Schumer and Pelosi on Opposite Sides of Budget Deal, As the Fate of DREAMers Hangs in the Balance
Schumer and Pelosi on Opposite Sides of Budget Deal, As the Fate of DREAMers Hangs in the Balance
After failing to force a government shutdown before Christmas, advocates from a variety of groups, including United We...
After failing to force a government shutdown before Christmas, advocates from a variety of groups, including United We Dream, The Center for Popular Democracy, and Make The Road, managed to convince Senate Democrats to do so in January.
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Escuelas Chárter: Encuesta Cuestiona su Función y Pone la Lupa en sus Finanzas
Miami Diario - March 4, 2015 by Donatella Ungredda - Existe una preocupación creciente entre padres, representantes,...
Miami Diario - March 4, 2015 by Donatella Ungredda - Existe una preocupación creciente entre padres, representantes, maestros y contribuyentes a nivel regional y nacional con relación al rendimiento y cumplimiento de los objetivos educativos establecidos para las escuelas chárter. Las escuelas chárter son una forma más libre de educación pública o privada. Usualmente son fundadas por padres o maestros, manejadas por organizaciones con y sin fines de lucro; funcionan independientemente del sistema de educación pública y hacen hincapié en métodos y aéreas educativas más específicas. Normalmente atienden a un universo mucho más variado de alumnos y deben cubrir los requerimientos de educación especial de los mismos. El tamaño de las clases es más pequeño y en general se espera que tengan un nivel de rendimiento superior al promedio ya que, en teoría, al ser más libres de ensayar nuevas metodologías los alumnos encuentran más oportunidades para explotar sus capacidades. Estas instituciones conviven con las escuelas públicas que están sometidas a los estándares y regulaciones del Departamento de Educación y se mantienen con fondos públicos así como recolección de fondos privados. El crecimiento del número de escuelas chárter a nivel nacional se ha duplicado tres veces desde su implementación en el año 2000, según Donald Cohen, Director Ejecutivo de la organización no gubernamental In The Public Interest (ITPI). Cohen, junto a Kyle Serrette del Centro para la Democracia Popular (Center for Popular Democracy, CPD), revelaron los resultados de una reciente encuesta realizada entre un universo de 1000 votantes: la gran mayoría apoya la existencia de las escuelas chárter, pero asimismo exige una más exhaustiva supervisión del funcionamiento de estas instituciones, así como la realización de auditorías en sus finanzas, dados los pobres resultados académicos y la falta de transparencia en su administración. "Las escuelas chárter han estado presentes desde hace 20 años, y su funcionamiento se implementó para servir de ejemplo, marco referencial para la reforma del sistema educativo estadounidense. Nuestras investigaciones nos han revelado que 75% de las escuelas chárter han tenido un rendimiento igual o peor que las escuelas públicas para las cuales se supone debían servir como modelo de reforma. Este es un síntoma de falta de supervisión de parte de los responsables", afirmó Serrette "Lo que estamos tratando de lograr es poner un alto al crecimiento momentáneamente y asegurarnos que estamos obteniendo unos resultados educativos idóneos. Recordemos que estas escuelas se financian con fondos públicos y tomando en cuenta las dificultades que enfrenta la nación, debemos hacer una pausa y asegurarnos que tenemos una serie de medidas legales robustas para la protección de los alumnos, maestros y contribuyentes", agregó Cohen. ITPI y CPD consultaron a los encuestados acerca de una serie de 11 propuestas para la mejor supervisión de las escuelas chárter y su administración y en base a los resultados obtenidos dieron a conocer su Agenda de Responsabilidad de las Escuelas Chárter. Las 11 propuestas son abarcadas por 4 puntos principales: · Transparencia y responsabilidad, · Protección a las escuelas del vecindario, · Protección de los fondos aportados por los contribuyentes, · Educación de alta calidad para cada alumno.
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Demonstrators Hold 'Die-In' To Protest Sackler Family’s Ties to Harvard Art Museums
Demonstrators Hold 'Die-In' To Protest Sackler Family’s Ties to Harvard Art Museums
Medical School students and the Center for Popular Democracy’s Opioid Network—a band of more than 45 grassroots...
Medical School students and the Center for Popular Democracy’s Opioid Network—a band of more than 45 grassroots organizations that have formed in response to the opioid crisis—organized the demonstration.
