Federal Reserve is too ‘white and male’, say Democrats
More than a hundred Democratic party lawmakers have written to Federal Reserve chair Janet Yellen complaining of a lack...
More than a hundred Democratic party lawmakers have written to Federal Reserve chair Janet Yellen complaining of a lack of diversity within the central bank system and a leadership that is “overwhelmingly and disproportionately white and male”.
The letter, signed by 11 senators and 116 representatives, calls on the Fed to do more to ensure its senior ranks reflect the country’s make-up in terms of gender, race and ethnicity, economic background and occupation. It also demands that the Fed place greater priority on securing full employment for minorities as it pursues its economic goals.
“When the voices of women, African-Americans, Latinos, and representatives of consumers and labour are excluded from key discussions, their interests are too often neglected,” the letter says. “By fostering genuine full employment, the Federal Reserve can help combat discrimination and dramatically reduce the disproportionate unemployment faced by minority populations.”
The signatories include senators Elizabeth Warren of Massachusetts, Bernie Sanders from Vermont and Kirsten Gillibrand from New York; and representatives including Maxine Waters, the ranking member of the Financial Services Committee and John Conyers from Michigan. All Democratic members of the Congressional Black Caucus put their names to the letter. It was not signed by Republican lawmakers.
The letter is the latest sign of political pressure on the Fed from both sides of the party divide. Republicans have been calling for greater Congressional scrutiny over the Fed amid persistent concerns about the ultra-loose monetary policy stance it has pursued since the financial crisis. Democrats, on the other hand, have urged Ms Yellen to maintain low interest rates in pursuit of higher employment, and in her most recent hearings before Congress Ms Yellen faced a barrage of complaints about the uneven economic progress seen between different races and ethnicities.
Eleven of the 12 regional Federal Reserve Bank presidents are white and 10 of the 12 are men. All of the 10 current voting members of the Federal Open Market Committee, which sets monetary policy, are white, while four of them are women. Members of the Fed’s Board of Governors, who rank among the top rate-setters, are selected by the president and confirmed by the Senate, but the Board of Governors has a key role in selecting the Fed’s regional bank presidents.
A spokesperson for the Federal Reserve Board said: “The Federal Reserve is committed to fostering diversity — by race, ethnicity, gender, and professional background — within its leadership ranks. To bring a variety of perspectives to Federal Reserve Bank and Branch boards, we have focused considerable attention in recent years on recruiting directors with diverse backgrounds and experiences.”
The Fed said that minority representation on its reserve bank and branch boards had increased from 16 per cent in 2010 to 24 per cent in 2016, while the proportion of women directors has risen from 23 per cent to 30 per cent over the same period. Some 46 per cent of all directors are “diverse in terms of race and/or gender”, the Fed added.
The Fed in December lifted interest rates for the first time in nearly a decade. It has since kept them on hold as it weighs up conflicting evidence about the strength of the recovery. Referring to monetary policy, the letter from the lawmakers urges Ms Yellen to “give due consideration to the interests and priorities of the millions of people around the country who still have not benefited from this recovery”.
Jesse Ferguson, a Clinton campaign spokesman, said: “The American people should have no doubt that the Fed is serving the public interest. That’s why Secretary Clinton believes that the Fed needs to be more representative of America as a whole as well as that commonsense reforms — like getting bankers off the boards of regional Federal Reserve banks — are long overdue.”
By Sam Fleming
Source
Health Care Activists Protest at Senator's Offices in the Capitol - Photo
Health Care Activists Protest at Senator's Offices in the Capitol - Photo
Activists protest against the Republican health care repeal-and-replace legislation at U.S. Sen. Ted Cruz's office in...
Activists protest against the Republican health care repeal-and-replace legislation at U.S. Sen. Ted Cruz's office in the Russell Senate Office Building on Capitol Hill July 19, 2017 in Washington, DC. Organized by the Center for Popular Democracy, Housing Works, National Nurses United and other organizations, dozens of people were arrested for protesting against the GOP attempts to end Obamacare.
