NYT Misses the Story on the Fed and African American Unemployment
CEPR - March 3, 2015 - The NYT...
CEPR - March 3, 2015 - The NYT examined the impact the Fed has on unemployment among African Americans and came up with the bizarre conclusion that the Fed can't do much:
"The Fed has a hammer, and, as the saying goes, not all problems are nails."
This conclusion is bizarre, because the data are very clear; efforts to reduce the overall unemployment rate disproportionately help African Americans and Hispanics. As a rule of thumb, the African American unemployment rate is roughly twice the unemployment rate and the unemployment rate for African American teens is roughly six times the white unemployment rates. (The unemployment rate for Hispanics is generally 1.5 times the white unemployment rate.)
In keeping with this rule of thumb, the unemployment rate for whites in January was 4.9 percent. It was 10.3 percent for African Americans and 29.7 percent for African American teens. Here's what the longer term picture looks like.
If we could get back to 2000 levels of unemployment, when the unemployment rate for whites bottomed out at 3.4 percent, we might see something like the 7.0 percent unemployment rate for blacks overall and 20.0 percent we saw for black teens back in April of 2000.
Alternatively, to flip it over and talk about employment rates, the percentage of black teens that was employed peaked at 31.7 percent in 2000, more than 50 percent higher than the 19.6 percent figure for last month. Does anyone really want to say that increasing the probability that black teens will have a job by 50 percent doesn't make a difference?
There is a separate issue as to whether it would be possible to get down to 4.0 percent unemployment without triggering spiraling inflation. This is an arguable point. But it is worth noting that those who say it is not possible to have 4.0 percent unemployment today also said that it was not possible back in 2000.
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Can Game-Changing "Community Schools" Model Survive Dallas ISD Politics?
Can Game-Changing "Community Schools" Model Survive Dallas ISD Politics?
On a sunny morning in early May, a wayward DART bus pulled to a stop in front of Paul Laurence Dunbar Learning Center...
On a sunny morning in early May, a wayward DART bus pulled to a stop in front of Paul Laurence Dunbar Learning Center in South Dallas. From the porches of tumbledown homes, neighbors glanced with mild curiosity as the school’s principal, Dionel Waters, stepped aboard. Waiting for him on the bus was an array of local dignitaries, including a city council member, a state representative, a U.S. Congressman, a Dallas County judge, and the guest of honor, Robert Kaplan, the president of the Dallas Fed. The riders had accepted an activist group's invitation to tour hardscrabble Dallas neighborhoods that remain untouched by the region’s booming economy.
Waters stood at the front of the idling bus with a microphone and described for Kaplan some of Dunbar’s challenges. The previous school year, all but two of the campus’ 594 students qualified as low-income. The median household income for the surrounding neighborhood, which borders the sprawling parking lots on Fair Park’s eastern edge, is around $10,000 per year. Broken families are the norm, as are parents with criminal records. Unemployment in the area is staggering, with only a third of working-age men and around 40 percent of working-age women with jobs, according to census data.
Then, Waters pivoted. Together with Hank Lawson, who works for the community development nonprofit Frazier Revitalization Inc., Waters described a vision for transformational change at Dunbar. With support from the Texas Organizing Project, which organized the bus tour, Dunbar would open the 2016-17 school year as Dallas ISD’s first ever “community school.”
Community schools are built on the idea that education doesn’t happen in a vacuum. Poverty levels, family structure, health and nutrition, emotional well-being, and all manner of other outside factors impact academic performance and school quality. Creating a better school, then, requires addressing not only what happens in the classroom but outside social and economic factors as well.
Exactly what a community school looks like depends on the specific needs of the individual school and the surrounding community. Generally speaking, though, the model emphasizes getting parents, community members and teachers greater input in campus decision-making; forging partnerships with local businesses and nonprofits to provide programming and services the school can’t; and finding non-punitive ways to address student behavior.
It is billed as a more humane alternative to No Child Left Behind-style school reform, which can punish poor and heavily minority schools for poor performance without doing much to address root causes.
Community schools are meant to be transformational. A report released in February by the Center for Popular Democracy profiled eight campuses and school districts across the country that have implemented the community schools model with tremendous success.
One of the more dramatic turnarounds took place in Austin. Webb Middle School, a perennially low-performing campus in a working class Hispanic neighborhood in northeast Austin, was on the brink of closure in 2007 when neighbors rallied and convinced the district to give them a final chance to save the school. They turned to the community schools model and crafted a detailed plan based on feedback from parents and neighbors.
