Overnight Finance: Obama huddles with Yellen; Puerto Rico bill markup Wednesday
Overnight Finance: Obama huddles with Yellen; Puerto Rico bill markup Wednesday
TRADING NOTES: President Obama met with Federal Reserve Board Chairwoman Janet Yellen, but interest rates were...
TRADING NOTES: President Obama met with Federal Reserve Board Chairwoman Janet Yellen, but interest rates were apparently not on the agenda.
Obama did not plan to discuss interest rates with Yellen, according to White House press secretary Josh Earnest. He argued such a conversation could undercut the chair's independence in setting monetary policy.
"I would not anticipate that, even in the confidential setting, that the president would have a conversation with the chair of the Fed that would undermine her ability to make these kinds of critical monetary policy decisions independently," Earnest told reporters ahead of the meeting.
The closed-door discussion is instead an opportunity to "trade notes" on broader economic trends in the U.S. and abroad, as well as on a new set of regulations on Wall Street financial firms.
Obama and Yellen talked about the growth outlook, "the state of the labor market, inequality and potential risks to the economy," the White House said after the meeting. The Hill's Jordan Fabian has more: http://bit.ly/25VuzIZ.
HOUSE TO MARKUP PUERTO RICO DEBT BILL: The House Natural Resources Committee will begin on Wednesday to mark up legislation aimed at saving Puerto Rico from a massive debt crisis.
Lawmakers have been working to make significant changes to the measure, which is expected to unveiled as early as Monday night, since the panel released a discussion draft on March 29.
The Puerto Rico measure, which put the island's finances under federal oversight and authorize a restructuring of some of its debt, will need to strike a balance and attract bipartisan support and the backing of the White House to move forward.
LEW MAKES CASE FOR GLOBAL ECONOMIC LEADERSHIP: Treasury Secretary Jack Lew on Monday made the case for the United States to continue its global economic leadership as the administration faces criticism from Donald Trump and other presidential candidates.
"We know that the global landscape of the next century will be very different than that of the post-war era," Lew said in a speech at the Council on Foreign Relations. "And if we want it to work for the American people, we need to embrace new players on the global economic stage and make sure they meet the standards of the system we created, and that we have a strong say in any new standards."
"The worst possible outcome would be to step away from our leadership role and let others fill in behind us," he added. The Hill's Naomi Jagoda fills us in: http://bit.ly/1qjTIwe.
GOLDMAN SACHS SETTLES MORTGAGE PROBE FOR $5 BILLION: Goldman Sachs will pay more than $5 billion to settle charges that it engaged in "serious misconduct" when selling risky mortgages leading up to the 2008 financial collapse.
The $5.06 billion civil settlement also saw the Wall Street giant admit it failed to properly inform investors of the risks in the subprime mortgage securities the bank was selling.
"This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail," acting associate attorney general Stuart Delery said in a statement.
One of the government charges, which Goldman has now acknowledged, was that the bank kept internal concerns about the strength of the mortgage market hidden from potential investors. Here's more from The Hill's Peter Schroeder: http://bit.ly/1qjTJQQ.
SANDERS SAYS GOLDMAN'S BUSINESS 'RIGGED': Bernie Sanders charged Monday that the settlement proves Goldman Sachs's business is "based on fraud."
The Justice Department announced Monday that the Wall Street giant would pay over $5 billion to settle charges it sold risky mortgage investments in the lead up to the financial crisis, and didn't tell investors enough about it.
Sanders, who has built his presidential campaign in large part on big bank bashing, said the settlement proves his point.
"What they have just acknowledged to the whole world is that their system ... is based on fraud," he told supporters in New York.
Sanders also complained that the civil settlement did not include any criminal charges, proving the "corruption of our criminal justice system." http://bit.ly/1TNk2Lm
HAPPY MONDAY and welcome to Overnight Finance, where we're wondering why Herbert Hoover gets to join the racing presidents. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.
Tonight's highlights include securities fraud charges for Texas's attorney general, a trillion-dollar national pension gap and a Tax Day delay.