See the photo here.
This holiday season, let's talk about retail workers instead of coal miners
This holiday season, let's talk about retail workers instead of coal miners
Far more than the miners or factory workers that President Trump regularly touts, the retail salesperson is the face of...
Far more than the miners or factory workers that President Trump regularly touts, the retail salesperson is the face of today’s economy. Nearly 16 million people work in retail in America, more than 300 times as many as the 52,000 in coal mining. They are the people wrapping gifts, stocking shelves and providing advice on what to buy this holiday season for your friends and family.
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Tobacco giant pours $10 million into effort to defeat Colorado tax increase on its products
Tobacco giant pours $10 million into effort to defeat Colorado tax increase on its products
Gary Kubiak taken to the hospital after Broncos’ loss to Atlanta in Denver Broncos defense toppled after Falcons...
Gary Kubiak taken to the hospital after Broncos’ loss to Atlanta in Denver
Broncos defense toppled after Falcons finally find a made-to-order blueprint to beat them
Ask Amy: Sisters’ maternal support affects relationship
Nixon-era proposal to give “basic income” to all people springs back to life
Poll: Should Colorado voters pass medical aid in dying?
Hillary Clinton, Donald Trump trade charges, insults in second presidential debate
Nearly $35 million has been poured into Colorado’s statewide ballot initiatives so far this year, according to campaign finance reports filed this week, with a tobacco giant accounting for $10 million of that in its effort to defeat a tax increase on its products.
Combined with $1.7 million collected by proponents of the tobacco tax, which would fund various health-related initiatives, that makes Amendment 72 the most costly race so far at $11.7 million. The medical aid-in-dying measure, Proposition 106, has been a distant second at $6.6 million with proponents raising $4.8 million and opponents gathering $1.8 million.
SEPTEMBER 29, 2016 Hickenlooper endorses higher minimum wage, aid in dying, cigarette tax
SEPTEMBER 23, 2016 9 statewide ballot initiatives you’ll see on Election Day
Still, it could have been more. Much, much more.
“There are a number of intense fights, but this year will be known for what’s not on the ballot, what might have been if TABOR, fracking and wine-and-beer had gone forward,” said independent political analyst Eric Sondermann, noting that the three contentious issues could easily have doubled or tripled what has been raised so far. “Television would be truly unwatchable.”
Some fundraising snapshots:
Amendment 69
Proponents of the effort to create a state-run health care system, dubbed ColoradoCare, have raised their money — $369,233 so far — almost entirely by relatively small donations, many under $100. The opposition’s $4 million has attracted six-figure support from health care players like HealthONE and Centura Health, as well as the Denver Metro Chamber of Commerce.
2016 COLORADO BALLOT MEASURES
• Amendment 69: ColoradoCare
• Amendment 70: Minimum Wage
• Amendment 71: Constitutional changes
• Amendment 72: Cigarette taxes
• Proposition 106: Aid-in-dying
• Proposition 107: Presidential primaries
• Proposition 108: Unaffiliated voters
• Amendment T: Slavery reference
• Amendment U: Property taxes
• Ballot Issue 4B: Arts funding
Amendment 70
Substantial chunks of the $3.1 million for the measure that would raise the state’s minimum wage — an effort that has surfaced in various forms across the country — come from national groups such as the New York-based Center for Popular Democracy Action Fund, which has given $650,000, and unions such as Service Employees International Union, which has given $250,000. Opponents have raised considerably less, with many contributors coming from the restaurant industry. But their effort also has attracted out-of-state donors such as the anti-“Big Labor” Workforce Fairness Institute, which gave $250,000.
Amendment 71
A political Who’s Who of interests has coalesced around the attempt, dubbed Raise the Bar, to make amending the state constitution much more difficult. But some energy industry players stand out. Protecting Colorado’s Environment, Economy, and Energy Independence, an oil-and-gas financed group that amassed millions of dollars anticipating a battle over proposed fracking measures that failed to make the ballot, instead has poured $2 million into the measure so far. Vital for Colorado, a coalition of business interests that advocates for oil and gas development, along with the Colorado Petroleum Council and Whiting Petroleum Corp., have combined for nearly another $1 million.