The school restored music and art to the curriculum, adding band, orchestra and a dance troupe. The Boys and Girls Club began offering after-school programs. Another nonprofit provided college mentoring. A mobile clinic offered free immunizations and physicals. Other organizations provided parents help with employment, housing and health issues and offered them ESL classes.
Test scores climbed. So did enrollment. By 2015, Webb had gone from the worst middle school in the district to one of its best.
Waters and Lawson hoped something similar could happen at Dunbar, which had been placed on the state’s list of failing schools in the 2014-15 school year. So did Ed Turner, the Texas Organizing Project staffer who’d already spent months laying the groundwork and joined Waters and Lawson on the bus. And so, for that matter, did DISD administrators. Cynthia Wilson, Superintendent Michael Hinojosa’s chief of staff, told the Observer the following day that the district was supporting the community schools model in general and the Dunbar pilot in particular. “From our perspective, [it’s] a win-win,” she said.
On the bus, Kaplan nodded along as Waters spoke; turning Dunbar into a community school certainly seemed like a no-brainer.
But then, rather abruptly, DISD pulled the plug. Alendra Lyons, a community leader in the Dunbar neighborhood who both works at the school and serves on its site-based decision-making committee, was told at a committee meeting in June that the community schools pilot had been moved elsewhere.
Why, after months of planning and the showy presentation to the VIPs on the DART bus, the Dunbar project had been unceremoniously scrapped, Lyons couldn’t say, only that it definitely wasn’t happening.
DISD’s official explanation is, in a word, bureaucracy.
In a July 25 email, DISD spokesman Andre Riley said the community schools initiative had been moved from under Wilson and into the school leadership department.
Stephanie Elizalde, the chief of school leadership, said in a subsequent interview that she decided that John Neely Bryan Elementary in East Oak Cliff was a better fit for the pilot. Like Dunbar, John Neely Bryan is overwhelmingly low-income and has struggled academically, bouncing on and off the state’s list of failing schools. Last August, it received its second consecutive “improvement required” designation from the Texas Education Agency; a third would mean implementation of a “campus turnaround plan” and potentially drastic changes at the campus.
Unlike Dunbar, however, Bryan is part of DISD’s “Intensive Support Network,” two dozen struggling schools targeted by district administrators for special oversight. It also has a more seasoned principal. Elizalde describes Waters as “likeable, intelligent [but] also relatively inexperienced” – barely 30 with just two years as a principal under his belt. Elizalde felt that Bryan’s principal, DISD veteran Tonya Anderson, was better equipped to make the pilot a success.
For advocates of community schools, the stakes are high. A high-profile failure in the pilot could taint the model in DISD and cripple efforts to expand to other campuses. “That is what I don’t want to have happen,” Elizalde said. "I’ve got to think bigger picture."
But several people familiar with the discussions say Dunbar was the victim less of ordinary bureaucratic machinations but of DISD’s toxic internal politics. Specifically, they point to a long-simmering feud between the Texas Organizing Project and trustee Bernadette Nutall.
The rift dates back to efforts to rescue Dade Middle School, which, thanks to poor planning, sky-high turnover, and heavy-handed interventions by then-Superintendent Mike Miles, spun into chaos soon after it opened for the 2013-14 school year. The Texas Organizing Project was heavily involved in the turnaround effort, mobilizing parents and pushing DISD to make Dade the first of 20 community schools in the district. So, for that matter, was Nutall, who was famously removed from the campus following a confrontation with Miles.
By all accounts, the turnaround effort has been a success. There is much less agreement on whether Dade’s resurgence has more to do with the Texas Organizing Project’s community work, Nutall’s close oversight, or, alternately, a belatedly successful intervention by Miles, whose administration found a hyper-competent principal in Tracie Washington and offered the district’s best teachers a hefty salary bump to teach at Dade.
Nutall has bristled at the Texas Organizing Project’s credit-taking. In response to a KERA story this spring focused on the organization’s efforts to turn Dade and other campuses into community schools, Nutall sent an indignant email to trustee Miguel Solis, who was quoted in the piece broadly endorsing the community schools concept, and several DISD administrators saying Dade’s success had been “hijacked.”
Dade staff and community members had long been trying to have a meaningful role in the school, Nutall wrote, but they were consistently rebuffed by Miles and the previous campus administration.
“However, since the new administration has been in place, the staff, parents, students and community members have been able to implement the very same suggestions that were ignored before,” she wrote. “The results have been tremendous. Yet, they weren’t recognized for their efforts. Instead, they believe that their results have been hijacked in an effort to falsely attribute their success to a concept that had little to do with the results.”
