Protesters On Hunger Strike For 17 Days Ask Education Department To Help
Two Chicago protesters who have been fasting for 17 days over the future of a local high school traveled to Washington...
Two Chicago protesters who have been fasting for 17 days over the future of a local high school traveled to Washington D.C. this week to take their fight to the national stage.
The protesters, joined by civil rights leaders and the presidents of the nation's two largest teachers unions, held a press conference on Wednesday and delivered a letter to Secretary of Education Arne Duncan, asking him to take action so city officials will make a decision about Chicago's Dyett High School, which closed in June due to low enrollment rates and test scores.
Twelve protesters have been participating in a hunger strike since Aug. 17 in an attempt to convince the Chicago Board of Education to reopen the school as an open-enrollment public school with a focus on science, which they say will best serve the needs of the community. The board is weighing various plans to reopen the school, but protesters say this process has been slow and inconsistent, and worry that the board will ultimately allow the school to remain closed.
Since the start of the hunger strike, four protesters have had to receive medical attention, according to the Chicago Sun-Times. Last week, a group of medical professionals asked Chicago Mayor Rahm Emanuel to intervene, calling the situation "a health emergency."
Only two of the protesters made the trip to Washington. The letter they delivered to Duncan on Wednesday asks him to "act swiftly to avert the further harm." An excerpt from the letter states:
"One of the challenges facing African American parents and students in Chicago is the lack of response and accountability from elected and appointed officials. Affluent neighborhoods receive selective enrollment and well-resourced schools. However, communities comprised of predominantly low-income and working families have to contend with under-resourced schools and privatization models that undermine the integrity of the community. We compel you to act on behalf of the residents of Bronzeville who have been rendered voiceless in this process."
At Wednesday's press conference, protesters Jitu Brown and April Stogner were joined by American Federation of Teachers President Randi Weingarten, National Education Association President Lily Eskelsen García, Advancement Project Co-Director Judith Browne Dianis, Schott Foundation President John Jackson, Coalition for Community Schools Director Martin Blank, and members of the Alliance for Educational Justice and the Center for Popular Democracy.
"Sometimes you have to put your own health on the line to get the attention of the world," said García.
The protesters want the Board of Education to choose their proposal for the school's future, which would reopen the school as the Dyett Global Leadership and Green Technology High School.
"We’re going to do whatever is necessary to keep this school and have an open enrollment school in our community,” said Stogner, a protester who has three grandchildren. “I’m hungry. But I’m not really hungry for food -- I’m hungry for justice. I’m hungry for justice for my grandbabies, for all the kids in my community."
“We live in a city where we are not valued as black and brown people,” she added.
Earlier this week, protesters met with Emanuel and officials from Chicago Public Schools to discuss the strike, but the meeting did not lead to any resolution.
"The mayor appreciates there are strong feelings about Dyett, and he understands there is a desire for a quick resolution about its future, however what's most important is the right decision," said a statement from the mayor's office. "CPS is engaged in a thorough review of Dyett, and while they are closer to a decision, they continue to weigh all the factors at play in an effort to achieve the best outcome possible -- one that will ensure a strong Bronzeville and a strong future for our children."
A spokesperson for Duncan said Department of Education leaders plan to meet with the protesters to hear their concerns.
“We respect the efforts of this group and worked to accommodate their plans to hold a press conference outside our building," said Department of Education press secretary Dorie Nolt in a statement. "Senior leaders at the Department will meet with representatives of the group today to hear more about their concerns. While this is squarely a local issue, we always welcome the opportunity to engage with concerned students, parents, educators and community members.”
Source: Huffington Post
Groups sue feds over foreclosure fighting tactic
The Washington Post - December 5, 2013 - The American Civil Liberties Union has sued the Federal Housing Finance...
The Washington Post - December 5, 2013 - The American Civil Liberties Union has sued the Federal Housing Finance Agency, asking it to disclose efforts to stop municipalities from using eminent domain to bail out underwater homeowners and make its dealings with the financial industry more transparent.