Campaign finance reports for the three committees listed as opposing the initiative have reported only about $1,000 in contributions.
Amendment 72
Fundraising for the effort to pass the tobacco tax has delivered $1.7 million in several five- and six-figure chunks from health care entities such as Children’s Hospital Colorado and the American Heart Association, while University of Colorado Health and University Physicians, Inc. have led the way with $250,000 each. Opposition — in two $5 million donations — comes from Virginia-based Altria Client Services and its affiliates, part of the group that owns Philip Morris.
“The fact that they’re investing and now reinvesting, they see some glimmer of opportunity or they’d not be playing at that magnitude,” Sondermann said. “That said, they remain underdogs — though big-money underdogs.”
Proposition 106
Proponents of the medical aid-in-dying initiative have a substantial edge, with nearly all of their funding coming from the Compassion and Choices Action Network, a Denver-based but nationally active organization that works to protect and expand end-of-life options. Leading the largely faith-based opposition to the proposition is the Roman Catholic Archdiocese of Denver, which has contributed $1.115 million, while dioceses across the country have pitched in to varying degrees. In the latest reporting cycle, the Colorado Springs archdiocese contributed $500,000.
Propositions 107 and 108
The measures to create a state presidential primary and also allow unaffiliated voters to cast ballots in party primaries have raised $3.7 million — notably $950,000 from Davita CEO Kent Thiry — against no discernible opposition at this point.
“If an opposition campaign is going to come together,” Sondermann said, “the time is now — if not past tense.”
Two referred measures, to clean up language in the state constitution referring to slavery and to provide a minor property tax exemption, have faced no organized opposition and raised very little money.
Two more reporting periods remain before the November election.
________
Issue contributions
Total for all initiatives as of Oct. 3 report: $34.77 million
Amendment 72 — Tobacco tax
Yes: $1.7 million
No: $10 million
Total: $11.7 million
Proposition 106 — Medical aid-in-dying
Yes: $4.8 million
No: $1.8 million
Total: $6.6 million
Amendment 69 — ColoradoCare
Yes: $369,233
No: $4.0 million
Total: $4.37 million
Amendment 70 — Minimum wage
Yes: $3.1 million
No: $1.2 million
Total: $4.3 million
Amendment 71 — Tougher to amend constitution
Yes: $4.1 million
No: $980
Total: $4.1 million
Propositions 107/108 — Presidential primary/independents vote in primaries
Yes: $3.7 million (including $805k loan)
No: $0
Total: $3.7 million
Amendment T — Clean up language referring to slavery
Yes: $15,129
No opposition
Amendment U — Exempt certain interests from property tax
$0
No committee for or against
By KEVIN SIMPSON
Source
NYC’s Indian-American Commissioner of Immigrant Affairs strives for inclusive city
NYC’s Indian-American Commissioner of Immigrant Affairs strives for inclusive city
The seeds of social activism were planted early in Nisha Agarwal’s bloodstream. The current Commissioner of Immigrant...
The seeds of social activism were planted early in Nisha Agarwal’s bloodstream. The current Commissioner of Immigrant Affairs in Mayor Bill de Blasio’s office took up causes and showing her community organizing skills since she was a little girl.
Her parents, psychologist mother Rita Agarwal, and father, Suresh Agarwal, a nuclear engineer, encouraged her to speak her mind and back it with action, she recalls. Agarwal is among numerous Indian-Americans of this generation who have brought their social activism into public office and policy reform from inside, after banging on doors from the outside.
Read the full article here.
#Cville2DC marchers pledge to fight white supremacy in all its forms after 118-mile journey
#Cville2DC marchers pledge to fight white supremacy in all its forms after 118-mile journey
WASHINGTON — They kept a grueling pace. More than 250 marchers completed a 118-mile journey from Charlottesville,...
WASHINGTON — They kept a grueling pace.