In an interview, Nutall said she supports community schools but that there “has to be buy in from all parties.” That wasn’t present at Dade, and it wasn’t present at other campuses where Texas Organizing Project wanted to implement the model. “I understand them [the Texas Organizing Project] getting upset,” she said, adding that “they wanted the whole Lincoln-Madison feeder pattern.”
“I am not going to force something on principals and teachers,” Nutall said. “That is not good governance.”
At the same time, Nutall distanced herself from the decision to move the community schools pilot from Dunbar. The decision, Nutall said, was a judgment call by Elizalde and other DISD administrators.
Allison Brim, organizing director for the Texas Organizing Project, was also careful to downplay the friction between her group and Nutall.
“Essentially what happened, there had just been turnover in the administration,” Brim said.
In early 2016, former chief of school leadership Robert Bravo, with whom the Texas Organizing Project had been in discussions, was replaced by Elizalde. “She was very supportive of the community school concept but really wanted to reconsider where we were going to do the first pilot, which we were open to in some ways as well.”
John Neely Bryan, in everyone’s view, could benefit as much from the community schools model as Dunbar. Perhaps even more, given the comparative lack of outside resources directed at Bryan by churches and nonprofits.
“We were also interested in having full support from the trustee,” Brim said. She described Nutall as “supportive” of community schools but said that John Neely Bryan’s trustee, Lew Blackburn,”was pretty eager to find a school in his district” for a pilot.
In the end, for the Texas Organizing Project as well as for Elizalde, the most important thing “was really getting the opportunity to prove that this model was an effective, successful model for school turnaround,” Brim said.
All parties – Brim, Elizalde, and Nutall – were quick to say that the idea of turning Dunbar into a community school isn’t dead. Discussions are ongoing, and DISD and the Texas Organizing Project may well get around to implementing the model in the coming years.
Dunbar, after all, is still in sore need of a turnaround. State accountability ratings the Texas Education Agency will release in the coming days will show that Dunbar is on the state’s list of failing schools for the second consecutive year, which has made Elizalde rethink the decision to move the pilot.
“If I had a crystal ball and could have seen that Dunbar was going to wind up in [improvement required]-2 status," she said, "I would have left it there anyway.”
By ERIC NICHOLSON
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Fed Hawk Lacker to Retire Oct. 1, Successor Search Under Way
Federal Reserve Bank of Richmond President Jeffrey Lacker plans to retire Oct. 1, marking the exit of one of the U.S....
Federal Reserve Bank of Richmond President Jeffrey Lacker plans to retire Oct. 1, marking the exit of one of the U.S. central bank’s most steadfast inflation fighters at a time when the Fed is weighing how quickly to raise interest rates.
The Richmond Fed said Tuesday that a committee had been formed to find a successor for Lacker, who has led the regional Fed bank since 2004, and has engaged professional services firm Heidrick & Struggles to conduct the search. The head of the Richmond Fed will be a voting member of the policy-setting Federal Open Market Committee in 2018.
Lacker, 61, was a voice of restraint in the use of monetary policy and the central bank’s balance sheet as the Fed deployed extraordinary powers to combat the financial crisis, the worst recession since the Great Depression as well as a sluggish recovery.
“He was consistent in terms of wanting a narrow Fed that stuck to the business of ensuring price stability because that would be the Fed’s best contribution to society,” said Vincent Reinhart, chief economist at Standish Mellon Asset Management Co. LLC in Boston. “Jeff Lacker kept the faith.”
Lacker dissented frequently in favor of tighter policy when he was a voter on the FOMC, including at every meeting in 2012. During the financial crisis he warned about channeling credit to specific sectors of the economy, inflation risks and government rescues of troubled banks.
Core Doctrines
One of Lacker’s core doctrines was that an expansion of Fed credit to other sectors of the economy would create expectations of further support and thus further destabilize markets in the future as investors tested the perceived safety net.
“The striking feature of central bank lending during the recent turmoil is the extent to which it has extended well beyond the boundaries that previously were understood to constrain such lending,” Lacker said in a speech in November 2008.
Lacker wasn’t alone in those views. Former Fed Chairman Paul Volcker said the bailouts had taken the central bank to “the very edge of its lawful and implied powers, transcending in the process certain long-embedded central banking principles and practices.”
