Report: Federal Reserve Should Be ‘Fully Public,’ Increase Diversity in Highest Ranks
Report: Federal Reserve Should Be ‘Fully Public,’ Increase Diversity in Highest Ranks
Lawmakers should strip banks’ influence from the Federal Reserve’s leadership, make its regional banks publicly owned...
Lawmakers should strip banks’ influence from the Federal Reserve’s leadership, make its regional banks publicly owned corporations and increase transparency in selecting its top leaders, according to a report released Monday by the Fed Up Coalition, a campaign led by the left-leaning Center for Popular Democracy.
The 17-page report — co-authored by Fed Up Coalition Campaign Manager Jordan Haedtler, economist Valerie Wilson of the Economic Policy Institute and Dartmouth College economist Andrew Levin — is a more detailed version of a Fed overhaul framework proposed in April by Levin, a former Fed staffer, and urges members of Congress to make the central bank a “fully public institution” and scrub the influence of banks from its top echelons.
The report also proposes establishing annual audits of the Fed by the Government Accountability Office, reworking the selection process of Fed regional presidents and directors, returning capital shares to commercial banks invested in the regional Fed branches and opening the 12 regional banks to the Freedom of Information Act.
“We have really strived to make a proposal that we see as sensible and pragmatic and nonpartisan,” Levin said Monday in a conference call with reporters. “Over the years, both progressives and conservatives have felt strongly that big banks should not have an undue influence in the governance and the decision-making process of the Federal Reserve, and making the Fed fully public is an important way to do that.”
The proposal differs from previous “audit the Fed” measures, such as Sen. Rand Paul (R-Ky.)’s legislation that failed to garner the 60 votes needed to advance during a procedural vote in January, because it would prevent “political interference” in the central bank by establishing an annual schedule for GAO audits and giving the reviews a comprehensive focus rather than allowing members of Congress or congressional committees to single out monetary policy decisions, Levin said.
The report calls for greater diversity at the Fed’s top levels — both in terms of increasing racial and ethnic diversity and limiting the influence of financial sector power-brokers. It also said policymakers should be limited to a single seven-year term. Currently, the Fed chair is appointed to a four-yeart term that can be renewed. Members of the central bank’s Board of Governors are appointed to staggered 14-year terms, but their tenures average about four years. Regional Fed presidents have renewable five-year terms, and they typically hold office for at least two decades, according to today’s report.
The authors said that refunding shares to commercial banks with stakes in the regional Fed branches would save taxpayers about $3 billion over the next 10 years.
Members of the Fed Up Coalition are scheduled to meet later this week with Fed officials, including Federal Reserve Bank of Kansas City President Esther George, at the central bank’s annual policy symposium in Jackson Hole, Wyo. The meeting with George won’t center on today’s report, but instead will focus on “presenting stories of communities that still have not recovered from the Great Recession,” Haedtler said.
By TARA JEFFRIES
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Report: Anti-gay Laws Drive Up Poverty Rates for LGBT People
Miami Herald - September 30, 2014, by Steve Rothaus - A report issued Tuesday shows that LGBT Americans face added...
Miami Herald - September 30, 2014, by Steve Rothaus - A report issued Tuesday shows that LGBT Americans face added financial burdens — and often higher poverty rates — because of antigay national, state and local legislation.
NBC News has covered the story, with a video of Arlene Goldberg, the Fort Myers widow who is suing Florida to recognize her marriage to longtime partner Carol Goldwasser.
Goldberg’s primary income is Social Security. Because Florida doesn’t recognize Goldberg’s marriage, she is unable to qualify as Goldwasser’s widow and collect her Social Security payments, which were $700 more each month than Goldberg’s.
Here’s a news release from the Movement Advancement Project (MAP) and the Center for American Progress (CAP):
Washington, D.C. — A landmark report released today paints a stark picture of the added financial burdens faced by lesbian, gay, bisexual, and transgender (LGBT) Americans because of anti-LGBT laws at the national, state and local levels. According to the report, these laws contribute to significantly higher rates of poverty among LGBT Americans and create unfair financial penalties in the form of higher taxes, reduced wages and Social Security income, increased healthcare costs, and more.
