CPD IN THE NEWS

Be a Hero is an offshoot of the Center for Popular Democracy’s CPD Action group (Barkan previously worked for the center) and will concentrate on boosting Democratic candidates focused on protecting health care and entitlement programs like Medicare, Medicaid, and Obamacare, as well as ousting Republican incumbents who voted for the GOP tax plan or have voiced support for cutting entitlements.

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ABC News - November 14, 2014, by Martin Crutsinger - A coalition of community groups and labor unions are "fed up" with the Federal Reserve.

More than two dozen activists demonstrated outside the Fed and then met with Chair Janet Yellen on Friday as part of a new campaign seeking policy reforms and a commitment to keep interest rates low until good jobs are plentiful for all workers. Although the labor market has steadily strengthened this year, wages have remained stagnant.

During the hour-long discussion with Yellen and three other Fed board members, coalition representatives discussed problems their communities were facing with high unemployment and weak wage growth.

Ady Barkan, one of the organizers of "Fed Up: The National Campaign for a Strong Economy," said Yellen and the other Fed officials listened but made no commitments about future Fed policy.

"It was a very good conversation," said Barkan, an attorney with the Center for Popular Democracy in Brooklyn. "They listened very intently, and they asked meaningful follow-up questions."

Fed officials confirmed that the meeting took place but declined to comment on the issues raised at the meeting.

The Fed's outreach to community activists was the latest move by Yellen to focus attention on lingering problems from the Great Recession. Wearing green tee-shirts with the phrase "What Recovery?" the group had protested outside of the Fed's headquarters on Constitution Avenue under the watchful eye of nine Fed security officers.

Members of the group, some of whom had demonstrated at a central bank gathering in August in Jackson Hole, Wyoming said it was important that Fed officials not be swayed by arguments that it needs to move quickly to raise interest rates to make sure inflation does not become a threat.

"The banks are the ones that crashed the economy ... but they're the ones who got the bonuses and the bailouts while workers and homeowners like me were left to drown," said Jean Andre, 48, of New York, who said he was having a tough time finding full-time work.

In addition to Yellen, the Fed officials who took part in the meeting were Fed Vice Chairman Stanley Fischer and Fed board members Jerome Powell and Lael Brainard.

Members of the coalition said about half of the meeting was taken up by their members telling stories about the difficulty in finding jobs, particularly in disadvantaged groups and communities dealing with unemployment much higher than the 5.8 percent national average.

The Fed officials also were presented a petition signed by 5,000 people around the country urging the central bank to keep interest rates low until the country reaches full employment.

The group also pushed for a more open process in the selection of presidents of the Fed's 12 regional banks. They say the current process is too secretive and dominated by officials from banks and other businesses with little input from the public. The regional presidents, along with Fed board members in Washington, participate in the deliberations to set interest rates.

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“Historically, Toys “R” Us has offered generous severance to workers, which is part of why it should be forced to offer payments to workers now," said Carrie Gleason, campaign manager for the worker advocacy group Rise Up Retail. That group helped organize a petition calling for Bain, KKR, and Vornado to give the $470 million they had received in interest and fees from the retailer over the years to employees that were let go after the company foundered. KKR told Congress earlier this month it was seeking a way to help former Toys “R” Us employees outside of bankruptcy.

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The Wall Street Journal - August 22, 2014, by Pedro Nicolaci Da Costa - A group of activists has descended on the Kansas City Federal Reserve Bank’s annual conference in Jackson Hole, Wyo.,  to tell central bank officials that any move to raise interest rates soon could wreak havoc on the lives of Americans still struggling with a weak economic recovery.

U.S. unemployment has fallen fairly rapidly in recent months, to 6.2% in July, down from its post-recession peak of 10%. However, the activists said those numbers mask much deeper troubles in the country’s poorer neighborhoods. The unemployment rate for African-Americans, for instance, was 11.1% in July.

Reggie Rounds, 57 years old, came to the conference from Ferguson, Mo., the site of recent violent protests following the killing of an unarmed teenager by a police officer. During a brief conversation here with Federal Reserve Vice Chairman Stanley Fischer, Mr. Rounds, who is unemployed and says he hasn’t had regular work for years, urged the central bank to keep poor Americans on their minds as they make policy decisions.

“I deal with people who have educated themselves. These people, sir, are inundated with student loans. They’re making just not livable wages or not wages at all,” Mr. Rounds told Mr. Fischer. “We’re desperately needing a stimulant into this economy, and job creation, to get us going.”

Mr. Fischer responded: “That’s what the Fed has been trying to do and will continue to try to do.”

The Fed has kept interest rates near zero since December 2008 and bought more than $3 trillion in government and mortgage bonds to keep long-term rates low, spur investment and boost hiring.

However, recent improvements in the job market and a pickup in inflation have revived debate about when the central bank should begin lifting interest rates from rock-bottom lows. In her speech here Friday, Fed Chairwoman Janet Yellen said if the labor market keeps improving faster than the Fed forecasts the central bank could raise rates sooner than expected. Many investors anticipate the first move in the summer of next year, a perception some top Fed officials have encouraged.

Representatives of the Center for Popular Democracy, a left-leaning national nonprofit organization, said they organized the activists’ trip to Jackson Hole. The participants argued that near-term rate increases could have a deep negative impact on the most vulnerable sectors of the population.

Reuben Eckels, 51, a reverend from Wichita, Kan., said he had come to the conference to tell policy makers “how raising interest rates would affect the community in which I serve.” He and other activists played down the notion of a “skills gap” where workers might not have the qualifications for the jobs available.

“We have young people who are college students in our church who have a 4.0 [grade average], Dean’s list, they can’t find jobs,” he said. “So this is not about just raising the rates so we can offset an imbalance for those elderly who are trying to save their portfolio. This is about people on the street, everyday people … who are just trying to live a good quality of life.”

Shemethia Butler, 34, is one such individual. Hailing from Washington, D.C. the mother of two says she is dealing with extreme stress because the wages she earns at McDonald’s aren’t enough to cover her rent, much less basic expenses like food, electricity and transportation.

“I have no vehicle. My housing situation is stressful. I’m about to lose my apartment. I’m struggling really hard,” she said. “Things may be fine on Wall Street, but they’re not fine on my street.”

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