Arguing for constraint when the entire financial system was at risk seemed overly cautious to some of his colleagues. Former Chairman Ben S. Bernanke noted that Lacker opposed a crisis-era innovation called the Term Securities Lending Facility, where the Fed loaned out its Treasury portfolio to primary dealers in exchange for mortgage-backed securities as collateral.
“Jeff Lacker spoke against the TSLF,” Bernanke wrote in his book, “The Courage to Act.”
Lacker will depart three years ahead of his mandatory retirement age of 65. He hasn’t lined up another job, according to Richmond Fed spokeswoman Laura Fortunato. “He does want to get back to writing and research,” she said.
The search for his successor, which gets under way as the Atlanta Fed is undertaking its own campaign to replace its president Dennis Lockhart, who retires Feb. 28, will be conducted nationally to “identify a broad, diverse and highly qualified candidate pool for this leadership role,” the Richmond Fed said in a statement on its website.
The Fed is under pressure to increase diversity among its leaders after criticism that it is dominated by white men. Janet Yellen, the first woman to chair the central bank, has said she’d like to see more diversity, though the Richmond Fed’s own board of directors will make the ultimate selection.
Jordan Haedtler, campaign manager for the Fed Up coalition, which has called for a more diverse leadership that includes more minorities and women, said the group will push for “a publicly inclusive and transparent process with the consideration of diverse candidates who will consider labor market conditions for all workers in weighing their decisions.”
Haedtler said Lacker was “always gracious” and toured low-income communities in Charlotte, North Carolina, with one of their member groups.
Given the Richmond Fed’s tradition of standing firm on price stability, “my guess is that the Richmond Fed will find a hawk,” said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte. “Part of this reflects the sentiment of businesses, residents and bankers located in this part of the country, who tend to take a more cautious view on what monetary policy can and cannot do,” he said.
Atlanta’s Vacancy
Lacker admitted in speeches that his forecasts for the recovery were at times too optimistic. His warnings about inflation were defused as shocks hit the economy. When the Fed decided to go forward with a second round of quantitative easing in November 2010, Lacker raised concerns that it could make it hard to restrain inflation.
“This poses unacceptable risks to price stability and to our credibility,” he said, according to the meeting transcript. “I fear today’s decision and the expectations it encourages will come back to haunt us.”
The Fed’s preferred inflation measure, the personal consumption expenditures price index, did rise above its 2 percent target in 2011 and for part of 2012. It then fell below 2 percent in May that year and has never risen above that level since, partly due to a tumble in oil prices that began in 2014.
By Craig Torres
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Retailers' Goal of Challenging Amazon Hindered by Labor Woes
Brick-and-mortar retailers hoping to fend off Amazon.com Inc. need to deploy the one weapon that could set them apart:...
Brick-and-mortar retailers hoping to fend off Amazon.com Inc. need to deploy the one weapon that could set them apart: top-notch customer service, provided by actual humans.
But making that goal a reality relies on something they’ve not really invested in -- well-trained employees with the kinds of wages and regular hours that make them want to stick around.
Read the full article here.
A Collaboration to Strengthen the United States Federal Reserve System
April 16, 2018 Alexander R. Mehran Chair of the Board Federal Reserve Bank of San Francisco Dear Mr. Mehran:...
April 16, 2018
Alexander R. Mehran
Chair of the Board
Federal Reserve Bank of San Francisco
Dear Mr. Mehran:
We are writing to offer you our view about the urgency of appointing an individual who deeply understands the economic realities facing working class Americans to serve as President of the Federal Reserve Bank of San Francisco.
For all of the dynamism and strength of the US economy, it has come to be characterized most fundamentally by enormous disparities in wealth, income and opportunity that strongly correlate to race, ethnicity and geography. Failing to address significant disparities in income and net worth between major segments of our population, and particularly in segments that are driving our nation’s demographic growth, will result in a less globally competitive US economy. This is a significant economic risk for the 12th District and the United States.
The San Francisco Fed will be strengthened by having a President whose experience and expertise better reflect the large segments of our population that are not proportionally experiencing the benefits of our economy. Ensuring that this expertise and perspective is represented within the Fed is a critical way to prepare for the challenges and opportunities in our economic future. This will require considering candidates with more diverse experience including in the fields of community development and philanthropy. We submit that the San Francisco Fed has a historic opportunity to name the first Hispanic, East Asian American or Pacific Islander President of a Federal Reserve Bank.