See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://www.thehill.com/signup/48.
ON TAP TOMORROW:
Senate Finance Committee: Hearing on examining cybersecurity and protecting taxpayer information, 10 a.m
Senate Appropriations Subcommittee on Financial Services: Hearings to examine proposed budget estimates and justification for fiscal year 2017 for the Securities and Exchange Commission and Commodity Futures Trading Commission., 10:30 a.m.
House Rules Committee: Business Meeting: H.R. 2666: No Rate Regulation of Broadband Internet Access Act; H.R. 3340: Financial Stability Oversight Council Reform Act; H.R. 3791: To raise the consolidated assets threshold under the small bank holding company policy statement and for other purposes.
Puerto Rico Oversight, Management, and Economic Stability Act expected to be released.
"Getting Her Money's Worth: What Will It Take to Achieve Equal Pay?" discussion featuring Sens. Kirsten Gillibrand (D-NY) and Heidi Heitkamp (D-ND), 11:45 am.
BERNIE FANS LEFT'S FLAMES AGAINST FED: Liberal activists are putting a target on the Federal Reserve for the 2016 elections, much to the delight of the Bernie Sanders campaign.
Denouncing an agenda that they say tilts toward Wall Street, members of the "Fed Up" coalition on Monday unveiled a set of reforms that would alter how the central bank does business.
"No longer are we focused only on fixing the Fed's monetary policy and internal governance positions," said Ady Barkan, the group's campaign director. "We are now beginning an effort to reform the Federal Reserve itself. Peter Schroeder breaks down the fight: http://bit.ly/23yMSBH.
YOU HAVE THREE MORE DAYS TO PROCRASTINATE: For most people, tax returns are due one week from today.
This year's due date for filing federal individual income tax returns is April 18, not April 15. This is because the District of Columbia is observing Emancipation Day on April 15, which falls on a Friday, according to the Internal Revenue Service (IRS).
People living in Massachusetts and Maine have until April 19 to file their tax returns because those states observe Patriots' Day on April 18.
Those who are serving in combat zones or contingency operations or become hospitalized due to injuries from their service can have additional time to pay their taxes. Those affected by federally declared disasters might also have more time, the IRS said: http://bit.ly/1Q3tzHk.
AG GROUPS PUSH FOR PACIFIC TRADE DEAL: The nation's farmers and ranchers are putting their weight behind efforts urging Congress to pass a sweeping Asia-Pacific deal this year.
In a letter to congressional leaders on Monday, 225 food and agricultural groups called on lawmakers to move forward on the 12-nation Trans-Pacific Partnership before President Obama leaves office.
"The TPP presents a valuable opportunity for U.S. agriculture; one that we cannot afford to miss," the groups wrote. The Hill's Vicki Needham explains why: http://bit.ly/1S5QCFD.
SEC CHARGES TEXAS ATTORNEY GENERAL: The Securities and Exchange Commission on Monday charged Texas's top law enforcement official with civil securities fraud for allegedly deceiving investors in a computer company.
Texas Attorney General Ken Paxton (R) received 100,000 shares of Servergy, a Nevada-based technology company, to pitch investors on a server it was selling between 2011 and 2013, according to the SEC complaint. Servergy officials allegedly marketed the server with incorrect information, and Paxton allegedly did not disclose to investors that he would be paid a commission: http://bit.ly/1RPHyG0.
US PUBLIC PENSIONS FACE $3 TRILLION HOLE: The nation's public pension system is facing a $3.4 trillion funding hole that may force cities and states to either cut spending or raise taxes to cover future shortfalls.
The deficit in pension funds is three times more than official figures and is growing, and without an overhaul could weigh on state and local budgets and lead to Detroit-like bankruptcies, according to research reported by the Financial Times.
Joshua Rauh, a senior fellow at the Hoover Institution who put together the report, told the FT that "the pension problems are threatening to consume state and local budgets in the absence of some major changes."