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Here's How to Make the Fed More Transparent and Accountable
The Federal Reserve has long faced fierce scrutiny from members of Congress, community leaders, and the press for its...
The Federal Reserve has long faced fierce scrutiny from members of Congress, community leaders, and the press for its lack of transparency. Fed Chair Janet Yellen, still early in her term, has signaled an intention to improve transparency and hold the Fed accountable to the public interest, and she’ll face an important test this month as she starts deciding whom to appoint to the newly formed Community Advisory Council.
In the most recent example of Fed’s insular system of governance, Bloomberg Business revealed concerning news about the recent appointment of Patrick Harker as president of the Philadelphia Federal Reserve. Harker had served on the bank’s Board of Directors prior to his appointment, and was even on the search committee interviewing candidates for the presidential slot. Then, in a behind-the-scenes maneuver reminiscent of Dick Cheney’s infamous self-selection as George W. Bush’s running mate, Harker became a candidate for the job himself, and was swiftly chosen by his Board colleagues. Harker’s shadowy appointment process was par for the course at the Fed. In Dallas, the presidential appointment process has been downright dynastic: the outgoing president, Richard Fisher, appointed an advisory committee made up of the people who appointed him to help select his successor.
Chair Yellen has an immediate opportunity to reverse course and change the face of the Fed. This year, the Fed announced the creation of a Community Advisory Council, intended to offer Fed leaders “diverse perspectives” on the economy, “with a particular focus on the concerns of low- and moderate-income populations.” Applications for the Community Advisory Council were due last week. The question facing Fed officials is whether they will appoint individuals to the Council who represent low- and moderate-income voices, or whether the Council will be another elite echo chamber (one earlier predecessor to the Council was heavy on members from for-profit lenders like Capital One and Citigroup—hardly organizations representing the interests of working families).
The announcement of the CAC was a direct response to growing demand for greater public representation at the Fed, and it’s not hard to see why. Of the 108 members of the 12 banks’ boards of directors (which select and oversee those 12 presidents), only 15 come from the nonprofit sector, academia, or labor organizations. The other 93 come from corporations or banks, even though the law requires that two-thirds represent a “diverse” set of interests, including those of labor and consumers. Fed officials lack diversity in other ways, too: among governors and presidents, all but one are white, and the vast majority are men.
Fed officials have huge power over the American economy: They vote on crucial monetary policy decisions, determining whether we reach full employment with rising wages for all or whether the economy continues toward stagnation and inequality. As long as Fed bodies are dominated by the financial sector, their decisions will reflect the perspectives of the very entities the Fed is meant to oversee, rather than the working families across the country who need higher wages and more equitable economic growth.
So, who will lead the Fed in the years to come? Next February, the terms of all 12 regional Fed presidents expire. Their respective Boards of Directors will decide whether to reappoint the presidents or replace them. A coalition of community-based organizations, faith leaders, policy advocates, and labor unions are calling for the Federal Reserve to make this process more transparent. At a bare minimum, the banks should publicize the schedule for the decision-making, the names and roles of the decision-makers, the criteria that will govern the process, and the names of candidates under consideration. A more public process would involve the opportunity for members of the public to serve on the search committees, mechanisms for the public to submit questions and receive answers from prospective candidates, and public forums where Fed officials actually engage in dialogue with the people whom they are supposed to represent. Chair Yellen and officials at the Fed have the power to implement such reforms, and their decisions will speak volumes about their commitment to building an independent central bank with democratic legitimacy.
Janet Yellen’s appointment as the first woman to lead the Fed signaled that change might be coming to a historically opaque institution. But to truly transform the Fed, Yellen and her fellow governors must ensure that the voices of working families aren’t drowned out by wealthy financial interests. The first step is ensuring that the new CAC lives up to its mission by including women, people of color, and representatives of organizations with low- and moderate-income members. It could even directly install some low- and moderate-income individuals on the Council. That would indeed bring new perspective to an institution that has, for too long, been dominated by the voices of America’s elite.
Source: The American Prospect
Jeff Flake debates GOP tax plan with voter on a plane
While traveling Thursday on an airplane from Washington, GOP Sen. Jeff Flake debated a voter in a wide-ranging...
