Warren blasts Yellen for endorsing very white, very male regional Fed presidents
Warren blasts Yellen for endorsing very white, very male regional Fed presidents
Around this time last year, as another white male took the reins at the Federal Reserve Bank of Philadelphia, the Fed’s...
Around this time last year, as another white male took the reins at the Federal Reserve Bank of Philadelphia, the Fed’s archaic and opaque system of choosing its regional presidents started to come under fire. At first the criticism was over the way the system appeared to favor insiders. Patrick Harker, at the time the new Philadelphia Fed President, had sat on the regional Fed board that was tasked with filling that position. Later that summer the Dallas Fed would name Robert Kaplan, who is also white, as its president despite the fact that he was a director at the executive search firm that that regional Fed board hired to find candidates. When the Minneapolis Fed named Neel Kashkari its president later in 2015, groups like the Fed Up Coalition pointed out that while he was the only non-white regional president, he, like Harker and Kaplan, had former ties to Goldman Sachs.
Since these presidents have rotating votes on U.S. interest rate policy, many saw the selections as a critical failure to reflect the country’s diversity of gender, race and background. As it stands, 11 of the 12 regional Fed presidents are white, 10 of them are male, and none are black or Latino. Fed Up, a network of community organizations and labor unions calling for changes to the central bank, also points out that there has never been a black regional president in the Fed’s 102-year history.
To be sure, the central bank was set up in 1913 in this decentralized way to check the power of the Washington-based Fed Board, whose seven governors are nominated by the U.S. President and confirmed by the Senate in public hearings and votes. The Fed presidents scattered around the country, meanwhile, are quietly chosen by their regional directors (usually corporate, industry and civic heads) and then, again with little or no public input or transparency, approved by the Fed governors after a series of private interviews with them in Washington. All 12 presidents had their terms extended earlier this year.
So the stage was set on Tuesday for Senator Elizabeth Warren, the Massachusetts Democrat who some see as a potential running mate for U.S. presidential candidate Hillary Clinton, to make a point about diversity at the Fed while making things rather uncomfortable for Fed Chair Janet Yellen, who was testifying before the Senate Banking Committee – and who, it may be noted, is the first woman to lead the central bank:
Warren: “Does the lack of diversity among the regional Fed Presidents concern you?”
Yellen: “Yes, and I believe it is important to have a diverse group of policymakers who can bring different perspectives to bear. As you know, it’s the responsibility of the regional banks’ Class B and C directors to conduct a search and to identify candidates. The (Fed) Board reviews those candidates and we insist that the search be national and that every attempt be made to identify a diverse pool of candidates…”
Warren: “The Fed Board recently re-appointed each and every one of these presidents without any public debate or any public discussion about it. So the question I have is, if you’re concerned about this diversity issue, why didn’t you take (any) of these opportunities to say, ‘Enough is enough, let’s go back and see if we can find qualified regional Fed presidents who also contribute to the overall diversity of the Fed’s leadership’?”
Yellen: “We did undertake a thorough review of the re-appointments of the performances of the presidents. The Board of Governors has oversight of the reserve banks, there are annual meetings between the Board’s bank affairs committee and the leadership of those banks to review the performance of the presidents, and there were thorough reviews of…”
Warren: “But you’re telling me diversity is important and yet you signed off on all these folks without any public discussion about it. I appreciate your commitment to diversity and I have no doubt about it. I don’t question it. It just shows me that the selection process for regional Fed presidents is broken because the current process has not allowed you and the rest of the Board to address the persistent lack of diversity among the regional Fed presidents. I think that Congress should take a hard look at reforming the regional Fed selection process so that we can all benefit from a Fed leadership that reflects a broader array of both backgrounds and interests.”
As it happens, Clinton said last month that she, too, supports an ongoing push by Warren and other liberal members of Congress to exclude bankers from the regional Fed boards and to make the central bank more diverse.
By Jonathan Spicer
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California’s Emeryville is third city to pass Fair Workweek policy
California’s Emeryville is third city to pass Fair Workweek policy
EMERYVILLE, Calif. – On Oct. 18, this city became the third in the nation to pass a Fair Workweek policy. The City...
EMERYVILLE, Calif. – On Oct. 18, this city became the third in the nation to pass a Fair Workweek policy. The City Council passed the ordinance unanimously at its first reading, following testimony at a pre-meeting press conference and during the meeting itself, by those most affected.