The ACLU, Center for Popular Democracy and other nonprofits filed a freedom of information lawsuit against the agency Thursday in federal court in San Francisco.Richmond, Calif., was the first city to officially codify the divisive foreclosure fighting plan, which has drawn zealous opposition from Wall Street and Washington. Two lawsuits challenging the use of eminent domain have been thrown out, but will likely be refiled. The city has not yet used eminent domain to seize a mortgage.Irvington, N.J., is moving forward with the strategy, and the city council in Newark took its first steps toward moving forward with a plan Wednesday. Yonkers, N.Y., is considering it, but other places have scrapped the idea because of opposition from banks or legal hurdles.The agency said in August it may initiate legal challenges against municipalities that want to use eminent domain to fight foreclosures and could direct regulated entities to stop doing business in those places. The nonprofits said most of the cities exploring the use of eminent domain have been besieged by foreclosures and have predominantly low-income, minority populations.The nonprofits filed freedom of information requests with the agency in October, seeking communication between agency leadership and representatives of the banking, mortgage and financial industry, and records of meetings between the agency and financiers, among other requests.FHFA acknowledged, but did not complete, the requests, according to the lawsuit, so the groups sued. The nonprofits are asking for the documents to be procured on an expedited basis.“The FHFA has taken an aggressive stance on this issue in a way that has harmed minority communities. The public deserves to know why,” said Linda Lye, a staff attorney with the ACLU of Northern California, in a statement.A FHFA spokeswoman said the agency is not commenting on the lawsuit.By using eminent domain, municipalities can circumvent mortgage contracts, acquire loans from bondholders, write them down and give them back to the bondholders with reduced principals. According to Cornell University law professor Robert C. Hockett, who devised the plan, only government has the power to forcibly sidestep mortgage contracts.The tactic only works with so-called private label security mortgages, or ones that are not backed by the federal government.FHFA oversees government-backed loans owned by Fannie Mae or Freddie Mac. They cannot be seized by eminent domain.The lawsuit said one of the agency’s “statutory mandates is to help the housing market recover,” and threatening to sue municipalities that try to use eminent domain conflicts with that obligation.“By threatening legal action,” the suit said, the agency “effectively blocks the communities hit hardest by the foreclosure crisis from pursuing one potentially effective solution on behalf of their residents.”The suit also said the agency’s threats to deny credit to communities raises Fair Housing Act and Equal Credit Opportunity Act concerns.Members of the financial industry have said they fear using eminent domain could be a slippery slope, and penalizes people who save and invest in mortgage-backed securities.In Washington, Texas Republican Rep. Jeb Hensarling and Calif. Republican Rep. John Campbell proposed legislation that would bar the federal government from backing mortgages in places that use eminent domain to seize mortgages. SIFMA, a group that represents security firms, banks and asset managers and 11 other groups sent a letter to Congress opposing the use of eminent domain.Last month, 10 members of Congress sent a letter asking the head of FHFA to rescind its threat to sue places that use eminent domain.Source
Avengers Assemble! Scarlett Johansson shows off her chic pixie cut as she joins her co-stars including Robert Downey Jnr for benefit reading of classic play Our Town
Avengers Assemble! Scarlett Johansson shows off her chic pixie cut as she joins her co-stars including Robert Downey Jnr for benefit reading of classic play Our Town
She's known for her role as heroine Black Widow in the Marvel Avengers series, with the latest installment, Infinity...
She's known for her role as heroine Black Widow in the Marvel Avengers series, with the latest installment, Infinity War, set to hit UK cinemas in April 2018.
And Scarlett Johansson put her superhero status towards a good cause on Sunday, as she was spotted arriving at rehearsals for a benefit reading of Our Town.
The 32-year-old actress showed off her chic blonde pixie cut as she checked her script on the way into Atlanta's Fox Theatre, where she was joined by some of her Avengers co-stars.
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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.
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The #Resistance Trump ignited will shape politics for a generation
The #Resistance Trump ignited will shape politics for a generation
Jennifer Mosbacher cried in a doctor’s office the morning after Donald Trump’s election, unable to control herself...
Jennifer Mosbacher cried in a doctor’s office the morning after Donald Trump’s election, unable to control herself during a routine physical. The 43-year-old Atlanta suburbanite had avoided politics her entire life but was overcome with shock by an outcome she never saw coming.
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Warren calls for diversity in Federal Reserve leadership
Warren calls for diversity in Federal Reserve leadership
WASHINGTON – The latest crusade in the name of diversity commenced on Thursday, this time aimed squarely at the makeup...