While traveling Thursday on an airplane from Washington, GOP Sen. Jeff Flake debated a voter in a wide-ranging discussion about the GOP tax plan, the issue of Dreamers, the Affordable Care Act and the Children's Health Insurance Program.
Flake spoke for 11 minutes to a person who identified himself on his Twitter account as Ady Barkan, of California, according to a tweet posted by his friend. Barkan explained his current situation having been diagnosed with Lou Gehrig's disease, or amyotrophic lateral sclerosis, and how the tax bill would affect his health care to Flake.
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The Fed’s about to try something that almost always has ended in recession
The Fed’s about to try something that almost always has ended in recession
The Federal Reserve‘s looming attempt to shrink its mammoth portfolio of bonds comes with an ugly track record:...
The Federal Reserve‘s looming attempt to shrink its mammoth portfolio of bonds comes with an ugly track record: Virtually every time the central bank has tried it in the past, recessions have followed.
Over the past several months, the Fed has prepared markets for the upcoming effort to reduce the $4.5 trillion it currently holds of mostly Treasurys and mortgage-backed securities. The balance sheet ballooned as the Fed sought to stimulate the economy out of its financial crisis morass.
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Face to Face With the Fed, Workers Ask for More Help
New York Times - November 14, 2014, by Binyamin Appelbaum - Jean Andre traveled from Queens to the...
New York Times - November 14, 2014, by Binyamin Appelbaum - Jean Andre traveled from Queens to the Federal Reserve Board’s stately headquarters here on Friday to tell the people who make monetary policy that he needs their help. He cannot find regular work on film and photo shoots. The jobs he does find pay less.
The Fed’s chairwoman, Janet L. Yellen, agreed to meet with about 30 workers and activists, including Mr. Andre, in a gesture of concern for the plight of Americans searching for work and struggling to make a living.
For one hour on Friday, the workers sat in the Fed’s ornate conference room and told their stories to Ms. Yellen and other Fed officials, including three other members of the Fed’s board of governors — Stanley Fischer, the vice chairman; Lael Brainard; and Jerome H. Powell — who listened and asked questions.
“The Federal Reserve is too important of an institution to be insulated from the voices and perspectives of working families,” said Ady Barkan, a lawyer with the Center for Popular Democracy, an advocacy group based in Brooklyn that orchestrated the meeting. “We think that the Fed needs to listen more and be more responsive, and we’re very grateful for this first opportunity.”
The meeting was closed to the media. The workers described what they said, and the Fed declined to comment, citing a policy of silence about private meetings.
Mr. Barkan’s group is campaigning for the Fed to continue its stimulus campaign, citing the high level of unemployment, particularly in minority communities, and the slow pace of wage growth as evidence the economy still needs help. The group argued the Fed could help to drive up wages by keeping interest rates low.
Mr. Andre, 48, said two jobs were canceled this week. And instead of $400 a day for a print shoot, he said he now made $250 or $300.
“They tell me if I don’t take the job there’s lots of other people willing to work,” he said. “So what can I do? I have a family. I have to take it.”
Josh Bivens, an economist at the Economic Policy Institute, a liberal research group, said monetary policy would be “the single most important determinant of wage growth,” and that he was glad to see workers recognize the Fed’s importance.
A conservative group, American Principles in Action, criticized the meeting as “highly political” and inappropriate. It said it would seek a similar meeting to share its view that the Fed’s stimulus campaign is damaging the economy.
The labor and community groups at the meeting wore green T-shirts that said “What Recovery?” on the front, with a chart illustrating meager wage gains on the back. They are also pressing Ms. Yellen to change the way the Fed chooses the presidents of its regional banks.
The Federal Reserve Bank of Dallas said Thursday that its president, Richard W. Fisher, would step down March 19. Charles I. Plosser, president of the Federal Reserve Bank of Philadelphia, plans to retire at the beginning of March.
The Philadelphia Fed said shortly before the meeting on Friday that it had created an email address for inquiries about its presidential search process. It described the account, which will be maintained by the company conducting the search, Korn Ferry, as part of its commitment to conduct a “broad search.”
“I expect the same thing from Dallas,” said Connie Paredes, 42, who traveled to the meeting as a representative of the Texas Organizing Project, speaking at a rally outside the Fed before the group went inside. “We expect to be included in the process.”
Organizers from Dallas and Philadelphia said they would press for similar meetings with the presidents and board of the local Fed banks.