Under the new policy, employers will have to give workers their schedules two weeks in advance, compensating them for last-minute changes. When more hours become available, current workers will have priority so they can get closer to fulltime work.
The council must confirm its action with a second vote, scheduled for Nov. 1. The new law, which will affect some 4,000 fast food and retail workers, is to become effective in July 2017.
Almost two years ago, San Francisco’s Board of Supervisors passed the first such measure, the Retail Workers Bill of Rights, and just last month, Seattle followed suit http://www.peoplesworld.org/article/tale-of-two-cities-yes-vs-no-on-fair....
New York City may be next: Mayor Bill de Blasio and City Council members are pressing legislation to require employers to give some 65,000 hourly fast food workers a two week notice of changes in their shift assignments. However, the bill doesn’t extend such requirements to retail stores or full-service restaurants.
Emeryville, a small city across the Bay from San Francisco with a large concentration of retail stores, already has the country’s highest minimum wage, with large employers required to pay their workers at least $14.82 per hour. Smaller businesses must pay at least $13 per hour.
At the state level, earlier this year California passed a new minimum wage law with a path to a $15 hourly minimum.
At the press conference, low wage workers, local residents, community and labor organizations, faith leaders and academic researchers told of the many challenges faced by retail workers who must deal with constantly shifting and unpredictable schedules and variable numbers of work hours.
Moriah Larkins, an Emeryville retail worker and activist with the Alliance of Californians for Community Empowerment (ACCE) who MC’d the press conference, told of her own experience working six days a week for a “bad apple” employer. “And on my days off they would call me in, and I have my son, who was two years old at the time.”
At first, Larkins said, she used to scramble and pay extra for last minute child care. But as she realized her extra hours, and less time for her son, were making him unhappy, she started refusing the extra shifts. After that, her hours, which had been 32 to 40 per week, were cut in half.
“Now,” she said, “I work for a ‘good apple.’ I work 28 hours per week, I can pay all my bills, I can spend time with my son and finish my nursing degree.”
In a conversation after the press conference, Larkins said she hoped the ordinance would pass “without exceptions.” She and others are warning that before the final vote Nov. 1, the California Retail Association is trying hard to weaken the measure.
Other retail and fast food workers described their experiences, including a past employer who paid subminimum wages and another who fired a worker after “forgetting” he had accepted her timely request for a day off.
The new ordinance has been in the making for a while. In May, Emeryville Mayor Dianne Martinez and Councilmember Ruth Atkin wrote an op-ed published by the San Francisco Chronicle, in which they said a regional fair workweek was needed to assure workers “stable schedules so they can pay the bills, live healthier lives, “and contribute more to our communities.
A recent study, Wages and Hours: Why workers in Emeryville’s service sector need a fair workweek, conducted by ACCE, the East Bay Alliance for a Sustainable Economy (EBASE), and the Center for Popular Democracy found that in a sample of more than 100 frontline Emeryville retail workers, some 68 percent had part-time schedules, 82 percent were people of color, eight out of 10 had variable schedules and nearly two-thirds only got their schedules a week or less in advance. Over two-thirds said they wanted to work more hours, while over half said they were scheduled for “clopening” shifts, or back-to-back closings and openings with less than 11 hours off.
The study concluded that employers need to commit to predictable, flexible and responsive schedules that allow for adequate rest.
At the Oct. 18 press conference, EBASE Deputy Director Jennifer Lin said, “Providing a fair work week is not only good for workers, it’s good for business, too.” With many retailers already scheduling in advance, she said, the new ordinance will help level the playing field, and stable schedules and more adequate hours also reduce turnover and absenteeism.
In an article earlier this month in The Nation magazine, author Michelle Chen noted that the Fight for $15 and Fair Workweek struggles are “converging on sectors that used to be known as bastions of dead-end jobs.” The next step, she said, is “to organize, and unionize, to give workers real collective bargaining leverage over their wages and working conditions. Work-life balance comes by shifting the power balance on the job, so that workers have the final say over when they’re on call.”
By Marilyn Bechtel
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Charter Schools Are Failing and Our Democracy Pays the Price
Charter Schools Are Failing and Our Democracy Pays the Price
Taxpayer dollars are filling the bank accounts of those who manage charter schools which is evident as research by In...
