pilipinas, Philippines
Green Development Advocates, Cameroon
Haburas Foundation/ Friends of the Earth Timor Leste
Heinrich Böll Stiftung North America
Himalaya Niti Abhiyan, India
Human Rights Alliance Nepal
Indian Social Action Forum, India
Indigenous Environmental Network, United States/International
Institute for Agriculture and Trade Policy, United States
Institute for Policy Studies, Climate Policy Program, United States
Interamerican Association for Environmental Defense (AIDA), Regional
International.Lawyers.Org, Switzerland
Jagaran Nepal
Jamaa Resource Initiatives, Kenya
Jeunes Volontaires pour l'Environnement, Niger
Kitanglad Integrated NGOs, Inc., Philippines
Korea Federation for Environmental Movements, South Korea
KRuHA – Peoples Coalition on Water, Indonesia
Labour, Health and Human Rights Development Centre, Nigeria
LDC Watch, International
Leads Nigeria
Les Amis de la Terre France
Migrant Forum in Asia, Regional
National Coastal Women's Movement, India
National Hawkers Federation, India
National Women Peasants Association, Nepal
Nepal Youth Peasants Association, Nepal
Nigerian Conservation Foundation, Nigeria
NOAH Friends of the Earth Denmark
PALAG Mindanao, Philippines
Panay Rural Development Center, Inc., Philippines
Philippine Movement for Climate Justice, Philippines
Philippine Network for Rural Development and Democratization, Philippines
Policy Analysis and Research Institute of Lesotho
Population, Health, Environment Ethiopia Consortium, Ethiopia
Practical Action, United Kingdom
Reacción Climática, Bolivia
River Basin Friends, India
Rural Reconstruction Nepal
Sahabat Alam Malaysia/Friends of the Earth Malaysia
Sanlakas Philippines
Solidaritas Perempuan, Indonesia
South Asia Alliance for Poverty Eradication, Regional
South Asia Food Sovereignty Network, Regional
South Asia Peasants Coalition, Regional
Southern Oregon Climate Action Now, United States
Students for a Just and Stable Future, United States
SustainUS, United States
Third World Network, Malaysia
Trade Union Policy Institute of Nepal
VOICE Bangladesh
WomanHealth Philippines
Women Welfare Society, Nepal
Worldview-The Gambia
By Karen Orenstein
Source
Activists invite St. Louis Fed president on north St. Louis bus tour
Activists invite St. Louis Fed president on north St. Louis bus tour
Activists with a group pushing for changes at the Federal Reserve asked St. Louis Fed President James Bullard to...
Activists with a group pushing for changes at the Federal Reserve asked St. Louis Fed President James Bullard to accompany them on a bus tour of some of the poorest communities in St. Louis.
About a dozen activists delivered an invitation for the tour to a St. Louis Fed official at the regional Fed headquarters downtown. An equivalent number of police watched.
“You’re very removed when you’re in that rarified air of the Federal Reserve,” said organizer Derek Laney.
The group is affiliated with the national Fed Up campaign, which is pushing for more diversity on regional Fed boards and wants the Fed to put more emphasis on keeping unemployment low rather than controlling inflation. Laney is affiliated with Missourians Organizing for Reform and Empowerment, a local activist group that speaks out on issues such as policing and coal companies.
The activists’ demonstration coincided with the Fed’s Open Market Committee meeting Wednesday, where Fed officials decided, as expected, to again hold off raising its benchmark interest rate.
Still, some expect the Fed could signal another small rate hike at the end of the year, similar to a small increase in December 2015 that was the first hike in almost 10 years.
Even discussing an increase will still affect market interest rates and economic growth — an unnecessary move while many people are still trying to benefit from the tepid economic recovery, said Nick Apperson, an executive from downtown tech firm LockerDome who participated in the demonstration.
“While it’s likely they’re not raising interest rates in this meeting, … they’re hinting that they’re going to, which will have a similar effect,” he said.