The momentum of recent court rulings overturning marriage bans across the country has created the impression that LGBT Americans are on the cusp of achieving full equality from coast-to-coast. But the new report, Paying an Unfair Price: The Financial Penalty for Being LGBT in America, documents how inequitable laws harm the economic well-being of LGBT people in three key ways: by enabling legal discrimination in jobs, housing, credit and other areas; by failing to recognize LGBT families, both in general and across a range of programs and laws designed to help American families; and by creating barriers to safe and affordable education for LGBT students and the children of LGBT parents.
Paying an Unfair Pricewas co-authored by the Movement Advancement Project (MAP) and the Center for American Progress (CAP), in partnership with Center for Community Change, Center for Popular Democracy, National Association of Social Workers, and the National Education Association. It is available online at www.lgbtmap.org/unfair-price.
“Unfair laws deliver a one-two punch. They both drive poverty within the LGBT community and then hit people when they are down,” said Ineke Mushovic, Executive Director of MAP. “While families with means might be able to withstand the costs of extra taxation or the unfair denial of Social Security benefits, for an already-struggling family these financial penalties can mean the difference between getting by and getting evicted. Anti-LGBT laws do the most harm to the most vulnerable in the LGBT community, including those who are barely making ends meet, families with children, older adults, and people of color.”
The report documents the often-devastating consequences when the law fails LGBT families. For example, children raised by same-sex parents are almost twice as likely to be poor as children raised by married opposite-sex parents. Additionally, 15 percent of transgender workers have incomes of less than $10,000 per year; among the population as a whole, the comparable figure is just four percent. To demonstrate the connection between anti-LGBT laws and the finances of LGBT Americans and their families, the report outlines how LGBT people living in states with low levels of equality are more likely to be poor, both compared to their non-LGBT neighbors, and compared to their LGBT counterparts in state with high levels of equality. For example, the denial of marriage costs gay and lesbian families money; same-sex couples with children had just $689 less in household income than married opposite-sex couples in states with marriage and relationship recognition for same-sex couples, but had an astounding $8,912 less in household income in states lacking such protections.
DISCRIMINATORY LAWS CREATE A DEVASTATING CYCLE OF POVERTY
How do inequitable laws contribute to higher rates of poverty for LGBT people? The report documents how LGBT people in the United States face clear financial penalties because of three primary failures in the law.
1. Lack of protection from discrimination means that LGBT people can be fired, denied housing and credit, and refused medically-necessary healthcare simply because they are LGBT. The financial penalty: LGBT people can struggle to find work, make less on the job, and have higher housing and medical costs than their non-LGBT peers.
2. Refusal to recognize LGBT families means that LGBT families are denied many of thesame benefits afforded to non-LGBT families when it comes to health insurance, taxes, vital safety-net programs, and retirement planning. The financial penalty: LGBT families pay more for health insurance, taxes, and legal assistance, and may be unable to access essential protections for their families in times of crisis.
3. Failure to adequately protect LGBT students means that LGBT people and their families often face a hostile, unsafe, and unwelcoming environment in local schools, as well as discrimination in accessing financial aid and other support. The financial penalty: LGBT youth are more likely to perform poorly in school and to face challenges pursuing postsecondary educational opportunities, as can youth with LGBT parents. This, in turn, can reduce their earnings over time, as well as their chances of having successful jobs and careers.
“Imagine losing your job or your home simply because of who you are or whom you love. Imagine having to choose between paying the rent and finding legal help so you can establish parenting rights for the child you have been raising from birth,” said Laura E. Durso, Director LGBT Progress at the Center for American Progress at CAP. “These are just a couple of the added costs that are harming the economic security of LGBT people across the country. It is unfair and un-American that LGBT people are penalized because of who they are, and it has real and profound effects on their ability to stay out of poverty and provide for their families.”