Taxpayer dollars are filling the bank accounts of those who manage charter schools which is evident as research by In the Public Interest and the Center for Popular Democracy that exposed the financial fraud and corruption running rampant in these schools. In California, $6 billion of public funding has been funneled into charter schools and their respective management companies leaving public schools starved for required public monies.
Read the full article here.
Simplify Investments to Keep Them Clean
New York Times - May 11, 2014, Room for Debate: Connie Razza - Public pensions are under threat from outright fraud as...
New York Times - May 11, 2014, Room for Debate: Connie Razza - Public pensions are under threat from outright fraud as well as the financial sector’s drive to generate higher profits for itself, regardless of the cost to our communities. The public can take simple steps to eliminate this danger. Investments should be put in index funds, which typically outperform actively managed portfolios. A recent comprehensive study of the performance of state pension funds found that the 46 state funds studied could save $6 billion in fees annually, while achieving returns as good or better than their actively managed portfolios. Most privately managed pensions already pursue indexing strategies, through vehicles like Amalgamated Bank’s LongView Funds, and successfully secure strong retirement savings for participants. Public pension funds should index a significant portion of their funds under management to save billions while still generating first-rate returns.
Index funds outperform managed portfolios. Relying on them would save on fees and avoid underhanded behavior.
These funds would also save significant amounts in management fees by hiring talented in-house investment managers for significant portions of actively managed pension assets.
Any investment should be presented in plain language in a standardized, easy-to-read template, so trustees and pension participants know exactly what the product does, how it makes money and what its fees and risks are. Like cell phone agreements, all fees should be disclosed up front. Like credit card bills, actual returns and long-term, historical performance should be clearly presented. Oversight of fiduciaries should be bolstered and any who violate their responsibility to retirement funds should be pursued legally. When the State Employees Association of North Carolina hired a pension forensic investigator, they found that the state treasurer Janet Cowell had invested $30 billion in illegal, high-risk funds, causing $6.8 billion in losses. A more robust standing oversight body could have prevented much of that improper investment. The state should aggressively prosecute both pension trustees and private investment managers who put their own benefit above the interest of pension participants. More eyes on the management of retirement assets would help ensure responsible investment strategies and management. Creating a publicly managed pool of retirement funds would invest more residents in pension management, while ensuring that fewer workers would find themselves insecure in retirement. And, increased pension funds make possible more diverse, responsible investments for the actively managed portions of the funds. For instance, funds can take a decisive role in infrastructure investments that will both improve their communities and provide steady, long-term returns.
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One Day Before GOP Debate, New Report Highlights Ties Between Prominent New Yorkers and Anti-Immigrant Groups
One Day Before GOP Debate, New Report Highlights Ties Between Prominent New Yorkers and Anti-Immigrant Groups
Note: Photos and Video of Protest available upon request. New York, NY (10/27/15)—Today, the Center for Popular...
Note: Photos and Video of Protest available upon request.
New York, NY (10/27/15)—Today, the Center for Popular Democracy Action (CPDA) and the Make the Road Action Fund (MRAF) released a new report, “Backers of Hate in the Empire State,” highlighting the ties between several prominent New Yorkers and the nation’s largest anti-immigrant network, which has fueled the anti-immigrant rhetoric being deployed in the Republican primary contest. Immigrant New Yorkers gathered outside a midtown diamond business connected to Barbara Winston, one of the individuals identified in the report, and called for candidates and other organizations to dissociate themselves from these xenophobic New Yorkers. They then marched to Trump Tower, picketing outside both buildings with chants of "No to Hate!" and "Sí se puede!" (Yes, We Can!).
The “Backers of Hate” report (download here) finds that, while New York is home to over 4.3 million immigrants from all corners of the world, the state is also home to wealthy New Yorkers who are funding and supporting an entire network of anti-immigrant organizations. Such organizations have fed the hateful rhetoric that current GOP presidential candidates are using—and will likely deploy again in tomorrow night’s debate.
Maria Rubio, a member of Make the Road Action Fund and Brooklyn resident, said, “These New Yorkers should be ashamed of supporting groups that have promoted the anti-immigrant rhetoric and organizing across the country that has become central to the Republican debates. The money and connections of a wealthy few have strengthened these fringe groups, that say terrible things about immigrants and prevent us from being able to live in peace with our families. But make no mistake: immigrants and Latinos are watching, and there will be a heavy political price for politicians that follow the lead of the Barbara Winstons of the world.”