WASHINGTON – The latest crusade in the name of diversity commenced on Thursday, this time aimed squarely at the makeup of the Federal Reserve’s leadership and spearheaded in part by Elizabeth Warren, the senior U.S. senator from Massachusetts.
The Cambridge Democrat recently linked up with fellow Democrat, Michigan U.S. Rep. John Conyers, to send a letter to Janet Yellen, chair of the Federal Reserve Board of Governors, asking the former Clinton administration adviser to take action. They cited a 1977 law that requires the bank regulator to reflect the nation’s diversity.
The progressive duo began their missive by praising her work under President Barack Obama before stating that they “remain deeply concerned that the Federal Reserve has not yet fulfilled its statutory and moral obligation to ensure that its leadership reflects the composition of our diverse nation.” Instead, they said, the central bank’s leadership “remains overwhelmingly and disproportionately white and male,” and is drawn mainly from major banks and corporations.
The letter cites a statistic reported in February by the left-leaning Center for Popular Democracy that indicates that “83 percent of Federal Reserve head office board members are white” while “men occupy nearly three-fourths of all regional bank directorships.”
The lawmakers assert that the discussions among Fed leaders regarding labor market conditions never once mentioned the situation confronting blacks in 2010, the most recent year for which full transcripts are available. The lawmakers point out that the unemployment rate for blacks that year never fell below 15.5 percent, while the nation’s average jobless rate hovered just below 10 percent during most of that post-recession period.
Fellow Massachusetts U.S. Sen. Ed Markey put his signature on the letter, alongside those of more than 120 other Democrats in Congress
Warren and Conyers later took to social media to rally the public around the cause:
Former Secretary of State Hillary Clinton, the frontrunner for the Democratic presidential nomination, was also quick to throw her support behind the call for diversity:
“The Fed needs to be more representative of America as a whole,” Jesse Ferguson, a Clinton campaign spokesman, told the Associated Press Thursday, adding that Clinton also opposes the fact that three private-sector bankers currently sit on each regional Fed bank board.
The Fed is actively working to further diversify its ranks, bank spokesman Dave Skidmore said in a statement provided to AP.
“Minority representation on Reserve Bank and Branch boards has increased from 16 percent in 2010 to 24 percent in 2016,” Skidmore told AP. “The proportion of women directors has risen from 23 percent to 30 percent over the same period. Currently, 46 percent of all directors are diverse in terms of race and/or gender (with a director who is both female and a minority counted only one time).”
“We are striving to continue that progress.”
By BY EVAN LIPS
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Yellen and Draghi Speeches to Highlight Jackson Hole Conference
Yellen and Draghi Speeches to Highlight Jackson Hole Conference
Central bankers and economists from around the world will gather in the mountain resort of Jackson Hole, Wyo.,...
Central bankers and economists from around the world will gather in the mountain resort of Jackson Hole, Wyo., beginning Thursday for the Federal Reserve Bank of Kansas City's annual economic symposium.
The theme of this year's conference, "Fostering a Dynamic Global Economy, " highlights the challenges of boosting economic growth during an expansion that has been marked by poor productivity gains, rising protectionism and demands for greater fiscal austerity.
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‘We are not ready’: Arizona voters warn Election Day could be worse than primary fiasco
‘We are not ready’: Arizona voters warn Election Day could be worse than primary fiasco
PHOENIX, ARIZONA — On Arizona’s primary day this April, voters in Maricopa County waited five hours in the hot sun to...
PHOENIX, ARIZONA — On Arizona’s primary day this April, voters in Maricopa County waited five hours in the hot sun to cast a ballot, because the county slashed the number of polling places from 200 to 60. Some people gave up and left without voting; some fainted in the desert heat. Polling places ran out of ballots.
After the dust settled, angry voters, candidates, and political parties filed a slew of lawsuits against the state, leading to court settlements and a promise that no voter will have to wait longer than half an hour this fall.
“The primary fiasco was a huge wakeup call,” said Samantha Pstross with the Arizona Advocacy Network.
But elected officials and voting rights advocates fear the situation could be just as bad or worse on Tuesday.
“We are not ready for what I presume will be one of the largest turnouts in Arizona history,” Maricopa County supervisor Steve Gallardo told ThinkProgress. “Everyone is banking on a large number of vote-by-mail ballots. But this is not an ordinary election. We have a record number of new Latino voters. We see lots of excitement out there. We need to be prepared to handle this, but we’re already seeing problems.”
