Yellen, Departing Fed, Will Join Brookings
Yellen, Departing Fed, Will Join Brookings
Fed Up, a coalition of unions and community groups, said it would deliver a giant “Thank You” card to the Fed on Friday...
Fed Up, a coalition of unions and community groups, said it would deliver a giant “Thank You” card to the Fed on Friday afternoon to celebrate Ms. Yellen’s success in reducing unemployment.
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New Report Says NYC Latino Construction Workers Disproportionately Die On The Job
Fox News Latino – October 24, 2013 - A disproportional number of Latino construction workers in New York City die...
Fox News Latino – October 24, 2013 -
A disproportional number of Latino construction workers in New York City die while on the job compared to their coworkers of other races, according to a new report.
From 2003 to 2011, three-fourths of construction workers who died were either U.S.-born Latinos or immigrants, according to a review of all of the fatal falls on the job investigated by the Occupational Safety and Health Administration, an agency of the federal Labor Department.
“The data we have demonstrates that Latinos and immigrants are more likely to die in these types of accidents,” Connie Razza, from the Center for Popular Democracy, which compiled the report, told the New York Daily News.
Construction safety advocates and a study by the New York State Trial Lawyers Association cited safety violations on job sites run by smaller, non-union contractors and an unwillingness by some undocumented workers to report violations as main reasons for the high number of deaths among Latino workers.
“Contractors aren’t taking simple steps to protect their workers,” said Razza. “They are not providing the training and the safety equipment that are required by law.”
While New York may have a surprisingly high number of deaths of Latino construction workers, numbers nationwide for Hispanic deaths on the jobs are also greater than any other group.
OSHA reported that 749 Latino workers were killed from work-related injuries in 2011— more than 14 deaths a week or two Latino workers killed every single day of the year. While 12 percent of all fatal work injuries in 2011 involved contractor work, Latinos made up 28 percent of fatal work injuries among contractors — well above their 16 percent share of all fatal work injuries in 2011.
Advocacy groups in New York are working to combat any changes to the state’s scaffolding law, which organizations like Razza’s the Center for Popular Democracy say gives incentive to keep workplaces safe.
Contractors argue that the law, which holds owners and contractors who did not follow safety rules fully liable for workplace injuries and deaths, has caused their insurance costs to skyrocket.
New York lawmakers, however, has historically blocked any of the proposed changes to the law.
“All we’re looking for is the ability to have the same right as anybody else would in the American jurisprudence system,” said Louis J. Coletti, president and CEO of the Building Trades Employers’ Association.
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Is the Fed Due for a Revamp?
US News & World Report - November 13, 2014, by Katherine Peralta - Building on momentum from earlier this year, a...
US News & World Report - November 13, 2014, by Katherine Peralta - Building on momentum from earlier this year, a group of policy advocates, economists and community organizations is calling for more transparency at the Federal Reserve, imploring that the Fed consider the plight of many who haven’t enjoyed the kind of recovery that recent positive economic data suggest.
The push for more access to the Fed is gaining momentum among the public and in Congress, though revamping a decades-old central banking system that’s helped stabilize the economy through multiple crises is not without controversy.
As two of the Fed’s most vocal critics of its current monetary policy near their retirement at the beginning of next year, a coalition called “Fed Up” is asking that the public have more say in the process of appointing their replacements and future Fed leaders. Members sent letters outlining their concerns to the Fed and will meet Friday with Fed Chair Janet Yellen in the District of Columbia.
As it progresses toward its dual objective of price stability and full employment, the Fed has said it will eventually raise short-term interest rates, which have been kept near zero since 2008 to stimulate growth. The coalition says since the economy isn’t yet strong enough to stand on its own, the Fed should maintain its easy-money policies, which make lending cheap for borrowers and businesses but don’t do much to boost those on fixed incomes like retirees.