Ana María Archila, Co-Executive Director of the Center for Popular Democracy Action, asserted: “The type of hate that these New Yorkers are spewing should have no place in New York State. The vast majority of New Yorkers support a pathway to citizenship and policies that welcome immigrants, while Barbara Winston and the others are working to vilify immigrants, undo birthright citizenship, block immigration relief for immigrant families, and insinuate their anti-immigrant attitudes into mainstream politics. Barbara Winston, Henry Buhl, and others are using their money and connections to advance a hateful agenda that not only hurts immigrants but frays the fabric of our entire society."
Elva Meneses, member of New York Communities for Change, affirmed, “I’m here to demand that these millionaires and billionaires stop supporting hateful organizations that say terrible things about immigrants like me and try to make our lives miserable. Instead of thinking fighting for opportunities for everyone, these wealthy New Yorkers are supporting hate as they trying to block immigration reform and immigration relief for undocumented immigrants. We call on all politicians and organizations to stop taking their dirty money immediately.”
“Backers of Hate” identifies five key individuals and the Weeden Foundation as key New Yorkers who are financially backing the work of anti-immigrant groups long associated with well-known white nationalist John Tanton. These groups include the Federation of American Immigration Reform (FAIR), which provides the political infrastructure for this anti-immigrant network and has been identified as a hate group by the Southern Poverty Law Center; the Center for Immigration Studies (CIS), a so-called think tank that continuously produces faulty statistics utilized by the anti-immigrant network; NumbersUSA, which serves as the watchdog of the network, and; Keeping Identities Safe (formerly the Coalition for A Secure Driver’s License). In recent months, Donald Trump, Carly Fiorina, and other GOP candidates have sought to mainstream the hateful ideas and false “facts” about immigration promoted by the Tanton network of organizations, fueling an ugly national debate that has also led to violent attacks against immigrants in different parts of the country.
Note: Photos and Video of Protest available upon request.
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www.populardemocracy.org
The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.
Americans for Democratic Action Hosts Philly Charter School Forum: Who’s Minding the Store?
Weekly Press - December 17, 2014, by Nicole Contosta - Charter Schools have become a divisive issue in Philadelphia....
Weekly Press - December 17, 2014, by Nicole Contosta - Charter Schools have become a divisive issue in Philadelphia. Supporters swear to their effectiveness. Critics argue that they lack accountability.
Both sides of the charter school debate were heard last Tuesday, December 9th. That’s when the Americans for Democratic Action (ADA), hosted the Philly Charter School Forum: Who’s Minding the Store?
Panelists included Feather Houstoun from the Philadelphia School Reform Commission (SRC); Jurate Krokys, founding principal of the Independence Charter School, Kyle Serette of the Center for Popular Democracy and author of Fraud and Financial Mismanagement in PA’s Charter Schools; and Barbara Dowdall, retired public school teacher and former ADA board member.
Solomon Leach, Philadelphia Daily News Education Reporter, moderated. Leach began the evening’s discourse by asking Houstoun to comment on the evolution of charter schools in Philadelphia.
Houstoun, who spent most of her career in managing care, transit and welfare problems, cited her experience with "good oversight." But when Houstoun joined the SRC three and half years ago, "I was really surprised […] about the incredibly precarious situation the school district was in. Now," Houstoun continued, "we’re living within our means, but we’re horrifically under-resourced."
And with regard to charter schools, Houstoun said, "I was really dumbfounded by how badly over the course of time the [Philadelphia School] District had organized itself to assure that we were getting good value for children in charter schools."
To Houstoun, getting good value for the city’s children proves relevant given the fact that "40 percent of our children are being educated at charter schools that are separate from the district apparatus."
But, Houstoun continued, "We must accept responsibility for these things." And in Houstoun’s opinion, part of the problem resulted from the fact that "the District did not set up standards for academic performances. There were no systematic annual check-ups about what they were doing in terms of finance, corporate or academic measures."
Houstoun cited the fact that the SRC only renews charter schools on a five-year basis as contributing to the lack of oversight. However, at the same time, Houstoun expressed optimism when it comes to moving forward with the city’s charter schools. Over the past year, the SRC performed an overhaul of the charter school office, placing Julian Thompson at the helm. "We’re operating within charter school law that gives us the obligation to monitor and review charter schools," Houstoun emphasized.
