Protesters to Call on Dimon, Schwarzman to Quit Trump Council
Jamie Dimon and Stephen Schwarzman are facing renewed criticism for their ties to President Donald Trump. Protesters...
Jamie Dimon and Stephen Schwarzman are facing renewed criticism for their ties to President Donald Trump.
Protesters will descend on JPMorgan Chase & Co.’s headquarters in New York on Wednesday with more than 400,000 petitions collected across the U.S., according to a statement from groups including the Center for Popular Democracy and Make the Road New York. The groups are calling for Dimon, the chief executive officer of JPMorgan, and Schwarzman, Blackstone Group LP’s CEO, to quit Trump’s Strategic and Policy Forum.
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Seattle passes scaled-back tax on Amazon, big companies
On Monday, about 40 elected officials from across the United States, some representing local governments in the running...
On Monday, about 40 elected officials from across the United States, some representing local governments in the running to host Amazon’s second headquarters, published an open letter to Seattle in support of the head tax and expressing concern that Amazon opposed the measure. “By threatening Seattle over this tax, Amazon is sending a message to all of our cities: we play by our own rules,” the officials wrote.
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Lacker to Tell Congress the Fed Doesn’t Need an Overhaul
Lacker to Tell Congress the Fed Doesn’t Need an Overhaul
Federal Reserve Bank of Richmond President Jeffrey Lacker is set to tell a congressional panel Wednesday the U.S....
Federal Reserve Bank of Richmond President Jeffrey Lacker is set to tell a congressional panel Wednesday the U.S. central bank’s structure is effective, and that he is reluctant to see it altered in any major way.
In an interview with The Wall Street Journal, Mr. Lacker said the U.S. central bank—with its Washington-based board of governors and 12 quasiprivate, quasigovernmental regional banks across the country—“works well.”
The Federal Reserve, created more than a century ago, might seem like “an archaic structure, but the choices and trade-offs they were facing then are still relevant choices and trade-offs now. Our federated structure reflected a desire to ensure that the diversity of views were reflected in monetary policy,” he said.
Mr. Lacker spoke to the Journal on Thursday in his office overlooking the James River, ahead of speech in which he argued the Fed was increasingly likely to face trouble if it doesn’t raise short-term interest rates soon.
The veteran central banker—he is the longest-serving regional Fed bank president—and Kansas City Fed President Esther George are scheduled to testify Wednesday before the House Committee on Financial Services’ Monetary Policy and Trade subcommittee. They will discuss the structure of their banks and “how it relates to the conduct of monetary policy and economic performance.”
The Fed in recent years has faced critics from the right and left who would like to change the way the central bank operates. Some Republican lawmakers, for example, want to give Congress more scrutiny over the Fed’s interest-rate-setting policy actions via formal government audits, something central bankers have long argued would make policy-making more political and ultimately less effective.
Some left-leaning activists and Democrats, including the campaign of presidential nominee Hillary Clinton, have called for bankers to be removed from the boards overseeing the regional Fed banks.
Members of the Center for Popular Democracy’s Fed Up campaign, working with a former top Fed staffer, have gone further. They have called for the regional Fed banks, which are technically owned by private banks via nonvoting shares, to be moved fully into government. The group also has sought a more open process to select bank presidents, and to take stock of their performance once they are on the job.
“I completely understand the heightened attention the Fed has gotten” in light of the dramatic actions it took over the course of the financial crisis and its aftermath, Mr. Lacker said. “We’re America’s central bank. And I think it’s a discussion worth having.”
Some of the criticism of the Fed owes to misunderstandings, Mr. Lacker said. But he added, “I’d agree we could do a better job of explaining our governance.”
By and large, Mr. Lacker said the current setup has proved to be the best in terms of setting policy and achieving the independence most economists believe is critical for effective central banking, a view shared by other regional Fed bank chiefs.
He said the regional banks, part-private and part-public organizations, are afforded independence to provide views protected from political interference. Turning the regional Fed banks into fully governmental institutions would compromise that and relieve the board of governors of a vital counterweight, Mr. Lacker said.