"It is quite likely that over a 5- to 10-year horizon we are going to see more bankruptcies of cities where the unfunded pension liabilities will play a large role." Here's more from Vicki Needham: http://bit.ly/1Su85op.
CONSERVATIVES FIGHT ENERGY TAX BREAKS IN FAA BILL: Conservative groups that oppose a proposal to include energy tax breaks in the long-term reauthorization of the Federal Aviation Administration are vowing to take their fight to the House if the Senate moves ahead.
Americans for Prosperity and Freedom Partners said Monday that if the Senate ends up attaching energy tax provisions to the FAA bill, the organizations will ratchet up pressure on lawmakers across the Capitol to oppose the language or pass a clean-extension of FAA.
"If the Senate isn't going to do anything to stop this, we're going to put pressure on the House," Andy Koenig, senior policy advisor at Freedom Partners, said on a press call. "The House is under no obligation to take up a bunch of energy subsidies if they don't want to." The Hill's Melanie Zanona walks us through the battle: http://bit.ly/1RPHrKH.
DEMS CALL FOR GREATER NONBANK MORTGAGE OVERSIGHT: Two Democratic lawmakers are calling on the nation's top consumer protection agency to ramp up its oversight of nonbank mortgage servicers.
Sen. Elizabeth Warren (Mass.) and Rep. Elijah Cummings (Md.) asked the Consumer Financial Protection Bureau (CFPB) on Monday to identify all of and collect more data on the growing number of financial institutions other than banks that service mortgages.
Warren and Cummings pointed to recommendations from a non-partisan government watchdog report published Monday. Warren, a long-time financial industry watchdog, and Cummings, the top Democrat on the House Oversight Committee, requested the Government Accountability Office (GAO) study. I'll fill you in on the rest here: http://bit.ly/1Sc3ldc.
Did you know 67% of all job growth comes from small businesses? Read More
NIGHTCAP: Five Starbucks locations in DC will start serving alcohol and "small plates," which is millennial for paying more money for less food: https://www.washingtonian.com/2016/04/08/5-dc-starbucks-will-sell-beer-wine-small-plates-next-week/.
By Sylvan Lane
Source
Advocacy group calls for more oversight of California charter school spending
Advocacy group calls for more oversight of California charter school spending
A lack of transparency and inadequate oversight can set up the potential for waste, fraud, and abuse. A 2015 report...
A lack of transparency and inadequate oversight can set up the potential for waste, fraud, and abuse. A 2015 report from the Alliance to Reclaim Our Schools and the Center for Popular Democracy, entitled “The Tip of the Iceberg,” reported over $200 million lost to fraud, corruption and mismanagement in charter schools.
Read the full article here.
How Hurricane Maria Could Change Puerto Rico’s Political Future
How Hurricane Maria Could Change Puerto Rico’s Political Future
In the windowless backroom kitchen of the Loisaida community and arts center in Lower Manhattan, Aris Mejías cradles a...
In the windowless backroom kitchen of the Loisaida community and arts center in Lower Manhattan, Aris Mejías cradles a plastic ziplock with the last of the dark-roast coffee she brought back from her native Puerto Rico. “It’s probably extinct,” she says. “Ay Díos, I think I’m gonna cry.” Mejías’s eyes are red and sunken. Neither she nor Isabel Gandía has slept much since Hurricane Maria tore through the southeast Caribbean in late September. They’ve been too busy coordinating a donation drive to bring emergency aid to Puerto Rico. At 3:30 in the afternoon, Gandía is only just getting around to breakfast.
Read the full article here.
Spa mayor seeks to ban gun, ammo sales at City Center
Spa mayor seeks to ban gun, ammo sales at City Center
The city is considering a ban on the sale of guns and ammunition at the City Center, Mayor Meg Kelly announced Saturday...
The city is considering a ban on the sale of guns and ammunition at the City Center, Mayor Meg Kelly announced Saturday in a welcoming speech to Local Progress New York.
Read the full article here.