From the charter school perspective, Krokys said that she hasn’t always had the best experience working with the SRC.
"I’ve been in the charter world for about 14 years," Krokys said, "In the past and sometimes the not so recent past—what it was—the relationship and the process of authorization and renewal were secret, haphazard, and hostile. And I’m not exaggerating. It was always up for grabs."
In answering Leach’s question about what she’s learned from really effective charter schools, Krokys said, "Community partners and stakeholders are one of the things that can be done with all schools—but it’s especially important for charter schools. Site admission selection for parents and staff—there’s nothing like feeling that you have chosen something and were not defaulted to it," Krokys stressed. "That makes a big difference in partnership.
The same thing," Krokys continued, "goes for staff. The staff is not assigned; they’re not grazing until they get their retirement. Staff is selected to work in a specific school."
Serette discussed the history and evolution of charter schools. That began on March 31, 1988. "That’s when our chamber got in front of the press club in DC and announced a new type of school, something that would help figure out the most complicated problems in our education system. And it was the charter school."
As Serette explained it, the charter school concept was designed as a "calculated risk to figure out if we could figure out something that could then be exported into the public system. And," Serette continued, "This makes sense because you don’t want to take a calculated risk and export it into the whole system. I think we forgot that lesson as we were expanding throughout the nation.
We have a situation where we have the largest charter school system in the country-K12 Inc.," Serette continued, "It’s fully funded by public dollars but it’s traded on the stock exchange. The goal of being on the exchange is to make money. So we have slightly diverged from the original mission of charters."
With regard to the effectiveness of charter schools, "they have had a meaningful impact," Serette said, adding, "They have taught us some really smart things to figure out and export to our system. The first charter school started in 1992. And now we have 43 states with charter school laws."
But, Serette noted, citing an investigation of 15 states, his office found, "about 136 million in charter school funding that was abused, that was used for fraud. To us, that was an alarming number."
In PA, Serette explained that he didn’t think the state government "did a great job of regulating the system. So we have here, two auditors looking after a system that has revenue of 700 million, auditing 86 charter schools.
Dowdall, in answering Leach’s question about academic accountability for charter schools said, "Rather than start with the charter school in the quest of academic accountability, we might journey back to the government entities that established, regulates and monitors them namely the PA State Legislature the Governor of PA, the State Department of Education and the SRC.
While the public schools whose assumed inadequacies sparked the takeover," Dowdall continued, "they were more or less placed in a giant petri dish; we more or less organized a dizzying away of name changes, administrative changes, etc. Test prep came to rule and push out libraries, librarians, music, art and other extra curricular activities. Funding cuts led to the disappearance of nurses, counselors, teaching assistants, custodial help and the financial oversight provided by operations personnel.
Twenty three neighborhood schools," Dowdall continued, "were shuttered. And 40 new charters are supposed to open. Since the SRC has the authority to approve schools," Dowdall said, "maybe they should do so based on the actual needs of the district rather than the whims and desires in some highly funded charters."
As the discussion continued, Leach asked Houstoun "how has the introduction [of reversing] no-charter re-imbursement in PA influence the SRC assessment when it comes to renewing charters?"
Leach’s question references the fact that Government Corbett eliminated the $100 million for charter school re-imbursement to the Philadelphia School District in 2011.
Houston cited the cancellation of the re-imbursement as painful. "For every child that’s added to charter school system, we can’t take off $10,000 for expenses. If," Houstoun explained, "we can restore the charter re-imbursement that was in place, it would alleviate the first level of pain that we’re suffering in the district right now."
Leach asked Krokys to comment on how to rectify the public perception of charter schools when taking into account those that are underperforming or fraudulent.
Krokys began her answering by stressing, "There are thousands and thousands of children who would not have had one chance in their neighborhood school. And a lot of them came through my doors and are now graduating from college."
When it comes to addressing inadequacies in Philadelphia charter schools, Krokys said, "It took a while for the charter school community to finally say, ‘yes. There are some charters that need be closed.’ Yes," Krokys said, "we are weary of the few bad apples because that’s what ends up in the papers. And that’s what ends up tainting everything else."
With regard to K12 Inc., "Who the hell gave permission for a for-profit to run a charter school?" Krokys asked. "Whose fault was that?"