“We're going to talk about our request that the Fed create more transparency in a democratic process for appointments and that it adopt more pro-jobs, pro-wages policies, more expansionary policies, so as to get us to full employment,” says Ady Barkan, staff attorney at the left-leaning Center for Popular Democracy, which is part of the coalition. “They need to target higher wage growth instead of stepping on the brakes the moment that wages start to rise, which is what the hawks want to do."
The term "hawk" refers to those who see the labor market as strong enough to merit a faster interest rate hike to keep inflation in check and pertains to outgoing regional Fed bank presidents Richard Fisher of Dallas and Charles Plosser of Philadelphia. Doves, like Yellen, believe that there is still enough slack in the labor market to warrant maintaining as low interest rates as possible.
Each of the 12 regional Federal Reserve banks selects its own president through a process that’s criticized as rather opaque. Those presidents rotate on five of the 12 seats on the Federal Open Market Committee, the group at the Fed that sets interest rates. The remaining seven members of the committee, including Yellen, are appointed by the president and confirmed by the Senate.
The 12 regional presidents report back to the rest of the Fed about economic trends from their respective districts on a regular basis – a compilation of data amalgamated in a “Beige Book” published eight times a year and used to assess the economy’s health.
A spokeswoman for the Philadelphia Fed said it has retained the services of executive search firm Korn Ferry to replace Plosser and “will consider a diverse group of candidates from inside and outside the Federal Reserve system.” A Dallas Fed representative said the bank’s board of directors is meeting today to discuss the presidential search process to replace Fisher.
Stronger economic data this year have prompted many to wonder whether the Fed should start raising interest rates sooner rather than later. The U.S. economy’s reached the lowest jobless rate in six years and has enjoyed the strongest stretch of job gains since 1999.
But the coalition argues that despite what the national numbers may say about the recovery, they don’t necessarily speak to the experience of a lot of people who still feel the recession in their communities.
Even though the Dallas metropolitan area had one of the strongest monthly job gains in the country in September and has a jobless rate of 5 percent, well below the national rate of 5.8 percent, Connie Paredes, a volunteer with the Texas Organizing Project who will meet with Yellen Friday, says the economy in Dallas still feels “not that great.”
“There are a lot of statistics out there about the unemployment rate and how things have gotten better. It doesn't really reflect the fact that there is a lot of underemployment,” Paredes says. “There are a lot of college graduates who aren't able to find jobs. There are a lot of professionals who have to take on extra jobs in order to make ends meet.”
But attempting to change the appointment system might not be the solution to get more “everyday” voices before the Fed. Guy Lebas, chief fixed income strategist at Janney Capital Markets, says it’s a “solution in search of a problem.”
“There’s very little wrong from an economic perspective with how the Fed selection process works now, and a majority of the members who have input into monetary policy are democratically selected,” Lebas says.
Yellen herself has said it’s important to maintain a diverse group of viewpoints within the Fed.
“I believe decisions by the Federal Reserve Board and the Federal Open Market Committee are better because of the range of views and perspectives brought to the table by my fellow policymakers, and I have encouraged this approach to decision-making at all levels and throughout the Fed System,” she said in an Oct. 30 speech in Washington.
There’s also a push in Congress for changes at the Fed. The new GOP leadership could introduce a new version of former congressman and presidential candidate Ron Paul’s Audit the Fed bill, which, as its name implies, calls for a full audit of the Fed – including internal discussions on monetary policy – by the Government Accountability Office. Critics worry if passed, the bill would allow Congress to interfere with the Fed’s decision-making.
And a level of independence from the public may not be such a bad thing, says Gary Burtless, a senior fellow at the Brookings Institution, citing the Fed’s handling of the economic crisis – which included bailing out large financial institutions and beginning unprecedented and controversial economic stimulus programs.
“I realize many things the Fed did, although most economists think were entirely justified, are still immensely unpopular among the public, but so what?” Burtless says. “We do have this layer of insulation that I think we should protect. The events of 2007 through 2009 confirm the absolute importance of having that level of insulation so that members of the Federal Reserve Board don’t worry that their deliberations, their decisions about monetary policy, are going to be immediately undone by populist and perhaps poorly understood objections from the general public.”