Laney said the group also wanted to call attention to comments Bullard made last month at the annual conference attended by Fed officials and other top central bankers in Jackson Hole, Wyo. Fed Up activists attended the event to speak with officials, and during an interview with CNBC, Bullard said that one of the group’s funders, Facebook co-founder, Dustin Moskovitz, should have come in person rather than sending “all these people.”
“If Bullard wants to walk back those comments he made at Jackson Hole, he needs to walk our streets and talk to our folks,” Laney said.
By Jacob Barker
Source
A Job Guarantee and the Federal Reserve Board
The idea that the government would commit itself to act as an employer of last resort and guarantee a job to everyone...
The idea that the government would commit itself to act as an employer of last resort and guarantee a job to everyone has been getting more attention in recent months. While many on the left have long pushed this position, the Clinton-linked Center for American Progress (CAP) recently embraced the idea in a conference last week. It is good to see ideas outside of the mainstream getting attention, but there are a couple of issues worth keeping in mind to ensure that the effort does not end up being counterproductive.
The first is to recognize that a job guarantee is a huge lift, not only politically but in its implementation. In effect the guarantee is not only going to be providing jobs to workers who do not currently have one, but it will also end up offering a potentially more attractive alternative to millions of people now in low-wage jobs. How attractive the alternative is will of course depend on the wage offered in the government supported jobs.
Read the full article here.
US lawmaker welcomes plan to aid Caribbean immigrants
Guardian - July 22, 2013 - Caribbean American Congresswoman Yvette D Clarke has welcomed a plan by New York City (NYC)...
Guardian - July 22, 2013 - Caribbean American Congresswoman Yvette D Clarke has welcomed a plan by New York City (NYC) to aid undocumented Caribbean immigrants. NYC officials say the city will spend US$18 million to help undocumented Caribbean and other immigrants find jobs. City council speaker Christine Quinn, a mayoral candidate, said the money will fund adult education classes and legal services that the US federal government requires immigrants to take to qualify for the Deferred Action for Childhood Arrivals programme.
The New York Immigrant Family Unity Project will provide free legal services to immigrants threatened with deportation who are unable to represent themselves in proceedings. “New York has always been a city of immigrants within a nation of immigrants,” said Clarke, the daughter of Jamaican immigrants, who represents the 9th Congressional District in Brooklyn.
“Under this programme, thousands of immigrants in Brooklyn and other parts of the city will finally have an opportunity to challenge the deportation proceedings that separate families and weaken communities,” she said.
Source
Fed Up Statement: Market Turmoil Should Remind Fed that Economy Is Too Weak to Slow It Down
Shawn Sebastian, Policy Analyst at the Center for Popular Democracy, released the following statement on behalf of the...
Shawn Sebastian, Policy Analyst at the Center for Popular Democracy, released the following statement on behalf of the Fed Up campaign:
“The Fed Up campaign has been saying for more than a year that the economy is too weak to warrant interest rate hikes. Although the stock market was performing well and Wall Street was reaping major profits, the real economy has seen stagnant wages and insufficient job growth.
“The past week’s events vindicate our argument. The economy is too weak, and the performance of the stock market is not a legitimate basis for making interest rate decisions. Just as the market inflated itself over previous months, and witnessed a “correction” recently, it will likely continue to fluctuate in the months ahead. Fed officials who pointed to an inflated stock market as a justification to raise interest rates have been proven wrong: the health of the economy should be measured by the labor market, not the stock market, and the labor market is far from recovered.
“The Fed must continue focusing on the fundamentals: building a labor market that works for all communities, and that features rising wages and good jobs for everybody who wants to work. Creating genuine full employment is the Fed’s mandate, and the past few days vindicate the message that the Fed Up campaign’s worker leaders and economists have said all along: this economy is far too weak for the Fed to intentionally slow it down.”
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The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.
4 days ago
4 days ago