To Serette, Leach asked, "One of the original aims of charter schools was to be a model for public schools. But that got lost in the shuffle over time. How do you think we can go back so that public schools can benefit from the successful roles of charters?"
According to Serette, "The narrative in the US is that the public school system is broken, right? And you can’t just get a good education so you have to be saved by a lot of other systems. But the truth is," Serette continued. "We have a good public school system in upper class and upper middle class neighborhoods. Those tend to be wonderful. And then you have the struggling sectors where people can’t make ends meet and we’re trying to figure that out."
Leach then asked Dowdall how charter and public schools could reach a middle ground.
To Dowdall, "It’s about equity. It’s about resources. Whether it’s traditional or charter, it can be defined. It’s about small classes with libraries where the students can be guided."
And in Dowdall’s opinion, "There needs to be an agreement between those on the board that authorization renewal for charter schools should be set at three years as opposed to five."
For more information on the ADA, visit Youth http://www.phillyada.org.
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Flexible Schedules vs. Workers’ Burdened Life
Flexible Schedules vs. Workers’ Burdened Life
Michael Saltsman’s “A Stiff Jab at Flexible Work Schedules” (op-ed, March 30) misses the mark. Policy makers don’t want...
Michael Saltsman’s “A Stiff Jab at Flexible Work Schedules” (op-ed, March 30) misses the mark. Policy makers don’t want to “dictate how businesses schedule employees’ work”—but rather ensure employees no longer have every hour of their lives dictated by increasingly unpredictable schedules.
Today, most Americans are not working nine to five. Instead, they’re in hourly jobs that demand they be constantly available for ever-changing schedules, and require working moms, students and others to regularly cancel child care, classes and other commitments. Researchers at the University of Chicago have shown us just how little flexibility workers have, finding that fully 41% of early career hourly workers receive their schedules less than a week in advance, and half have no say in their schedule. Working should not be this hard—and until recently, it wasn’t.
Ideally, businesses would make changes on their own. When a spotlight is aimed at them, they do. In the past year, major retailers including Gap and J. Crew ended on-call shifts after an inquiry from the New York attorney general and, under continued pressure from workers, Starbucks continues to strive to deliver scheduling reforms it has promised. Forward-thinking employers are starting to recognize that scheduling improvements are good for business, reducing turnover and improving productivity.
Even so, public policy is needed to set a baseline standard that all businesses can follow and that level the playing field across the economy. It is about simply catching up with a changing workforce.
By Carrie Gleason
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Fed, Eager to Show It’s Listening, Welcomes Protesters
Fed, Eager to Show It’s Listening, Welcomes Protesters
WASHINGTON — When a dozen protesters in green T-shirts showed up two years ago at the Federal Reserve’s annual...
WASHINGTON — When a dozen protesters in green T-shirts showed up two years ago at the Federal Reserve’s annual conference in Jackson Hole, Wyo., they were regarded by many participants as an amusing addition.
Two years later, they have won a place on the schedule.
The protesters, who want the Fed to extend its economic stimulus campaign, are scheduled to meet on Thursday with eight members of the central bank’s policy-making committee. At the start of a conference devoted to esoteric debates about monetary policy, officials will hear from people struggling to make ends meet.
The Fed’s effort to show that it is listening to its critics reflects the central bank’s broader struggle to find its footing in an era whose great challenge is not the strength of inflation, but the weakness of economic growth.
Officials are wrestling with the limits of monetary policy, the focus of the conference, even as they try to address simmering discontent among liberals who want stronger action and among conservatives who say the Fed has done too much.
The meeting also represents an unlikely victory for Ady Barkan, the 32-year-old lawyer who decided in 2012 that liberals should pay more attention to monetary policy. He now heads the “Fed Up” campaign, a national coalition of community and labor groups that plans to bring more than 100 protesters to Jackson Hole.
“We want to make sure that regular voices are being heard,” Mr. Barkan said in beginning the campaign two years ago. The American economy, he said, was not working for all Americans — particularly not for blacks and other minority groups.
Fed officials so far have chosen to accommodate the group by applauding its efforts at public education, not by seriously engaging its arguments that interest rates should be raised more slowly. Esther George, the president of the Federal Reserve Bank of Kansas City, which hosts the Jackson Hole conference, arranged Thursday’s meeting with the activists. She said in an interview earlier this year that the Fed must balance job growth with other issues, like financial stability.
“I am completely sympathetic,” she said of the group’s concerns.