“We are not ready for what I presume will be one of the largest turnouts in Arizona history.”
Gallardo cited troubles that have already plagued the county during early voting, when turnout is usually much lighter than on Election Day itself.
On Friday, the final day of in-person early voting, voters in Tempe waited more than three hours to cast a ballot. Among them was Bob Davis, who arrived around 1:15 p.m. with his four-year-old daughter. Though he was told it would be a two-hour wait, he didn’t cast a ballot until nearly 5 p.m.
“I watched like 20 people leave the line who couldn’t wait,” he told ThinkProgress. “I knew the chance of them coming back and trying again was negligible. I felt really upset.”
Davis noted that there is a ballot measure before Arizona voters this year that would raise the minimum wage from just over 8 dollars an hour to 12 by the year 2020. He said he worries those the measure would impact most will not be able to have a say in its passage.
“If you make only 8.05 an hour, your ability to stand in line for four hours is minimal,” he said. “This is actual voter suppression.”
In Glendale, another Phoenix suburb, an understaffed site with insufficient equipment forced voters to wait more than two hours earlier this week.
“It’s discouraging,” Gallardo said. “No one should have to stand in long lines. It becomes a voting barrier. Some folks don’t have the opportunity to wait. Some are elderly and physically can’t stand that long, others only have a short lunch break from work when they can vote. So if you let long lines occur, you are disenfranchising voters.”
Maricopa County had 724 polling places for the 2012 general election. This year, they will have the exact same number, despite adding more than 90,000 more voters to the rolls. Many of those precincts’ polling places are located in the same building, meaning there will be only 640 separate locations.
“What is scary is what could happen on Election Day,” said Pstross. “If there are long lines, people will be disenfranchised left and right.”
Ever-changing laws fuel voter confusion
Arizona smashed its Latino voter registration record in the final weeks of the 2016 election, adding 150,000 new voters to the rolls. The state also led the nation in Latino early voting. Latino residents cast an unprecedented 13 percent of the votes, up from just 8 percent in 2008. Organizers credit Donald Trump for some of this participation spike, noting that his disparagement of immigrants and promises of mass deportations have mobilized Latinos who previously avoided electoral politics.
But as community advocacy groups like Bazta Arpaio, the Arizona Advocacy Network, LUCHA, and others hit the streets of Phoenix in the campaign’s final days, some fear an avalanche of last-minute court cases and legal changes could confuse and disenfranchise the voters they have worked so hard to engage.
This year alone, Arizona mailed out incorrect information about where to vote and mistranslated one of the ballot propositions on thousands of Spanish-language ballots. The state also allowed the final day of voter registration to fall on a federal holiday, leaving thousands of voters unable to register in time.
Then, on Friday night, a federal appeals court temporarily enjoined Arizona’s new law that made it a felony for anyone other than a relative or caretaker to pick up and mail in a voter’s absentee ballot. On Saturday morning, the U.S. Supreme Court reversed the decision and gave Arizona its blessing to enforce the ballot collection ban.
The back-and-forth left organizers scrambling.
Ben Laughlin, an organizer with the “Bazta Arpaio” campaign to unseat the controversial county sheriff Joe Arpaio, got the news of the ruling just before dispatching a small army of canvassers to knock on doors across the city.
“It causes a lot of confusion,” Laughlin told ThinkProgress. “For months we haven’t been collecting ballots because of the ban. Yesterday, we started collecting ballots. Now we’re not. It was a sweet 24 hour window.”
Bazta Arpaio blasted out this message on Friday night: “This weekend, when a volunteer comes to your door, you can have them turn in your ballot with confidence.” Less than a day later, the group had to abandon those plans.
A mother and her two sons hit the streets of West Phoenix with the Bazta Arpaio campaign. CREDIT: Alice Ollstein
Across the city, Asya Pikovsky with the Center for Popular Democracy scrambled to inform dozens of volunteers about the legal development.
“We got on the phone the second the decision came out and told every single person,” she told ThinkProgress on Saturday. “Our canvassers are following the decision to the letter.”
But other advocates expressed fears that some people could accidentally violate the newly-restored law if they did not get the news in time.