How to Build the Movement for Progressive Power, the Urban Way
As the gears of federal government have ground to a halt, a new energy has been rocking the foundations of our urban...
As the gears of federal government have ground to a halt, a new energy has been rocking the foundations of our urban centers. From Atlanta to Seattle and points in between, cities have begun seizing the initiative, transforming themselves into laboratories for progressive change. Cities Rising is The Nation’s chronicle of those urban experiments.
Cities are where the action is these days. Progressive action, political action. From paid sick days to universal pre-K, fossil-fuel divestment to anti-fracking ordinances, police reform to immigrant rights, the country’s urban centers are leading the way, far outpacing the federal government in vision and action. Just look at the growing movement for a $15 minimum wage. While Bernie Sanders has been raising minimum-wage consciousness on the campaign trail—introducing a bill in July to raise the federal minimum to $15 and calling for the same during the first Democratic presidential debate—it was local politicians, with names barely known beyond their districts, who first heeded the call of struggling workers and made $15 a reality. Before Bernie, in other words, there was Nick Licata and Kshama Sawant, Ruth Atkins, and the Emeryville City Council.
In recognition of this moment, progressive politicians from cities around the country—Los Angeles, San Francisco, Minneapolis, Denver, Philadelphia, and beyond—have joined forces to begin sharing their strategies for creative progressive change. Calling themselves Local Progress, they swap policy solutions to urgent, ongoing injustices like income inequality and police brutality, share model legislation and provide strategic support for legislative campaigns. Kind of like an urban anti-ALEC. Today, just three years after it was formed, more than 400 elected officials from 40 states are part of the effort. And the victories are beginning to add up—from paid parental leave in Boston to paid sick leave in New York City, socially responsible investing in Seattle to the use of eminent domain in Richmond, California, to slash homeowner debt.
This week, Local Progress members from all over the country are meeting in Los Angeles for the group’s fourth national gathering. From October 26 through 28, they aretrading their best ideas and strategies for building progressive local power—and combatting police violence, spreading the Fight for $15, expanding affordable housing, boosting civic engagement, and pushing the fight for LGBTQ rights beyond marriage equality.
Chuy Garcia, who gave Chicago mayor Rahm Emanuel a run for his millions in this year’s election, will be on the scene, as will Minneapolis Mayor Betsy Hodges, SEIU President Mary Kay Henry, AFL-CIO Executive Vice President Tefere Gebre, and dozens of council members, alderman, and supervisors from around the country. If cities are the incubators of promising progressive ideas, this gathering is a bit like the annual science expo.
The Nation has asked four Local Progress stalwarts to share some of the policy solutions they’ll be discussing at the gathering. New York City Council members Brad Lander and Antonio Reynoso, San Francisco Supervisor John Avalos, and Chicago Alderman Scott Waguespack all weighed in, offering thoughts on everything from humanizing the sharing economy to organizing for police reform, protecting sanctuary cities, and pushing back against privatization and regressive tax policy. Here’s what they said.
—Lizzy Ratner
PROTECTING WORKERS IN THE ON-DEMAND ECONOMY
By Brad Lander
Rides from Uber. Home cleaning from Handy. Meals from Seamless. Web design from Upwork. Even doctors from Medicast.
There’s no doubt the on-demand economy is convenient. Consumers can arrange for services at the tap of a touchscreen. Workers can choose their hours and earn a little extra cash.
But there’s a very dark side to the “sharing” economy: The benefits aren’t usually shared with the workers.
Working “by-the-gig” rarely provides job security, health insurance, paid sick days or family leave, on-the-job training, or retirement contributions. Workers lack the right to organize a union. And eight in 10 freelance workers report having been cheated out of wages they were owed.
President Obama and Democratic presidential candidates are finally talking about the issue. But the Republican Congress will likely block any progress. Marco Rubio recently called for even further deregulation, leaving workers at the mercy of multibillion-dollar corporations.
So cities are taking the lead in writing new rules, working with Local Progress, the National Employment Law Project, forward-thinking unions, and worker organizations to level the on-demand playing field.