But she cautioned that the Fed’s powers were limited. Pushing too hard to lower unemployment could lead to higher inflation, or speculative bubbles, that would force the Fed to raise interest rates more quickly. The resulting economic volatility could end up doing more harm than good.
“The Federal Reserve has become somehow the answer to many problems far beyond what we can actually address,” she said. “I wish I could fix all of it with a tool like monetary policy. But we can’t.”
Even Mr. Barkan’s supporters acknowledge the long odds. Fed Up’s budget has grown to $2 million this year, from $145,000 in 2014, mostly from Good Ventures, a nonprofit foundation created by the Facebook co-founder Dustin Moskovitz, which describes the campaign as “relatively unlikely to have an impact.”
Fed Up’s more visible success has come in pursuit of a longer-term goal: advocating for changes in the Fed’s governance that could eventually shift its decision-making.
In a report published earlier this year, Fed Up highlighted the Fed’s lack of diversity. There are no blacks or Hispanics among the 17 officials on the Fed’s policy-making committee of 12 regional bank presidents and five governors. No black or Hispanic has ever served as president of a regional reserve bank.
Moreover, the report said that whites composed 83 percent of the directors of the Fed’s 12 regional reserve banks, who select the regional presidents.
Narayana Kocherlakota, former president of the Federal Reserve Bank of Minneapolis, said that the absence of minorities was “quite troubling.”
“Those kinds of persistent absences of key demographic groups really suggest that the appointment process, there is something that can be fixed there,” he said.
Fed Up also argued that bank executives should not sit on regional Fed boards. Under current law, bankers hold three of the nine seats on each board. The regional reserve banks are owned by the commercial banks in each district, although they operate under the authority of the Fed’s board, a government agency whose members are nominated by the president and confirmed by the Senate.
In May, 127 congressional Democrats signed a letter to Janet L. Yellen, the Fed chairwoman, calling attention to the Fed’s lack of diversity and the influence of the banking industry.
On the same day, a spokesman for Hillary Clinton’s presidential campaign said in a statement that “Secretary Clinton believes that the Fed needs to be more representative of America as a whole and that common sense reforms — like getting bankers off the boards of regional Federal Reserve Banks — are long overdue.”
Two months later, the Democratic Party adopted a campaign platform that included similar language, the first time in recent decades it mentioned the Fed.
Andrew Levin, an economist at Dartmouth College, said Fed Up’s greatest chance for significant influence was not in framing the current debate about interest rates, but in changing the Fed itself. He co-wrote a report that the campaign published Monday detailing a proposal to make the Fed a fully public institution.
“Having a diverse set of policy makers — including African-Americans and Hispanics — will influence the Fed’s decision-making,” he said. “And it should. The public should have confidence that the public is well represented at the F.O.M.C. table.”
Mr. Barkan started the “Fed Up” campaign after joining the Center for Popular Democracy in 2012, a few years after graduating from Yale Law School. He had read a 2011 article by the journalist Matthew Yglesias, titled “Fed Up.” Unions and other advocacy groups were focused on minimum-wage laws. Mr. Barkan was compelled by the argument that they also should be focused on interest rates.
“Even if they move once less over the course of several years, that’s still massive,” he said earlier this year. “The number of people who have jobs because of that, or higher wages, that dwarves a $15-an-hour wage increase in a smaller city.”
The campaign has gained traction in part because the Fed is eager to show that it is listening. During the first protest two years ago, Mr. Barkan approached Ms. Yellen, who listened politely and invited him to bring a group of workers to Washington, where she met with them in November 2014.
Lael Brainard, a Fed governor who plans to attend the Thursday meeting, made a point last year of visiting the parallel conference Mr. Barkan staged on the sidelines of the Fed event. And Mr. Barkan’s group has now succeeded in persuading each of the regional reserve presidents to meet with groups of local workers.
Neel Kashkari, the new president of the Federal Reserve Bank of Minneapolis, met with Fed Up’s local affiliate, Neighborhoods Organizing for Change, this month, telling the group that he shared their concern about the persistence of higher rates of unemployment among blacks and other minority groups.
Mr. Kashkari also accepted an invitation to spend a day with one of the group’s members, Rosheeda Credit, a Minneapolis resident who described the struggles she and her boyfriend faced to cover the cost of rent and child care for their five children.