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When It Comes to Jobs, Fed Up With the Fed
The News & Observer - March 5, 2015, by Kevin Rogers - When the monthly jobs numbers come out Friday, many...
The News & Observer - March 5, 2015, by Kevin Rogers - When the monthly jobs numbers come out Friday, many economists will say that the economy is healthy. Some will even say that wages are rising too fast and that steps need to be taken to slow economic growth. But out in the real world, working families and particularly communities of color are being left drastically behind in the recovery.
The disconnect between the rich and the rest of us is only widening, and that is a real problem when the rich are making the decisions for everyone. For higher wages and more robust employment growth, we don’t need to limit ourselves to the usual discussions and the typical solutions. Rather, we should look in a new direction, to the Federal Reserve, for the necessary policy changes that will usher in real growth on Main Street, not just on Wall Street.
Most people don’t pay much attention to what the Fed does and how it does it, but the reality is that the decisions the Fed makes affect us all, every day.
There are two important ways the Federal Reserve can help:
▪ Ensure a monetary policy that delivers genuine full employment and rising wages for all working families. Raising interest rates in 2015 would be a catastrophic mistake. The American economy needs to see significantly more wage growth, not less.
▪ Provide a more transparent and inclusive approach to policymaking and governance. The Fed needs to listen to the voices of working families, not just banks and mega corporations.
Rampant and uneven unemployment can be measured in numbers, but it means that real-life opportunities fall further out of reach for working parents and that doors close on our children. It means that families are feeling the strain, and disenfranchisement is getting worse.
Permitting the economy to speed up significantly offers only upsides. A new report by the Center for Popular Democracy and the Economic Policy Institute finds that until nominal wages are rising by 3.5 to 4 percent, there is no threat that price inflation will meaningfully exceed the Fed’s low 2 percent inflation target. And such wage growth is necessary for workers to begin to reap the benefits of economic growth and to achieve a genuine recovery from the Great Recession.
Indeed, during the past three decades, it was only in the late 1990s, when the Federal Reserve permitted economic growth to speed up and the labor market to tighten, that workers across the economic spectrum, and in communities of color, saw genuine wage improvements.
As was true then, the Fed is not an innocent bystander in our economy, but an active participant. And yet, despite the clear economic disparities among our communities, voices inside the Fed are now saying that the economy is healthy and that the Fed should tamp down growth so that wages stop rising so quickly.
Although the board members that govern the regional Federal Reserve banks are legally required to represent the broad interests of the public, they mostly represent the financial sector or large corporations – they live very different lives from us, and they don’t take our experiences to the boardroom.
The Fed’s decisions are distant from communities that struggle the most in this economy and simply do not reflect the full diversity of the public it is supposed to represent. This explains why board members have produced an economy that works for them. Millions of working families are left with little hope of a better life.
It is no wonder that supporters of higher wages and fuller employment from across the country are turning up the heat on out-of-touch policies and practices coming from the Fed. Regular families should not be shut out the Fed policymaking process. Instead, they should be at the very core of it.
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Read more here: http://www.newsobserver.com/opinion/op-ed/article12716264.html#storylink...Fed Draws on Academia, Goldman for Recent Appointees
Fed Draws on Academia, Goldman for Recent Appointees
When the Federal Reserve was established, Congress called for its policy makers to have “fair representation of the...
When the Federal Reserve was established, Congress called for its policy makers to have “fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the country.”
But Fed officials have recently been drawn from just two backgrounds—academics, either at universities or Fed research departments, and alumni of the financial services firmGoldman Sachs & Co.
The announcement Tuesday that Neel Kashkari would become president of the Federal Reserve Bank of Minneapolis marked the third Goldman Sachs alumnus in a row to be picked to become a Fed bank president. The other two—Dallas’s Robert Steven Kaplan andPhiladelphia’s Patrick Harker —took office earlier this year.
Mr. Kashkari is a former investment banker at Goldman Sachs and a former Treasury official who ran the government’s Troubled Asset Relief Program (TARP) during the financial crisis. He takes the helm of the Minneapolis Fed Jan. 1, 2016.
Of the 17 Fed officials in office next year—five members of the Board of Governors and 12 regional bank presidents—all but three will have professional backgrounds as academics or with Goldman Sachs. The exceptions will be Atlanta Fed President Dennis Lockhartand Fed governor Jerome Powell, who worked at other banking institutions, and Kansas City Fed President Esther George, who was primarily a bank supervisor.