“No one should be considered a felon for helping someone else vote — especially someone who would have no other way to get to the polls,” Pstross said.
She fears even those following the law could face unlawful harassment from poll watchers, who have been instructed to follow and photograph those turning in multiple ballots.
“We’re worried that, say, someone who works at a retirement home could show up with 50 to 100 ballots,” she said. “They’re a legitimate caretaker, but even if they’re totally within the law, a crazy person could challenge and intimidate them.”
Sheriffs and vigilantes
Concerns about intimidation by poll-watchers were elevated Saturday, when a federal court declined to put a halt to plans by Trump’s campaign, the Arizona GOP, and a group run by Trump ally Roger Stone to patrol minority-heavy precincts, film those who they suspect of voter fraud, and question people exiting the polls about which candidate they supported.
“It is Plaintiff’s burden to illustrate that these activities are likely to intimidate, threaten, or coerce voters,” the court ruled. “The evidence…has failed to do so.”
But officials and voting rights advocates in Arizona are not just worried about intimidation from such volunteers — They are also sounding the alarm about the potential presence of the county sheriffs at the polls on Election Day.
The Maricopa County Recorder’s office, which administers the election, plans to call in sheriffs if there are any disputes at the polls, even though the head of the department is currently on trial for criminal contempt and racial profiling. Sheriffs have already been summoned to early voting sites, including one incident this week in which voters were upset about turned away at 4:30 p.m. because the polls were supposed to be open until 5 p.m.
“This should be an exciting time for voters — not a time of anxiety or fear.”
Voting rights advocates and elected officials said that having the same sheriffs who conducted immigration raids patrol the polls will intimidate Latino voters. Some groups have called on the Justice Department to send monitors to oversee the sheriffs’ activities, while others are demanding the County Recorder use a different law enforcement agency on Election Day.
“We have a sheriff that has divided and polarized this county and created distrust between the community and the sheriff’s office,” Gallardo said. “It’s time to distance ourselves from the sheriffs’ office and use other agencies like Phoenix Police that actually have credibility with the public. The sheriffs should not be involved in this election.”
“This should be an exciting time for voters — not a time of anxiety or fear,” added Alex Gomez, Executive Director of the Arizona Center for Empowerment. “On Election Day, the story should be about Arizonans proudly casting their ballots — not voters scared off from the polls.”
By Alice Miranda Ollstein
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Is the Fed Due for a Revamp?
US News & World Report - November 13, 2014, by Katherine Peralta - Building on momentum from earlier this year, a...
US News & World Report - November 13, 2014, by Katherine Peralta - Building on momentum from earlier this year, a group of policy advocates, economists and community organizations is calling for more transparency at the Federal Reserve, imploring that the Fed consider the plight of many who haven’t enjoyed the kind of recovery that recent positive economic data suggest.
The push for more access to the Fed is gaining momentum among the public and in Congress, though revamping a decades-old central banking system that’s helped stabilize the economy through multiple crises is not without controversy.
As two of the Fed’s most vocal critics of its current monetary policy near their retirement at the beginning of next year, a coalition called “Fed Up” is asking that the public have more say in the process of appointing their replacements and future Fed leaders. Members sent letters outlining their concerns to the Fed and will meet Friday with Fed Chair Janet Yellen in the District of Columbia.
As it progresses toward its dual objective of price stability and full employment, the Fed has said it will eventually raise short-term interest rates, which have been kept near zero since 2008 to stimulate growth. The coalition says since the economy isn’t yet strong enough to stand on its own, the Fed should maintain its easy-money policies, which make lending cheap for borrowers and businesses but don’t do much to boost those on fixed incomes like retirees.
“We're going to talk about our request that the Fed create more transparency in a democratic process for appointments and that it adopt more pro-jobs, pro-wages policies, more expansionary policies, so as to get us to full employment,” says Ady Barkan, staff attorney at the left-leaning Center for Popular Democracy, which is part of the coalition. “They need to target higher wage growth instead of stepping on the brakes the moment that wages start to rise, which is what the hawks want to do."
The term "hawk" refers to those who see the labor market as strong enough to merit a faster interest rate hike to keep inflation in check and pertains to outgoing regional Fed bank presidents Richard Fisher of Dallas and Charles Plosser of Philadelphia. Doves, like Yellen, believe that there is still enough slack in the labor market to warrant maintaining as low interest rates as possible.