We applaud Chairman Powell's insightful comments on the necessity for diversity in Federal Reserve System and the larger economics profession. In his testimony before the Senate Banking, Housing and Urban Affairs Committee on November 28th, 2017, he stated, “We make better decisions when we have diverse voices around the table—both at the Board of Governors and at the Reserve Banks…We’ve seen what works. It’s about recruiting. It’s about going out of your way. It’s about bringing people in. Once they’re in, it’s about giving them paths for success. And it’s about having an overall culture and company that is very focused on diversity and sticks with that focus for a long period of time. That works.” This recognition must be coupled with bold leadership and action.
In order to decide the course of monetary policy through an informed assessment of different regional economic conditions from diverse points of view, the Federal Reserve System was designed to be decentralized, independent and include representatives of the public in its governance. The Fed’s mission is undermined when regional Reserve Banks fail to recruit leaders who live up to the mandate to “represent the public.” Selections that fail to allow meaningful opportunities for public input and engagement have tended to result in the elevation of Fed insiders. This insularity undermines the Fed’s public credibility and increases the likelihood that Congress will ultimately intervene to reform the process. The process for selecting the President of the New York Fed perpetuated the status quo. We urge the San Francisco Fed to avoid the same mistake. As a first step, we call on the San Francisco Fed to include the Chair of its own Community Advisory Board in the official selection committee for the next President.
Please accept this letter as an offer of support. We will do anything we can to help identify strong candidates as well as to publicly support actions that the San Francisco Fed takes to ensure progress on diversifying its Board of Directors and executive leadership.
Thank you for your service to the 12th District and our nation.
Respectfully submitted,
California Reinvestment Coalition Center for Popular Democracy Chicanos Por La Causa Community Council of Idaho Greenlining Institute NALCAB – National Association for Latino Community Asset Builders National Coalition for Asian Pacific American Community Development TELACU
cc: Jerome Powell, Chairman, Board of Governors of the Federal Reserve Lael Brainard, Governor, Board of Governors of the Federal Reserve Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve
San Francisco Fed Board Chair Alexander Mehran's April 20 Response to Coalition Outreach re: Collaboration Surrounding San Francisco Fed Presidential Appointment
April 20, 2018
Noel Poyo Executive Director National Association for Latino Community Asset Builders 5404 Wurzbach Rd. San Antonio, TX 78238 Dear Mr. Poyo: Thank you for your letter of April 16, 2018, concerning the appointment of the next President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. We appreciate your taking the time to reach out and share your perspectives on this important undertaking. As Chair of the Board of Directors for the Federal Reserve Bank of San Francisco, I know that I speak for all of my board colleagues in saying that the appointment of a Federal Reserve Bank President is among our most important responsibilities and one that we take very seriously. We share your desire to find a qualified candidate to fill this important role that understands and is able to represent the varied needs and interests of the richly diverse people and business communities throughout the Twelfth District. The Federal Reserve Bank of San Francisco has a legacy of success with regard to recruiting, developing and promoting women and minorities into leadership positions within its senior ranks. As you are well aware, Janet Yellen served as President and Chief Executive Officer of the Bank from 2004 to 2010 before going on to become Vice Chair and later Chair of the Board of Governors of the Federal Reserve System. Under President Williams' leadership, the Bank continued to strengthen its focus on diversity and inclusion at all employee levels but particularly an10ng its leadership ranks where women now occupy over 30 percent and minorities over 45 percent of seniorlevel roles. In addition, President Williams established the Bank's Community Advisory Council in 2017 to give even stronger voice to those representing the district's underserved communities and to contribute to his ongoing economic analyses and monetary policy views. The Federal Reserve Bank of San Francisco has set a high bar for its executive leadership that we fully intend to uphold. Our board has not yet publicly communicated about the selection committee, job specifications or the processes that we will undertake to gather a list of qualified candidates for this important role. We expect to do so in the near future and will keep you apprised of our progress. For now, please know that we are absolutely committed to gathering input from various community and business leaders like you and your colleagues regarding the appointment of the next President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. While I appreciate your suggestion to include Mr. Matsubayashi, who chairs the Bank's Community Advisory Council, as part of the official selection committee, the Federal Reserve Act stipulates that only the Class B and Class C directors (those not affiliated with banks or financial institutions) are eligible to participate in the appointment process. As such, Mr. Matsubayashi is unable to serve in this capacity. However, we recognize that he is doing an outstanding job leading the Community Advisory Council, and we would greatly value his input and suggestions, as well as input from you and your colleagues, regarding qualified candidates for this important role. I wish to thank you once again for reaching out and offering your support of this important undertaking. We look forward to continuing this open, constructive dialogue, and with your support, doing all that we can to find the absolute best person from a diverse candidate pool to lead the Federal Reserve Bank of San Francisco. Sincerely, Alexander R. Mehran Chair of the Board Federal Reserve Bank of San Francisco and Federal Reserve Agent cc: Danielle Beavers, Diversity and Inclusion Director, The Greenlining Institute David Adame, President and Chief Executive Officer, Chicanos Por La Causa Irma Morin, Chief Executive Officer, Community Council of Idaho Jerome Powell, Chairman, Board of Governors of the Federal Reserve Jordan Haedtler, Campaign Manager, Fed Up, Center for Popular Democracy Jose Villalobos, Senior Vice President, TELACU Lael Brainard, Governor, Board of Governors of the Federal Reserve Orson Aguilar, President, The Greenlining Institute Paulina Gonzalez, Executive Director, California Reinvestment Coalition Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve Seema Agnani, Executive Director, National Coalition for Asian Pacific American Community Development Coalition's Response to Chair Mehran's LetterMay 4, 2018
Alexander R. Mehran Chair of the Board Federal Reserve Bank of San Francisco
Dear Mr. Mehran:
Thank you for your letter dated April 20 and for your commitment to finding a San Francisco Fed president who “understands and is able to represent the varied needs and interests of the richly diverse people and business communities throughout the Twelfth district.”