“The obvious downside of this is there’s more of a groupthink within the Fed,” said George Selgin, the director of the Center for Monetary and Financial Alternatives at the Cato Institute, a libertarian-leaning think tank, referring to the shift toward a narrow range of backgrounds at the central bank. “That can be very dangerous if the groupthink is based on ways of thinking about the economy that are not necessarily sound.”
Mr. Kaplan, a former Harvard Business School professor, had worked as a vice chairman of Goldman Sachs Group Inc., leading investment banking activities. Mr. Harker, the former president of the University of Delaware, served as a trustee of Goldman Sachs Trust and its Variable Insurance Trust.
New York Fed President William Dudley also spent most of his career at Goldman, ultimately serving as its chief economist.
Since the central bank’s founding a century ago, the background of Fed officials has undergone a dramatic shift.
In the early days after the Fed began in 1913, the people selected to run the nation’s central bank were primarily small bankers, reflecting that in the early days, the Fed’s key function was providing banking services to a highly fragmented banking industry. The notion of using Fed policies to steer the broader economy had not yet taken hold.
Through the Fed’s first 40 years, the backgrounds of officials grew increasingly diverse. In the late 1940s, for example, Fed officials included Chester Davis, a former agriculture commissioner and grain marketer; Laurence Whittemore, of the Boston and Maine Railroad and H. Gavin Leedy, a private practice attorney.
The central bank’s leadership also contained many functionaries who rose through the ranks as Fed administrators, such as Robert Gilbert, who in his 20s become one of the first 14 employees of the Dallas Fed. He worked as a loan and discount clerk and in the war loan department, before becoming manger of the Dallas Fed’s El Paso branch and eventually the Dallas Fed President.
Such quaint backgrounds were common among officials in the central bank’s early days but were beginning to dwindle by the 1960s. Today Fed officials who rose through the ranks are almost entirely Ph.D. economists who headed the regional banks’ research departments; the lone exception is Ms. George, who worked as a bank supervisor and Kansas City Fed administrator. Ms. George holds an M.B.A.
Gradually backgrounds in industry, law, and other aspects of government or administration fell out of favor.
“Keep in mind, for much of the Fed’s first half, the focus was really on financial stability,” said Sarah Binder, a George Washington University professor who is also a senior fellow at the Brookings Institution, a Washington think tank. “There wasn’t a well-worked out body of knowledge about monetary policy.”
As it became apparent that Fed policy held vast sway over the economic fortunes of the country, presidents and regional Fed boards increasingly turned to Ph.D. economists to guide the central bank and to be effective participants during the debates of the policy-making Federal Open Market Committee.
Ms. Binder thinks the narrow range of backgrounds among Fed officials may lead to a central bank that is thin on expertise when it comes to “the responsibilities that are laid on top of the board, in particular, that extend beyond monetary policy.”
The central bank is tasked, for example, with regulating much of the financial system, not only the giant Wall Street banks, but also community banks, insurers and other financial institutions. The Fed retains some responsibilities for consumer protection and community development, is responsible for the nation’s payment systems and continues to operate the discount window and other low-profile back-office banking functions.
Liberal activist groups, led by the Center for Popular Democracy, have pushed for diversity in the appointment of new Fed officials, pressing for representatives of workers and consumers or labor and community leaders. They have had no luck, and with the filling of the Minneapolis Fed presidency and inaction in Congress over two current nominees to the Fed board, there are no looming vacancies for the central bank’s composition to begin a shift.
Source: The Wall Street Journal
Protesters disrupt Senate hearing on health care bill that may be dead
Protesters disrupt Senate hearing on health care bill that may be dead
WASHINGTON — The Republican bill to replace Obamacare appears all but dead in the Senate, but the chamber’s Finance...
WASHINGTON — The Republican bill to replace Obamacare appears all but dead in the Senate, but the chamber’s Finance Committee proceeded with a hearing on it anyway Monday afternoon.
Finance Chairman Orrin Hatch asked by a reporter what chance the bill has of passing, replied “Zero. ... I don’t think it has much chance. The Democrats aren’t going to support it. They’re too interested in demagoguing it.”
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