More than 250 marchers completed a 118-mile journey from Charlottesville, Virginia, to the nation’s capital on Wednesday. A core group of faithful marchers walked a third of the length of Virginia, a former Confederate slave-holding state, to speak out against racial hatred.
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The elevator moment: when to speak up, when to stay quiet, and the power of both
The elevator moment: when to speak up, when to stay quiet, and the power of both
Anger, pain, and courage. That was what the moment was about. Two women and their pain. A U.S. Senator in an elevator,...
Anger, pain, and courage.
That was what the moment was about.
Two women and their pain.
A U.S. Senator in an elevator, literally trapped and torn.
Frozen by their escalating anger and anguish over what he had just announced.
A yes vote for Brett Kavanaugh to join the Supreme Court.
Read the article and watch the video here.
Developing Progress: Ensuring that public resources contribute to New York’s equity, resilience, and dynamic democracy
Progressive development policies that ensure consideration of economic, social, and environmental impacts will grow a...
Progressive development policies that ensure consideration of economic, social, and environmental impacts will grow a city that is equitable, resilient, and democratic. While stimulating new revenues for the city, progressive development policies will also promote the economic and environmental sustainability of our communities and provide good jobs to both construction and permanent employees.
Download the report.
Each year New York City invests $2 billion to encourage private development, but it does not require progressive development practices, transparency about job creation or other contributions to community well-being, or accountability to benchmarks that could demonstrate the return on this investment.
Starwood Capital Group’s track record for development in New York City provides a good example of the problems with the current approach to the public’s investment. While some Starwood developments meet responsible development standards, others endanger workers and other community members. Notably, on its publicly subsidized project at Pier 1 in Brooklyn Bridge Park, Starwood has partnered with a general contractor with a history of safety violations and alleged illegal behavior.
Examples like the Pier 1 project highlight the need for higher standards with stronger enforcement on projects the public invests in. Brooklyn Bridge Park – particularly, the development of Pier 6 there – offers the city an opportunity to develop principles, institute policies, and enforce standards to ensure that public resources contribute to New York’s equity, resilience, and dynamic democracy.
We recommend that immediate steps be taken as a broader set of progressive development policies takes shape:
The request for proposals for development of Brooklyn Bridge Park’s Pier 6 should include strong, clear criteria to promote the economic and environmental sustainability. Starwood Capital should use only responsible contractors and subcontractors on the Pier 1 project. Pension funds should withhold future investments with Starwood Capital until the group meets the pension funds’ Responsible Contractor standards. Developers should be legally accountable and culpable for the safety, health, and environmental conditions on their worksites. Penalties for violations of safety, health, building, and environmental standards, as well as for violations of community benefits and other agreements in public contracts should be raised.Download the full report here.
Why are former Toys R Us workers planning to protest CalSTRS’ investments of private equity?
Why are former Toys R Us workers planning to protest CalSTRS’ investments of private equity?
Supporting the workers are Rise Up Retail, the Center for Popular Democracy and the Organization United for Respect....
Supporting the workers are Rise Up Retail, the Center for Popular Democracy and the Organization United for Respect.
Read the full article here.
After A Wave Of Bad Press, This Controversial Software Company Is Making Changes
In April, the New York attorney general’s office launched an ...
In April, the New York attorney general’s office launched an investigation into the scheduling practices of 13 national retail chains, distributing a letter to the Gap, Target, J.C. Penney, and 10 other companies. The letter asked, among other things, whether these companies’ store managers use software manufactured by a company called Kronos to algorithmically generate schedules.
A few months later, Kronos was also featured prominently in an article published by the New York Times about the ill effects of erratic scheduling on Starbucks employees, especially one particular family. In a follow-up piece, the author, Jodi Kantor, points directly to Kronos’ scheduling software as the root of the problem. “I saw that her life was coming apart and that the Starbucks software had contributed to the crisis,” Kantor wrote of one of the story’s subjects.