Paying an Unfair Price offers broad recommendations for helping strengthen economic security for LGBT Americans. Recommendations include: instituting basic nondiscrimination protections at the federal and state level; allowing same-sex couples to marry in all states; allowing LGBT parents to form legal ties with the children they are raising; andprotecting students from discrimination and harassment on the basis of sexual orientation and gender identity.
“At a time when so many American families are struggling to make ends meet, the report's findings point to an even bleaker reality for those who are both LGBT and people of color," said Connie Razza, Director of Strategic Research at the Center for Popular Democracy. "Unchecked employment discrimination and laws that needlessly increase the costs of healthcare, housing and childcare are doing profound harm to our economic strength as a nation. This report offers real-life policy solutions that, if implemented, would protect some of our most vulnerable individuals and families."
“Reducing the unfair financial penalties that LGBT people face in this country because they are LGBT is not that complicated. It is a simple matter of treating LGBT Americans equally under the law. For example, extending the freedom to marry, including LGBT students in safe schools laws, and ending the exclusion of LGBT people from laws meant to protect families when a parent dies or becomes disabled,” said Deepak Bhargava, executive director of the Center for Community Change.
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Exigirán en Washington Ayuda a Puerto Rico a Seis Meses Después del Huracán
Exigirán en Washington Ayuda a Puerto Rico a Seis Meses Después del Huracán
“Los manifestantes partirán desde diversos estados y Puerto Rico y harán una primera parada en la sede central de la...
“Los manifestantes partirán desde diversos estados y Puerto Rico y harán una primera parada en la sede central de la Agencia para el Manejo de Emergencias (FEMA), para finalizar su protesta en el Congreso. Será un día con una cargada agenda que además de la protesta incluirá reuniones con congresistas y en la que no descartan los actos de desobediencia civil para llamar la atención sobre la crisis humanitaria en la isla, dijo a Efe Sammy Nemir, portavoz de The Center for Popular Democracy. De acuerdo con la coalición, que incluye también sindicatos, la "desastrosa respuesta del Gobierno federal ha sido más devastadora y dañina que el huracán".
Lea el artículo completo aquí.
Fed policymakers see rate hikes, blurring dove-hawk divide
Fed policymakers see rate hikes, blurring dove-hawk divide
Whitehurst’s group of activists, Fed Up, has printed pamphlets to distribute at the conference venue that say George,...
Whitehurst’s group of activists, Fed Up, has printed pamphlets to distribute at the conference venue that say George, along with other traditionally hawkish policymakers, “wants more people to be unemployed.”
Read the full article here.
Low-paid Workers to Protest April 15
St. Louis Post-Dispatch - March 31, 2015, by Jim Gallagher -Fast-food labor organizers in St. Louis are calling for a...
St. Louis Post-Dispatch - March 31, 2015, by Jim Gallagher -Fast-food labor organizers in St. Louis are calling for a tax day strike by low-paid workers on April 15, part of a national day of protest.
Organizers say they'll have rallies in Forest Park in St. Louis and in Ferguson. They are demanding minimum pay of $15 per hour.
In St. Louis and nationally, organizers say they are expanding their demands for higher wages to include home health care workers and adjunct faculty members, including those at Washington University who voted in January to join a union.
Kendall Fells, organizing director for Fight for $15, said Tuesday the April 15 protests will include actions on about 170 college campuses, as well as cities around the country and abroad.
At an event announcing the actions in front of a McDonald's in New York City's Times Square, organizers said home health care aides, airport workers, adjunct professors, child care workers and Wal-Mart workers will be among those turning out in April.
Terrence Wise, a Burger King worker from Kansas City, Missouri, and a national leader for the Fight for $15 push, said more than 2,000 groups including Jobs With Justice and the Center for Popular Democracy will show their support as well.
"This will be the biggest mobilization America has seen in decades," Wise said at the rally as pedestrians walked past on the busy street.
In St. Louis, and around the country, fast food workers have been calling one-day walkouts and mass protests for the past two years to demand higher wages.