In Seattle, City Council member Mike O’Brien is fighting for a bill that would allow drivers for Uber, Lyft, and other “ridesharing” companies to organize and bargain collectively so that workers have some voice in the terms and conditions of their work.
In New York City, we are working with the Freelancers Union to combat wage theft and late payment. When conventional employees are cheated out of wages, the state labor department can enforce and win double damages. The #FreelanceIsntFree campaign (which recently brought its message to the White House) would provide freelancers with similar protection.
Council Member Corey Johnson and I are working with the New York City Taxi Workers Alliance to mandate a “driver benefits fund” (funded by a small fare surcharge) to provide for-hire drivers with healthcare benefits—a first step toward the “Shared Security Account” that Nick Hanauer and David Rolf called for in a Democracy Journal article this summer. And we’re amending New York City’s human-rights laws to make clear they apply to independent workers. There is no reason Uber should be able to discriminate against drivers based on race or religion.
Meanwhile, from San Francisco to Burlington, cities are establishing offices of labor standards and adopting other innovative approaches (like partnering with community-based organizations) to enforce the laws that protect workers. One task: making sure conventional employees aren’t illegally misclassified as independent workers by employers trying to cheat them out of benefits and protections (a big problem for day laborers and domestic workers). These offices can also make sure that companies who need licenses from the city get and keep them only if they respect local, state, and federal laws.
Ultimately, we’ll need national regulation to match the growing on-demand economy. But for now, progressive cities are bringing worker protections into the 21st century—and some real sharing into the sharing economy.
THE MUNICIPAL BATTLE FOR EQUAL JUSTICE UNDER LAW
By Antonio Reynoso
Eric Garner. Michael Brown. Tamir Rice. Sandra Bland. For more than a year, the senseless deaths of young black men and women by police officers or in police custody have dominated headlines and helped fuel a movement. Under the banner of Black Lives Matter, this movement has been gaining ground in cities, towns, and counties across the country, spreading the call to end racist policing and begin enacting serious police reform. Its powerful message has reached all the way to the presidential campaign trail and beyond. But as the public waits for progress at the national level, change is already happening at the local level, thanks to powerful alliances between community activists and hundreds of local politicians.
In New York City, where I am a City Council member representingneighborhoods in Brooklyn and Queens, there is a desperate need for sensible reforms of the New York City Police Department (NYPD). For all to many New Yorkers, the excessive use of police force is a daily reality. The excessive surveillance of the Muslim community and a racialized stop-and-frisk policy also take their toll.
In response, organizations and progressive politicians have been fighting to improve accountability and transparency after years of racial profiling by the NYPD. The work has been supported by a broad coalition called Communities United for Police Reform, which has driven a strategic, multi-year campaign to knock on doors, organize the public, influence the public discourse, and pass legislation to implement smart reforms.
Communities want change, and they want to participate in the process of reforming the NYPD. So, working together, we’ve introduced the Right To Know Act as a way to meet their demands. These bills would require NYPD officers not only to identify themselves when stopping civilians but also to explain that the searches are voluntary and may be declined.
This is not the first time we have stood up for the people of our community. In 2013 and 2014, in partnership with Communities United for Police Reform, the City Council passed a series of bills known as the Community Safety Act, which together banned racial profiling by police and made it easier for New Yorkers who have experienced profiling to sue NYPD officers. The act also installed an independent inspector general to oversee the actions of the NYPD.
Of course, New York City is not the only city in our nation where racial profiling, unjust searches, and incidences of police brutality are common occurrences. Nor is it the only city where coalitions of community leaders and elected officials are working to improve the system. In the last year alone, communities have joined together with progressive local legislators to correct the imbalance of justice.
In Los Angeles County, the grassroots organization Dignity and Power Nowwon a transformative campaign, led by formerly incarcerated people and their families, to establish a strong civilian oversight commission for the sheriff’s department, which has an ugly history of violence against civilians on the streets and in county jails.