Each of the 12 regional Federal Reserve banks selects its own president through a process that’s criticized as rather opaque. Those presidents rotate on five of the 12 seats on the Federal Open Market Committee, the group at the Fed that sets interest rates. The remaining seven members of the committee, including Yellen, are appointed by the president and confirmed by the Senate.
The 12 regional presidents report back to the rest of the Fed about economic trends from their respective districts on a regular basis – a compilation of data amalgamated in a “Beige Book” published eight times a year and used to assess the economy’s health.
A spokeswoman for the Philadelphia Fed said it has retained the services of executive search firm Korn Ferry to replace Plosser and “will consider a diverse group of candidates from inside and outside the Federal Reserve system.” A Dallas Fed representative said the bank’s board of directors is meeting today to discuss the presidential search process to replace Fisher.
Stronger economic data this year have prompted many to wonder whether the Fed should start raising interest rates sooner rather than later. The U.S. economy’s reached the lowest jobless rate in six years and has enjoyed the strongest stretch of job gains since 1999.
But the coalition argues that despite what the national numbers may say about the recovery, they don’t necessarily speak to the experience of a lot of people who still feel the recession in their communities.
Even though the Dallas metropolitan area had one of the strongest monthly job gains in the country in September and has a jobless rate of 5 percent, well below the national rate of 5.8 percent, Connie Paredes, a volunteer with the Texas Organizing Project who will meet with Yellen Friday, says the economy in Dallas still feels “not that great.”
“There are a lot of statistics out there about the unemployment rate and how things have gotten better. It doesn't really reflect the fact that there is a lot of underemployment,” Paredes says. “There are a lot of college graduates who aren't able to find jobs. There are a lot of professionals who have to take on extra jobs in order to make ends meet.”
But attempting to change the appointment system might not be the solution to get more “everyday” voices before the Fed. Guy Lebas, chief fixed income strategist at Janney Capital Markets, says it’s a “solution in search of a problem.”
“There’s very little wrong from an economic perspective with how the Fed selection process works now, and a majority of the members who have input into monetary policy are democratically selected,” Lebas says.
Yellen herself has said it’s important to maintain a diverse group of viewpoints within the Fed.
“I believe decisions by the Federal Reserve Board and the Federal Open Market Committee are better because of the range of views and perspectives brought to the table by my fellow policymakers, and I have encouraged this approach to decision-making at all levels and throughout the Fed System,” she said in an Oct. 30 speech in Washington.
There’s also a push in Congress for changes at the Fed. The new GOP leadership could introduce a new version of former congressman and presidential candidate Ron Paul’s Audit the Fed bill, which, as its name implies, calls for a full audit of the Fed – including internal discussions on monetary policy – by the Government Accountability Office. Critics worry if passed, the bill would allow Congress to interfere with the Fed’s decision-making.
And a level of independence from the public may not be such a bad thing, says Gary Burtless, a senior fellow at the Brookings Institution, citing the Fed’s handling of the economic crisis – which included bailing out large financial institutions and beginning unprecedented and controversial economic stimulus programs.
“I realize many things the Fed did, although most economists think were entirely justified, are still immensely unpopular among the public, but so what?” Burtless says. “We do have this layer of insulation that I think we should protect. The events of 2007 through 2009 confirm the absolute importance of having that level of insulation so that members of the Federal Reserve Board don’t worry that their deliberations, their decisions about monetary policy, are going to be immediately undone by populist and perhaps poorly understood objections from the general public.”
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“Llevaron a cabo vigilia contra Trump por el huracán María”
“Llevaron a cabo vigilia contra Trump por el huracán María”
Los oradores incluyeron a Jaime Contreras , vicepresidente del sindicato 32BJ , Mary Cathryn Ricker , vicepresidenta...
Los oradores incluyeron a Jaime Contreras , vicepresidente del sindicato 32BJ , Mary Cathryn Ricker , vicepresidenta ejecutiva de la Federación de Maestros de EE.UU. , Jordan Haedtler , director de campaña del Centro para la Democracia Popular, y Tatiana Matta , puertorriqueña que aspira al Congreso por el distrito 23 de California.
Lea el artículo completo aquí.
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