“Preserving that diversity of views, preserving the independence of the reserve bank president’s role in monetary policy, is an exceptionally high value,” he said.
Mr. Lacker also said the regional Fed banks’ boards of directors, drawn from a mix of local business and community leaders, as well as bankers, provide insight into local economic developments. These directors also offer operational insight to the central bank, a large service provider to financial institutions on a variety of fronts, he said.
The U.S. central bank, which is a major financial industry regulator, has long faced criticism because bankers serve on the boards of directors of the regional Fed banks. Critics say it is a conflict of interest because it allows banks to oversee their supervisor. Fed officials reject this view, saying that its regulatory activities, while carried out largely by the regional banks, are directed out of Washington.
“I think we all appreciate the—you know, I think [former Treasury Secretary and New York Fed President] Tim Geithner called it the optics issue, or optics problem” of the ownership structure and board composition, Mr. Lacker said. “As a practical matter, it’s not an issue.”
Mr. Lacker said that private bank ownership of the regional Fed banks isn’t like corporate ownership because the banks’ shares don’t have voting rights. He also said the regional boards have “a classic American governance role” and he rejected the idea that there would be any conflicts of interest faced by the board members.
Mr. Lacker said he welcomes meeting with Fed critics.
Many are activists “trying very hard to do what they can to improve lives. And you know, you can’t help but come away from conversations like that with a deep appreciation of the struggles and challenges that many of our—you know, many people in our country face,” Mr. Lacker said. He added, “I commend them for their interest in us and the willingness to engage in conversation with us.”
By Michael S. Derby
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Fed Up Coalition comes to Jackson to join the conversation on Economic Policy
People in green shirts stating “Let Our Wages Grow” and “Who’s Recovery?” are all over the main lobby and outdoor areas...
People in green shirts stating “Let Our Wages Grow” and “Who’s Recovery?” are all over the main lobby and outdoor areas of the lodge.
As officials meet for the Economic Policy Symposium, the Fed Up Coalition consisting of workers, economists, and allies are holding a conference simultaneously to discuss ways to foster full employment, higher wages and racial equality.
Ed Donaldson, who is with the San Francisco Alliance of Californians for Community Emplowerment is here to join the conversation on interest rates, unemployment and how the decisions of the Federal Reserve impact Americans.
“We are here exercising our democracy,” said Donaldson. “Monetary policy and the activities of the Federal Reserve are so very important.”
Between 75-100 representatives for the Fed Up Coalition from all over U.S. are at the Jackson Lake Lodge to voice their opinion.
“We have people here who represent every Federal Reserve district across the country. Many have met with Federal Reserve presidents in their area, which has been a very interesting dialog,” he added.
According to Donaldson, instead of looking at abstract data, it is important to have people who can tell you first hand how the economy is impacting them.
“I don’t think numbers tell the whole story about what’s going on. We have a high number of long term unemployed people and a high rate of underemployment. The Federal Reserve assisted Wall Street in getting them out of trouble and we think it’s only democratic that they begin to look at main street and look at ways they can help,” he added.
The Fed Up Coalition’s voice is beginning to be heard. Donaldson mentioned that the Federal Reserve is creating a Community Advisory Counsel, where they will select 15 people to help get insight from the ground.
“I am happy to be here. I think in many ways this is historic,” said Donaldson. “We sort of butted into the conversation, but I think it is far too important of an issue to let this conversation take place and not ask questions.”
The 2015 Economic Symposium’s central theme is “Inflation Dynamics and Monetary Policy,” and takes place August 27-29 at the Jackson Lake Lodge in Grand Teton National Park.
Source: Buckrail
AG-elect Ellison announces transition team
Minnesota Attorney General-elect Keith Ellison announced a 36-member transition advisory board on Monday that includes...
Minnesota Attorney General-elect Keith Ellison announced a 36-member transition advisory board on Monday that includes state legislators, prominent attorneys, union members — and even a past political opponent.