The piece’s argument centered around the financial and scheduling unpredictability engendered by platforms like Kronos. When you don’t know if your shift might be canceled, if or when you’ll be called in, or what your hours will look like next week or the week after, it becomes very difficult to make even the most basic plans for your future. This can have devastating long-term financial and emotional impacts on workers. According to a recent study by the Economic Policy Institute, a left-leaning think tank in Washington, D.C., 17 percent of the American workforce is negatively affected by unstable schedules.
For their part, Kronos representatives argue that the algorithm is far from the root of the problem. “The populist view is that scheduling is evil, in that it’s causing erratic schedules for employees, and so forth,” Charlie DeWitt, vice president of business development for Kronos, told BuzzFeed News. “The fact of the matter is it’s an algorithm. It does whatever you want it to do.”
And you don’t necessarily need to work for Kronos to believe that in a competitive retail climate, the problem is more complicated than technology alone. Lonnie Golden, a Penn State economist who has extensively studied the impact of erratic scheduling, acknowledges that Kronos’ product itself is less to blame than the managers who make staffing decisions based on the data it provides. “It’s not necessarily the technology that’s responsible for minimum to no advance notice,” he said. “It’s the way in which it’s applied.”
But, he added, “where there’s a technology problem, there’s usually a technology solution.” And while Kronos maintains that managers, and not the software, are responsible for early dismissals and last-minute shift cancellations, the company is nonetheless pursuing some technological solutions.
Kronos wants to help managers better understand how scheduling adjustments affect workers and, ultimately, the bottom line. Though the company maintains that its software doesn’t produce the kind of erratic schedules that hurt wage workers, DeWitt said there was nonetheless an interest in figuring out why that perception existed — and, if possible, fixing it.
To that end, earlier this month at a retail conference in Philadelphia, the company announced that it’s working on a new plug-in that will give managers better insight into workers’ schedule stability, equity of hours worked among employees, and the consistency of schedules from week to week. In addition, Kronos is improving a feature meant to help give employees more control over their schedules: Though the software already incorporates employee availability and preferences into its scheduling calculations, improvements to a shift-swapping feature on its employee-facing web and mobile apps will theoretically allow employees to work around conflicts among themselves.
Golden said increased employee input and control would be a good thing. But some retailers, DeWitt pointed out, are uncomfortable making workers use an app outside of work hours; indeed, the practice could be seen as a shift of management responsibilities onto lower-paid individuals.
Part of the idea behind the new Kronos plug-in is to help companies tie fairer scheduling practices to reduction in absenteeism and turnover, which can be enormously costly. In other words, if Kronos can help executives see the connection between treating workers fairly and a store’s ability to increase revenue, DeWitt said, managers will have an impetus to create more predictable, stable schedules.
And just because companies are looking at this kind of data doesn’t mean they have to use it. “Companies like Kronos and Workplace Systems are starting to integrate some of these principles into their software,” said Carrie Gleason, director of the Fair Workweek Initiative at the Center for Popular Democracy, “but it’s all optional, so companies can decide not to do it.” While 12 states are currently considering legislation that would create new labor standards around the workweek, Gleason said the technology alone lacks a mechanism for enforcement.
Given market pressures and standard management practices, it’s unlikely that any change to Kronos’ technology would give workers more power — especially because, given the competitive retail climate at the moment, the bottom line tends to be the priority. “It’s not just bad managers. They have extreme pressure to increase productivity on an ever-shrinking labor budget,” Gleason said.
With these changes, Kronos has taken logical steps toward both repairing its reputation and making sure its software creates sustainable work environments. But while the company cannot control exactly how the algorithm that forecasts schedules and optimizes workforces is deployed inside different workplaces, the Kronos engineers who designed the product are nonetheless the partial architects of work environments that have been proven to be untenable for low-wage workers. The Kronos scheduling algorithm isn’t designed to serve those people; it’s designed to be sold to their bosses, and as such, will ultimately be shaped to serve the needs of management — until regulations exist that compel them to change how it’s used.
Source: Buzzfeed
6 days ago
6 days ago