In Newark, community leaders partnered with Mayor Ras Baraka to create one of strongest civilian complaint review boards in the country, which has both a voice in disciplining police officers and a policy advisory role.
And in Minneapolis, a coalition led by Neighborhoods Organizing for Change succeeded in pressing the City Council to repeal spitting and loitering ordinances that were being disproportionately used to harass and harm black and Latino residents. They also won passage of a data-collection law that will begin to collect and publicize important evidence about the police department’s stop-and-frisk and use-of-force practices.
Members of Local Progress, partnering with community-based allies, have been central to these fights and many more, and we will continue combating such injustices across the United States, fighting for everyone to be treated equally under the law.
CITIES MUST LEAD THE NATION ON IMMIGRANT JUSTICE
By John Avalos
In the last few years, hundreds of cities across America have disentangled their police departments and jails from the federal immigrant-deportation machine, refusing to honor the Feds’ requests that cities detain immigrants past their release date so they could be picked up and deported. These policies protect immigrant families from the devastation of deportation and from crime, because they foster better relationships between the police and immigrant communities. The movement has been a bright spot for our country’s immigrant-rights movement.
But during the last few months, the policies, and in some cases the very idea, of sanctuary cities has come under attack. The catalyst for these changes was an undocumented immigrant named Juan Francisco Lopez-Sanchez who allegedly shot and killed a young white woman named Kate Steinle. He claims that the shooting was an accident, but her case has become a cause célèbre among opponents of immigrants because Lopez-Sanchez had been deported five times previously, and had recently been released from jail in San Francisco without being turned over to Immigration and Customs Enforcement (ICE).
San Francisco’s Due Process for All Ordinance, the latest update to its Sanctuary City policy, bars the sheriff from detaining people past their release date on behalf of ICE’s Secure Communities, or S-Comm, program. The goal of Due Process for All is to protect immigrants and their families from S-Comm, which created an immigration dragnet, deporting tens of thousands of immigrants and tearing their families apart. Due Process for All also enables immigrants to be integrated into San Francisco’s local law-enforcement efforts by promoting relationships between immigrant communities and the police. San Francisco has been at the leading edge of a national movement: across the nation, over 350 other local governments have recently adopted policies limiting collaboration with federal immigration officials.
But as a result of the widespread effort of local governments to limit coordination with the S-Comm, the federal government has tweaked and renamed its deportation effort the Priority Enforcement Program (PEP), which calls on local law enforcement to notify Homeland Security of a detainee’s release rather than detaining the individual past his or her release date. Like S-Comm, PEP has the same effect of weakening trust between immigrants and local law enforcement because local law enforcement is seen as an arm of federal immigration efforts.
The politics of race, citizen entitlement, and immigration reform have put San Francisco and other cities’ sanctuary-city policies squarely in the cross hairs of conservative extremists and political opportunists. From the highly polarizing presidential campaign of Donald Trump to the calculated posturing of Hillary Clinton (who supports PEP) to the election-year pandering of San Francisco Mayor Ed Lee, eager to blame the policy for Steinle’s death, politicians are scapegoating immigrants and undermining the sanctuary city policies that immigrants rely on for their security. Just last week, the US Senate narrowly failed to pass a Republican-backed bill that threatened to withhold federal grants from sanctuary cities and increase penalties for undocumented immigrants who reenter the United States after deportation.
Some cities are already working to resist this pressure. On the same day that Senate Republicans sought to punish sanctuary cities, the San Francisco Board of Supervisors unanimously passed a resolution reaffirming our commitment to the Due Process for All Ordinance and urging our sheriff not to comply with the new PEP program.
Cities around the country should follow suit and adopt a wide array of programs and policies to protect and empower immigrant communities. Like New Haven, they can establish Municipal ID cards to help immigrants navigate daily life; like Chicago, they can ensure that city services are available in multiple languages; like New York, they can provide quality free legal counsel to residents facing deportation; and like Los Angeles, they can conduct outreach programs and offer affordable citizenship preparation courses to help residents naturalize and gain the benefits of citizenship.