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Extraordinary organizing effort to assist undocumented immigrants impacted by the #FlintWaterCrisis needs YOUR help
Art Reyes III is Director of Training and Leadership Development at Center for Popular Democracy. He along with the...
Art Reyes III is Director of Training and Leadership Development at Center for Popular Democracy. He along with the Genesee County Hispanic Latino Collaborative and a powerful group of organizers from around the country are working in Flint to be sure undocumented immigrants in Flint are getting the help they need in the midst of the water crisis there. The need is real. Many undocumented people are not getting the information they need and still more are too afraid of being detained to go to water distribution sites. It’s a legitimate fear as the U.S. Department of Immigration and Customs Enforcement (ICE) is reported to detaining people in grocery stores and other areas around Flint:
Juani Olivares, says there are roughly a thousand undocumented immigrants in Flint – and many have spent years hiding from authorities to avoid deportation.
“Water was being delivered,” she says, “and they (immigrants) were not opening the door. Because that is the one rule. Do not open the door.”
Let’s face it, undocumented immigrants aren’t paranoid: The government really does want to get them.
Juani Oliveras works with the Genesee County Hispanic/Latino Collaborative. She says rumors are flying about sporadic raids at grocery stores.
“That’s another reason why people are not getting the water,” she says.
What’s worse is that many of these folks are still boiling water before drinking it because that’s what they have been told to do in the past when e. colicontaminated the city’s drinking water. In the case of lead contamination, however, it’s exactly the WRONG thing to do because it concentrates the lead even further.
This past Wednesday, Reyes and other organizers held a training for lead canvassers in Flint, setting the stage for what they hope will become regular daily canvasses until the water issue is resolved.
I spoke with Reyes after the organizing meeting to get a better understanding of what they are hoping to accomplish. He told me that there is currently no infrastructure in place to do what needs to be done in the undocumented community so they are literally building it as they go. He told me that there are an estimated 1,000 undocumented people in Flint. The goals of his group are fourfold:
First, they want to educate people about the water situation to ensure they know what precautions to take and what things to avoid (like boiling the water.)
Second, they want to make sure people are getting the water, water filters, and other necessary items that they need to stay healthy. The state has already been neglected this marginalized population and the poisoning of Flint’s drinking water is making things much, much worse.
Third, they are collecting stories from people. Unless the stories of those who are impacted are lifted up and heard, there will be nothing to stop this from happening again.
Fourth, they are trying to create a database of undocumented immigrants so that they can continue to work with them as needed until the crisis is over. This one is very difficult. The idea of getting into any database is, of course, the greatest fear of people here without documentation.
Finally, they are working to build a database of partners and volunteers who can help them with their effort.
How can you help? There are several ways. First, you can donate money. The Genesee County Hispanic Latino Collaborative has set up a fundraising page HERE.
Second, you can volunteer your time and resources to the effort. This will be an ongoing project and they will need assistance for the foreseeable future. Spanish-speaking volunteers are in particularly high demand. They also need things like storage and organizing spaces, trainers, printing, and all of the things that go along with a long-term effort like this. Click HERE to volunteer.
Third, you can donate water.
Finally, educate yourself about the issue. A good starting point is this essay by Art Reyes titled, “I Grew Up in Flint. Here’s Why Governor Snyder Must Resign. “.
One of the groups assisting with this effort is a small non-governmental agency (NGO) called Crossing Water. The group is headed up by social worker Michael Hood who has brought together around 150 social workers from around the country along with several hundred other volunteers and donors. They have already put up several billboards around Flint in both English and Spanish letting people know not to boil the water. They have plans for more billboards, including trailer mounted billboards that they can drive around Flint. They are also using donations to pay for public service announcements on television and radio. They’ve created videos on how to properly install and use water filters and teaching new parents not to use tap water to mix with baby formula. They have recruited plumbers to help replace lead-containing plumbing. This single group is making a huge difference.
Please do what you can to help with this important outreach effort. There are literally lives on the line, including the lives of babies and children.