“Walking a day in somebody else’s shoes is actually — it makes the anecdotes that much more real,” Mr. Kashkari, who arrived at the bank in January, told reporters after the meeting. “It influences how I think about the problems we face.”
By BINYAMIN APPELBAUM
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Women workers vow to fight back after Supreme Court ruling
Women workers vow to fight back after Supreme Court ruling
“In early 2017, I became network president and co-executive director at the Center for Popular Democracy, a national...
“In early 2017, I became network president and co-executive director at the Center for Popular Democracy, a national network of more than 50 grassroots community organizing groups in 34 states, Puerto Rico, and Washington, D.C. In this capacity, I’ve had the opportunity to meet working women all across the country, and I’ve seen firsthand the commitment Freeman Brown is naming. Women, especially women of color, know that being a union member gives them greater economic security than their nonunion sisters have.”
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Nueva York pagará abogados a algunos inmigrantes
El Nuevo Herald - July 18, 2013, by Claudia Torrens - Nueva York se prepara para dar otro paso en su tradición de ayuda...
El Nuevo Herald - July 18, 2013, by Claudia Torrens - Nueva York se prepara para dar otro paso en su tradición de ayuda a inmigrantes: planea pagar los abogados de oficio que necesitan cuando se presentan ante un tribunal de inmigración para defenderse de un orden de deportación.
Para finales de este año o principios de 2014, algunos inmigrantes, autorizados o no, que enfrenten la deportación podrán presentarse ante el juez de inmigración con un abogado de oficio pagado con fondos municipales, reduciendo así sus posibilidades de ser deportados. Activistas, un magistrado federal y funcionarios locales planean anunciar el viernes que el gobierno municipal ha destinado 500.000 dólares a financiar un programa piloto que ofrecerá representación legal a inmigrantes.
Brittny Saunders, de la organización Center for Popular Democracy, dijo a The Associated Press que es la primera vez que un programa de este tipo se implementa en una municipalidad de Estados Unidos.
"La intención es reunir información sobre los beneficios que la representación legal supone tanto para un individuo detenido y en proceso de deportación como para su familia, su comunidad y la ciudad entera", dijo Saunders. "Esperamos que este programa sea un modelo para otras comunidades en todo el país".
Los inmigrantes que acaban en los tribunales de inmigración y que enfrenten la deportación no tienen derecho a ser defendidos por un abogado de oficio. Pueden contratar a un abogado privado, pero muchos no tienen el dinero para pagar ese servicio. Es por ese motivo que el gobierno municipal, varios activistas y el juez federal Robert Katzmann han unido esfuerzos para ofrecer ayuda a inmigrantes en esta situación.
Saunders dijo que en el estado de Nueva York una media de 2.800 inmigrantes enfrenta anualmente la deportación sin acceso a asistencia legal. Muchos de ellos, explicó, con frecuencia son detenidos por infracciones a las leyes de inmigración, como quedarse en Estados Unidos una vez vencida su visa.
El Congreso debate en estos momentos una reforma a las leyes de inmigración y el proyecto de ley aprobado por el Senado hace unas semanas propone un camino a la naturalización de 11 millones de inmigrantes sin autorización para vivir en el país. El gobierno del presidente Barack Obama deportó a más de 400.000 inmigrantes en el año fiscal 2012, una cifra récord.
El juez federal Katzmann y su grupo "Study Group on Immigrant Representation" publicó un informe en el 2011 que indicaba que 18% de los inmigrantes detenidos en Nueva York que cuentan con abogado salen adelante con su caso, mientras que entre los que no tienen asesoría jurídica, la cifra es de sólo 3%.
Entre los inmigrantes no detenidos, 74% sale adelante, mientras que entre los que no tienen asesoría legal la cifra es de 13%, señala el informe.
El programa piloto que se planea presentar el viernes — llamado "New York Immigrant Family Unity Project" (Proyecto por la Unidad Familiar de los Inmigrantes en Nueva York) — necesita escoger a través de un proceso público de varios meses a una organización sin ánimo de lucro que ofrezca sus abogados para la representación legal.
La presidenta del Concejo Municipal de Nueva York, Christine Quinn, ha sido una de las impulsoras del financiamiento del programa. Quinn aspira a ser la próxima alcaldesa de la ciudad durante elecciones municipales en noviembre.
En Nueva York viven más de tres millones de personas nacidas en otros países, según información del Censo.
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