We appreciate that the San Francisco Federal Reserve Bank has shown its commitment to public representation by strengthening diversity among Reserve Bank staff. Unfortunately, that commitment has not extended to the position of President. Similarly, diversity and public representation on the San Francisco Fed’s governing board remains lacking. The Twelfth District is one of the most demographically diverse districts in the country, yet a recent analysis by the Center for Popular Democracy found that the San Francisco Fed’s board of directors is the least diverse in the Federal Reserve System.
Your letter indicated that it would not be possible to include a Community Advisory Council member on the search committee because “only the Class B and C directors (those not affiliated with banks or financial institutions) are eligible to participate in the appointment process.” We would like to clarify our request regarding Mr. Matsubayashi’s inclusion. Following established precedent, Mr. Matsubayashi can play a critical advisory role on the search committee by suggesting, interviewing, and advising on candidates under consideration. We are not suggesting or expecting that he would have final decision-making authority over which candidate is ultimately chosen.
The Federal Reserve Act clearly designates Class B and C directors as the final arbiters of who serves as president of each Reserve Bank. We do not agree that inclusion of a member of the public on the search committee would in any way violate the law. We have consulted with legal experts on the Federal Reserve Act, and they concur. Whenever a regional Reserve Bank encounters a presidential vacancy, it is customary to hire an executive search firm to identify and vet candidates who can fill that vacancy. We posit that employees of those executive search firms are participating in the search process. In 2014, outgoing Dallas Fed President Richard Fisher solicited the participation of non-Class B/C directors when he reportedly convened an advisory committee consisting of former Dallas Fed chairmen to help choose his successor.2 Freedom of Information Act requests have also revealed that members of the Board of Governors have occasionally suggested candidates to fill Reserve Bank presidential vacancies, thereby going beyond the final approval role that the Federal Reserve Act prescribes for governors. We fail to see how the inclusion of Mr. Matsubayashi on the search committee in an advisory capacity is distinguished from these other examples of involvement by non- Class B and C directors in recent Reserve Bank presidential selections.
In your letter of April 20th, you identified the establishment of the Community Advisory Council as an important step toward giving an “even stronger voice to those representing underserved communities,” in the District. The Council includes individuals selected by the San Francisco Fed itself as credible representatives of diverse communities. If the San Francisco Fed is unwilling to find a way to meaningfully include a leading member of that advisory council in the selection process for the next President, it is difficult to understand how underserved communities are truly gaining a stronger voice.
It is also difficult to be assured that people of color will be given due consideration for the position of President when communities of color and other important segments of the District’s population are not adequately reflected in the selection process. Despite clear calls for consideration of diverse candidates from members of Congress and the public, the last two Reserve Bank presidential vacancies have resulted in the selection of white, male, longtime Fed insiders. Including the Chair of the San Francisco Fed’s Community Advisory Council on the search committee in San Francisco is an essential step to maintain the credibility of the selection process for the next President of the San Francisco Fed.
In light of this clarification, we respectfully request that you consider including the Chair of the San Francisco Fed’s Community Advisory Council in the search process in a manner consistent with the Federal Reserve Act. If the San Francisco Fed chooses not to accept this recommendation, we would appreciate an explanation as to why. Regardless of your decision, we look forward to your continued collaboration as you take on the important responsibility of finding a qualified candidate to fill a policymaking role of crucial importance to the public.