Source: Eclecta Blog
The White House announced that it would nominate Randy Quarles to a vacant seat on the Federal Reserve’s Board of Governors
The White House announced that it would nominate Randy Quarles to a vacant seat on the Federal Reserve’s Board of Governors
Quarles would take the lead on rolling back any banking regulation under the Trump administration as vice chairman for...
Quarles would take the lead on rolling back any banking regulation under the Trump administration as vice chairman for supervision, a post created by the 2010 Dodd-Frank Act …
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Legal Experts Pan US for Disappointing Human Rights Record
MSNBC - April 17, 2015, by Willa Frej -The United States has a record of human rights abuses despite its position as a...
MSNBC - April 17, 2015, by Willa Frej -The United States has a record of human rights abuses despite its position as a leading voice on human rights issues worldwide, legal experts said at a forum here on Friday, from water shutoffs in Detroit and widespread police brutality to Guantanamo Bay and drone strikes. The alleged abuses include asserting immunity from and not ratifying certain international rights laws and treaties, not joining the International Criminal Court, and supporting governments with abysmal rights records of their own.
Experts at the forum, which took place at Hunter College and previewed the country’s upcoming human rights review by the United Nations, acknowledged that the U.S. is not typically considered an egregious human rights abuser. But a simple look beneath the surface, panelists said, uncovers a staggering range of human rights issues:
Lack of healthcare. Despite the Affordable Care Act’s success in promoting healthcare access, affordable health insurance is not available in many states and not accessible to undocumented immigrants. In a state like Texas, where restrictions sharply limit access to reproductive health, Latina women are twice as likely to contract cervical cancer and 30% more likely to die from it, Katrina Anderson from the Center for Reproductive Rights said.
Water shutoffs. In Detroit, 14,000 households and 38,000 people were without water at the end of 2013, according to Rob Robinson of the National Economic & Social Rights Initiative, after the city implemented a program that shut off water in households that couldn’t pay their bills. More 80% of the city’s population is African American, he added, and 40% live below the poverty line.
Police brutality. The U.S. is now experiencing what it’s like to be both over-policed and under-protected, the Center for Popular Democracy’s Marbre Stahly-Butts argued. From the gripping videos capturing instances of police violence to the ensuing national outrage, there’s a new level of awareness around law enforcement abuses.
The response, which has largely centered around the implementation of body camera use by police, has felt inadequate to many, Stahly-Butts said, especially given the billions of dollars allocated to fighting terrorism overseas. “Why no war on racism?” she asked.
Gwen Carr, the mother of Eric Garner, who died as a result of a police chokehold last year, put a human face to the issue. “If there’s a crime, there should be accountability, whether you’re wearing blue jeans, a blue business suit, or a blue uniform,” she said. His tragedy, she said, was her motivation for speaking out on behalf of human rights, specifically urging police to abide by the same laws they enforce.
Indefinite detention and drone strikes. Despite an early push by President Obama to close Guantanamo Bay, 122 men remain in the prison without charge or trial. Fifty-six of these men have been cleared for transfer out of the prison, but just five transfers have taken place so far in 2015. In another counterterrorism offensive, the Obama administration has expanded the drone strike program in Pakistan and Yemen. The Center for Constitutional Rights’ Baher Azmy told the audience that the program has killed more than one thousand civilians since 2002.
Out-of-control surveillance. The U.S. government’s large-scale data dragnet, revealed by former NSA contractor Edward Snowden in 2013, is inconsistent with the universal Declaration of Human Rights, according to Faiza Patel, a co-director of the Brennan Center’s Liberty and National Security Program. The “collect-it-all” approach to surveillance eviscerates privacy, Patel argued, by allowing the government to listen in on Americans’ phone calls and read text, email and other online messages without sufficient oversight.
Other speakers were more hopeful. Catherina Albisa, a human rights lawyer with the National Economic & Social Rights Initiative, said the U.S. began as a fierce champion of human rights and described an “emerging landscape” of young people and protesters committed to economic justice through human rights. But government commitments to those rights have languished, Albisa argued, noting America’s “manufactured” water crisis and the closing of abortion clinics in Texas as evidence of deteriorating rights for U.S. residents.