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Ballot fight probable over higher Arizona minimum wage
Ballot fight probable over higher Arizona minimum wage
PHOENIX — Backers of a proposal to raise the state’s minimum wage to $12 an hour by 2020 claim they’ve already got...
PHOENIX — Backers of a proposal to raise the state’s minimum wage to $12 an hour by 2020 claim they’ve already got more than half the signatures they need, potentially setting the stage for an expensive fight with restaurants and other businesses.
Tomas Robles said Tuesday the campaign he is heading has 90,000 signatures in hand. But he conceded it will likely need far more than the minimum of 150,642 names on petitions by the July 7 deadline to ensure the measure goes on the November ballot.
Robles said the group has at least $200,000 to supplement its volunteers with paid circulators to more than meet the goal.
That would provide voters the first opportunity to update the law they approved in 2006, which created a $6.75-an-hour state minimum wage the first year, when the federal government said employers could pay as little at $5.15.
With inflation adjustments required by voters, Arizona’s minimum wage is now $8.05 an hour versus the $7.25 federal minimum. Presuming 2 percent inflation per year between now and the end of the decade, Arizona’s figure still would be below $9.
The 2016 initiative contains something new: A requirement for paid sick leave of 40 hours a year for employees of companies with 15 or more workers. For smaller firms, the paid time off would be 24 hours.
One thing will be different this year than a decade ago. At that time the business community, confident a state like Arizona would never vote to increase wages, didn’t bother to mount a campaign against the 2006 initiative. The result was a blowout, with the measure passing by a margin of close to 2-1.
Glenn Hamer, president of the Arizona Chamber of Commerce and Industry, said Tuesday that business interests won’t make that mistake again.
“I would expect you’d see a very strong response to this, and a very broad response from chambers, major trade associations like the (Arizona) Restaurant Association to fight this should it qualify (for the ballot),” he said.
Hamer said the change would be particularly damaging for small businesses, which would be forced to provide immediate wage increases that could amount to $3 an hour.
He said that is coming on top of increased costs for health insurance for firms that provide such benefits to their workers. “Some simply won’t be able to survive,” he said.
But proponents are hoping to counter that by building a coalition of small businesses that say they can live with a $12 minimum wage.
At Tuesday’s news conference, one of the members, Stephanie Vasquez, owner of Fair Trade Coffee in Phoenix, detailed her support.
“I deeply believe that as an entrepreneur and as a human being that people should be treated with respect and dignity,” she said. Vasquez said the majority of her staffers already are being paid more than the $12 the initiative would mandate.
Arizona’s current $8.05 minimum wage translates to $16,744 a year.
For a single person, the federal government considers anything below $11,880 a year to be living in poverty. That figure is $16,020 for a family of two and $20,160 for a family of three.
Robles, former executive director of Living United for Change in Arizona, said that organization has put $200,000 into the campaign, much of it from a grant from The Center for Popular Democracy, an organization involved in efforts to establish a $15 minimum wage nationally. Campaign-finance reports also show $25,000 from The Fairness Project, which is working to push states to set minimum wages.
By Howard Fischer
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Healthcare protesters arrested at Republican Senate offices
Healthcare protesters arrested at Republican Senate offices
At least 20 health care activists with pre-existing conditions were arrested during sit-ins at Republican senators’...
At least 20 health care activists with pre-existing conditions were arrested during sit-ins at Republican senators’ offices on Capitol Hill on Wednesday, with the numbers of arrests poised to skyrocket into the hundreds.
The sit-ins were organized by a coalition of liberal interest groups to protest the lack of protections for people with pre-existing conditions in the Republican health care bill, which has temporarily stalled in the Senate. As they obstructed access to the senators’ offices, tens of activists were arrested by Capitol Police in a show of civil disobedience.
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7 days ago
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