Thank you for your service to the 12th District and our nation.
Respectfully submitted,
California Reinvestment Coalition Greenlining Institute Center for Popular Democracy Community Council of Idaho Chicanos Por La Causa NALCAB – National Association for Latino Community Asset Builders National Coalition for Asian Pacific American Community Development TELACU
cc: Jerome Powell, Chairman, Board of Governors of the Federal Reserve Lael Brainard, Governor, Board of Governors of the Federal Reserve Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve
Latinos Have The Highest Mortality Rate In Accidents Of The New York Construction Industry
Latinos Post - February 26, 2014, by Jorge Calvillo - The Hispanic and immigrant population employed in the...
Latinos Post - February 26, 2014, by Jorge Calvillo - The Hispanic and immigrant population employed in the construction industry in the state of New York is the ethnic group most vulnerable to fatal accidents in the workplace, according to a report by the Center for Popular Democracy.
According to El Diario NY, the data collected by the study shows that between 2003 and 2011, within the total amount of deaths by falls and accidents in construction areas registered in New York City, 60 percent of the deceased were Hispanic and/or immigrants.
This is an alarming figure because 75 construction workers die due to accidents per year in the state of New York, revealed journalist Blanca Rosa Vílchez, for news network Univisión.
The source points out that in New York, 41 percent of construction workers are Hispanic. However, the report released on Thursday showed that 74 percent of the deaths by accidents belong to that same ethnic group.
Last September 24, construction workers in Brooklyn protested to demand better safety conditions in their workplaces, after they reported a significant rise in accidents related to the low investment in safety that companies offer, which has caused severe accidents which in many cases have taken the lives of workers, who receive a minimum salary.
Back then, El Diario NY reported that the workers protested at 227 Carlton Avenue in Fort Greene, where a 62-year-old worker lost his life when the roof of one of the buildings he was working on collapsed onto him on September 10.
According to the protestors, contractor companies in New York buy low-quality materials to save some money and don't invest in safety courses for their workers, which leaves construction workers in a perilous situation.
The Latino community working in the construction industry is double vulnerable in this situation, since many of the workers are undocumented immigrants, and if they suffer an accident, they don't report the construction company for fear of being deported or fired.
As if this were not enough, if violations of safety norms are reported, the fines against construction companies are very low, which makes it easy for them to continue ignoring safety norms in construction sites.
Univisión highlights that the fines construction companies face are no higher than $2,000 in case of an accident, and $12,000 if a worker dies, a figure that reflects the dimensions of the risks that construction workers must face every day.
Source
CFPB says Education is obstructing access to Navient records
CFPB says Education is obstructing access to Navient records
YOUTH ‘LOBBY DAY’ LOOKS TO DISCIPLINE GUIDELINES: More than 100 young activists are expected to gather in front of the...
YOUTH ‘LOBBY DAY’ LOOKS TO DISCIPLINE GUIDELINES: More than 100 young activists are expected to gather in front of the Education Department today and call on Education Secretary Betsy DeVos to maintain Obama-era guidelines aimed at addressing racial bias in school discipline policies. DeVos is chairing a White House school safety commission that’s considering whether to rescind the guidelines over concerns that they burden school districts and potentially keep violent students in the classroom. The activists are also expected to visit the offices of Senate Minority Leader Chuck Schumer, Sen. Kirsten Gillibrand (D-N.Y.), Rep. Nydia Velazquez (D-N.Y.) and Sen. Chris Murphy (D-Conn.), urging them to sign a pledge and “prohibit federal funding for any school policing or criminalization of schools and invest in restorative justice, and mental health supports and resources for schools, students, and families,” according to a release. The “youth-led lobby day” is being organized by left-leaning groups including the Center for Popular Democracy, Make the Road New York and the Urban Youth Collaborative.
Read the full article here.
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.
Campaign regulatory board stymied by Legislature
Minnesota’s campaign finance regulatory board heads into election season with its slimmest possible board membership...
Minnesota’s campaign finance regulatory board heads into election season with its slimmest possible board membership for taking action after the Legislature failed to confirm two appointees before adjourning its session.
Two appointments before lawmakers got hung up over concerns raised by Senate Republicans about the DFL political background of Emma Greenman. Campaign Finance and Public Disclosure Board appointments require confirmation from the House and Senate on a three-fifths vote; the House supplied sufficient votes to confirm Greenman and former Republican state Rep. Margaret “Peggy” Leppik during the session’s final day.