Maria McFarland Sanchez-Moreno, co-director of Human Rights Watch’s U.S. Program, went further, suggesting the U.S. government undermines human rights standards. The U.S. is an active participant in the United Nation’s human rights review process, she explained, but the last set of recommendations resulted in zero domestic reforms. That lack of responsiveness could undermine the review’s credibility going forward, she warned.
The U.S. is set to undergo its second United Nations review in Geneva, Switzerland, on May 11.
Source
New York Fed taps Williams for top post, ignoring Democrats on diversity
New York Fed taps Williams for top post, ignoring Democrats on diversity
Sen. Elizabeth Warren (D-Mass.) had called for the co-chairs and Williams to appear before the Senate Banking Committee...
Sen. Elizabeth Warren (D-Mass.) had called for the co-chairs and Williams to appear before the Senate Banking Committee if Williams ended up as the choice. Fed Up co-director Shawn Sebastian said the coalition supports that call. “Today, the Fed concluded another opaque and controversial Reserve Bank presidential selection process by ignoring the demands of the public and choosing another white man whose record on Wall St regulation and full employment raises serious questions,” he said in a tweet.
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It’s Not Just Low Pay Stressing Out Part-Time Workers
Bill Moyers - July 24, 2014, by Neha Tara Mehta - Besides struggling to make ends meet because of low wages, millions...
Bill Moyers - July 24, 2014, by Neha Tara Mehta - Besides struggling to make ends meet because of low wages, millions of part-time workers in America also face uncertainty over when they will be called in to work. Irregular schedules and last-minute notice make it hard for these workers to find other work, go to school and make arrangements for child care or caring for aging parents.
As The New York Times reported last week:
About 27.4 million Americans work part time. The number of those part-timers who would prefer to work full time has nearly doubled since 2007, to 7.5 million. According to Bureau of Labor Statistics data, 47 percent of part-time hourly workers ages 26 to 32 receive a week or less of advance notice for their schedule.
In a study of the data, two University of Chicago professors found that employers dictated the work schedules for about half of young adults, without their input. For part-time workers, schedules on average fluctuated from 17 to 28 hours a week.
“Frontline managers face pressure to keep costs down, but they really don’t have much control over wages or benefits,” said Susan J. Lambert, a University of Chicago professor who interpreted the data. “What they have control over is employee hours.”
According to the National Women’s Law Center, food service workers experience a 70 percent average variation of work hours every month. For retail workers, the variation is 50 percent and for janitors and housekeepers, it’s 40 percent.
Lawmakers across the country are beginning to notice how irregular schedules complicate the lives of part-time workers, and are taking measures to address the problem. Employees of federal agencies now have the right to request work schedule flexibilities. Workers in San Francisco and Vermont can ask for a more flexible or predictable work schedule. In a report released in June, New York City comptroller Scott M. Stringer made a case for a legislation that would give employees the chance to make such requests “without fear of reprisal.”
Congress is swinging into action on this issue as well. On Tuesday, Representatives George Miller and Rosa DeLauro introduced the Schedules That Work Act. Miller admits that the bill may meet with opposition, but thinks that it will highlight “often callous scheduling practices.”
The Guardian reports that another version of the bill is brewing in the Senate:
Senators Tom Harkin and Elizabeth Warren are co-sponsoring of the Senate’s version of the bill. Carrie Gleason, co-founder of Retail Action Project, said [that] Warren will introduce the Senate version in upcoming weeks.
A single mom working two jobs should know if her hours are being canceled before she arranges for daycare and drives halfway across town to show up at work,” said Warren. “This is about some basic fairness in work scheduling so that both employees and employers have more certainty and can get the job done.”
Although some businesses are saying the bills would represent government overreach, the clothing store Zara has already promised to start giving its part-time employees two weeks notice on their work schedules.
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