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Why U.S. Cities Are Fighting to Attract Immigrants
Why U.S. Cities Are Fighting to Attract Immigrants
Backyard barbecues. Fireworks. A day off work. Among these traditions we look forward to on the Fourth of July, there...
Backyard barbecues. Fireworks. A day off work. Among these traditions we look forward to on the Fourth of July, there is an even more patriotic rite of passage: the oath immigrants take to become American citizens.
Read the full article here.
Jessica Biel Throws Shade, Meryl Streep, Mila Kunis & More
Jessica Biel Throws Shade, Meryl Streep, Mila Kunis & More
Alyssa Milano and Ady Barkan attend the Los Angeles Supports a Dream Act Now! protest on Wednesday....
Alyssa Milano and Ady Barkan attend the Los Angeles Supports a Dream Act Now! protest on Wednesday.
See the picture here.
Struggle and the State
Struggle and the State
Today's Dig is a very good and somewhat unusual Dig: Dan’s got two interviews with two different people. First,...
Today's Dig is a very good and somewhat unusual Dig: Dan’s got two interviews with two different people. First, journalist Eric Blanc on the teacher strike wave that he's been covering for Jacobin. Then comes the Center for Popular Democracy's Xiomara Caro Diaz on last week's May Day demonstrations against austerity in Puerto Rico.
Listen to the episode here.
Diversas organizaciones en el área triestatal se preparan para manifestaciones en apoyo al trabajador inmigrante
Diversas organizaciones en el área triestatal se preparan para manifestaciones en apoyo al trabajador inmigrante
Este lunes, Día internacional del trabajo, se escucharán las voces de miles de inmigrantes indocumentados y sus aliados...
Este lunes, Día internacional del trabajo, se escucharán las voces de miles de inmigrantes indocumentados y sus aliados, que ha 100 días del mandato de Donald Trump, dicen sentirse cansados por el acoso del gobierno. Durante el 1 de mayo también se verán huelgas comerciales, paros laborales y manifestaciones estudiantiles.
Lea el artículo completo aquí.
60 Years After Brown v. Board of Education
Legal Talk Network - June 3, 2014 - May 17th, 2014 marked the 60th Anniversary of Brown v. Board of Education, the...
Legal Talk Network - June 3, 2014 - May 17th, 2014 marked the 60th Anniversary of Brown v. Board of Education, the landmark Supreme Court Decision that held state laws establishing separate public schools for black and white students as unconstitutional because they violate the Equal Protection Clause of the 14th Amendment. Today, some six decades later, many parents and teachers are still worried that America’s children are not receiving equal access to education envisioned in that case. On this episode of Lawyer 2 Lawyer, hosts Bob Ambrogi and J. Craig Williams shed light on this issue with guests Christian D’Andrea from the MacIver Institute and Kyle Serrette from The Center for Popular Democracy. Together they discuss private schools, charter schools, and homeschooling vs. the community school model. Tune in to learn more about funding concerns, oversight issues, and the proper role of teachers unions in the school choice debate.
Christian D’Andrea is an Education Policy Analyst with the John K. MacIver Institute for Public Policy in Madison, WI. He earned his Master’s of Public Policy degree at Vanderbilt University and has previously worked for the Friedman Foundation for Educational Choice as a State Policy Director and Policy Analyst. He is the author of several studies that examine the fiscal and personal impacts of educational reform, and his work has been featured everywhere from the Huffington Post to EducationNext.
Kyle Serrette is the Director of Education Justice Campaigns at The Center for Popular Democracy and works with their partner organizations to strengthen their public education coalitions, develop strategy to help close the opportunity gaps, and coordinates national and regional campaigns that work to bolster our public education system. Prior to joining The Center for Popular Democracy, Kyle spent over 10 years working on corporate campaigns with groups such as Service Employees International Union, Change to Win, and the American Federation of State, County and Municipal Employees. He was awarded the 2010 Joe Hill Organizing Achievement Award by the LA Fed and the Los Angeles Orange County Organize Committee.
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