Board chairman Christian Sande said Friday that it could be August before the board is back to full strength. That’s because of the legal steps Gov. Mark Dayton must take to fill the slots, by which time election contests will be in full swing and campaign finance complaints will be streaming in.
“It means for the board to take any action the votes have to be unanimous,” Sande said. “I don’t know that it handicaps us. But it certainly does indicate that where in the past with six active members of the board it might be easier to arrive at four votes to achieve something.”
Absence of a single member would deprive the board of the quorum it needs to even meet.
The remaining members would have to be in complete agreement to impose any penalties, issue any advisory opinions or take other substantive action because state law requires four votes in favor when the typically six-member board makes decisions.
Campaign finance board appointments always have come with more political sensitivity and scrutiny than most agencies. In fact, state law dictates a specific political makeup and that some members be former lawmakers.
Greenman and Leppik had been serving on the board pending confirmation but their appointments were considered null when the Legislature adjourned without positive votes.
A Dayton spokesman says the governor plans to resubmit their names once the openings are posted, which would allow them to serve again until the Legislature returns next year and takes another look. It’s not clear when that could happen.
Sen. Scott Newman of Hutchinson said he and his Republican colleagues weren’t willing to confirm Greenman because of past and present political activity.
“Is this someone who would be able to set aside partisan politics and render judgment as to violations of campaign finance laws? We really doubted it,” Newman said in a phone interview. “We were very concerned about it because of the degree of involvement in political partisanship.”
He added, “This is not a personal attack on her. It is simply a realization of her past activities. She was a very politically active person.”
Greenman, a 36-year-old Minneapolis lawyer, is director of voting rights and democracy for the Center for Popular Democracy. Past stints include work for the Wellstone Action organization formed after the death of Sen. Paul Wellstone and for a Minnesota unit of the Service Employees International Union. In her appointment materials, she lists her political affiliation as with the DFL.
Greenman didn’t immediately return a call or email inquiring about her intentions moving forward said in an email Friday that the lack of a vote was disappointing. She said she is considering reapplying and has been encouraged to do so.
“I have had the pleasure of of serving on the board since January and believe it plays an important role in supporting and protecting Minnesota’s democracy,” she wrote.
In a packet compiled in connection with her earlier appointment, Greenman disclosed details about her past political involvement and her present job, which she said posed no conflict with a campaign board role and didn’t encompass campaign finance matters.
“At this point in my career I am able to serve on the board without any direct conflicts of interest. I do not work for any candidates or any political campaign committees. I do not currently represent the Minnesota DFL or any party official or political candidate,” she wrote in a November letter to Dayton seeking the appointment.
By Brian Bakst
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Watch the video for Death Cab For Cutie's new anti-Donald Trump song Read more at http://www.nme.com/news/death-cab-for-cutie/97016#EkDo9zizovyxV1uy.99
Watch the video for Death Cab For Cutie's new anti-Donald Trump song Read more at http://www.nme.com/news/death-cab-for-cutie/97016#EkDo9zizovyxV1uy.99
Death Cab For Cutie have released a new anti-Donald Trump song. The track, 'Million Dollar Loan', is one of...
Death Cab For Cutie have released a new anti-Donald Trump song.
The track, 'Million Dollar Loan', is one of 30 tracks being released over the next 30 days in the final run in to the US Presidential election. Watch the video below.
Other artists who will feature on the anti-Trump '30 Days, 30 Songs' compilation, include My Morning Jacket’s Jim James, Aimee Mann and Thao Nguyen. A previously unreleased live track by R.E.M will also feature.
"Lyrically, 'Million Dollar Loan' deals with a particularly tone deaf moment in Donald Trump's ascent to the Republican nomination,” said Death Cab For Cutie frontman Ben Gibbard. "While campaigning in New Hampshire last year, he attempted to cast himself as a self-made man by claiming he built his fortune with just a 'small loan of a million dollars' from his father. Not only has this statement been proven to be wildly untrue, he was so flippant about it. It truly disgusted me.
“Donald Trump has repeatedly demonstrated that he is unworthy of the honour and responsibility of being President of the United States of America, and in no way, shape or form represents what this country truly stands for. He is beneath us."
You can purchase 'Million Dollar Loan' here. All of 30 Days’ proceeds will go to the Center for Popular Democracy and their efforts toward Universal Voter Registration in America.
Earlier today (October 10), the music world reacted to the second US Presidential town hall debate with Hillary Clinton and Donald Trump.
By DAMIAN JONES
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