This moment is a pivotal one for our nation and the many cities that have sought to protect immigrants against deportation. We either succumb to the rightward push of the politics of race and citizen entitlement or we strengthen our efforts to protect and integrate immigrants and their families in recognition and honor of the contributions they make to our society. Local governments must lead our nation forward.
FIGHT FOR A PROGRESSIVE SOURCE OF REVENUE IN CHICAGO
By Scott Waguespack
The fiscal crisis that’s squeezing cities and towns across this country is perhaps at its most dramatic in Chicago.
Our municipal pension systems are woefully underfunded, the result of decades of failure by city and state governments to pay their share. Our schools are facing an enormous fiscal shortfall that could result in the firing of 5,000 teachers in the middle of the year. And we’re witnessing heartbreaking violence in our communities, the result of an overwhelmed police force and neighborhoods mired in economic hardship.
Simply put, our city has a cash problem.
To his credit, Mayor Rahm Emanuel acknowledged this problem in his recent budget address, railing against the budgeting tricks of previous years and vowing to end the city’s structural deficit. Unfortunately, Mayor Emanuel reached into the same tired bag of tricks in order to solve the problem: regressive tax increases on working families and privatization of public services.
These are tricks we’re all too familiar with here in Chicago. We’ve already been through some of the worst privatization deals in the country, and we know full well from our experiences with parking meters and school janitors that it’s been a fiscal boondoggle resulting in higher costs and worse services for taxpayers. And the mayor’s regressive property-tax proposal is just another way to balance budgets by raising taxes on working families who are already struggling to get by.
Here’s the good news, though: Chicago is one of the wealthiest cities on the planet. There’s an enormous amount of capital flowing through this city every day. Chicago’s City Council Progressive Caucus, which I chair, has been advocating for common-sense tax ideas to direct some of these dollars toward crucial programs and services, easing the burden on working families without selling off public assets.
We’ve advocated for creating a special property-taxing district that covers the skyscrapers in downtown Chicago. Too often, owners of these buildings hire politically connected firms to get enormous discounts on their assessments; a more fair valuation would generate substantial new revenue.
We support reforming the billion-dollar mayoral slush fund called “tax-increment financing.” We support fixing the problems in the infamous parking-meter privatization deal. We introduced an amendment that would tax big-box stores for the undue stress they put on our stormwater system, and have called for expanding the sales tax to include luxury services like pet grooming or portfolio management.
In short, the Progressive Caucus has progressive revenue ideas that will work for all of Chicago. We’ve convened a series of town hall meetings across the city, drawing crowds of hundreds of concerned neighbors, and have introduced a series of amendments to move this budget in the right direction.
As progressive leaders who love this city, our caucus knows we need new revenue to educate our children, care for those in need, and provide growth and opportunity in every community. For our city to prosper, those dollars must come from those who can most afford to pay, not from the pockets of working families.
What does the working class want? Better schedules.
What does the working class want? Better schedules.
Mirella Casares is a mother of two who juggles jobs at Victoria's Secret and Olive Garden to support her family. Her...
Mirella Casares is a mother of two who juggles jobs at Victoria's Secret and Olive Garden to support her family. Her schedules are posted monthly, but they frequently change, sometimes with as little as a few hours’ advance notice. Every night before going to bed, Mirella looks at her schedule and knows it could change the next day, forcing her to rejigger her day, scramble to find childcare, and, if her hours are cut, struggle to pay the bills that week and that month.
Read the full article here.
Protesters Demand a Voice in Selection of Next President of Philadelphia ‘Fed’
CBS Philly - December 15, 2014, by Steve Tawa - Just as the Federal Reserve is about to hold a key policy meeting in...
CBS Philly - December 15, 2014, by Steve Tawa - Just as the Federal Reserve is about to hold a key policy meeting in Washington, DC, a group of activists is calling for a more transparent process to replace Charles Plosser, president of the Federal Reserve Bank of Philadelphia.
The group, which staged a march this morning from Independence Hall to the Federal Reserve at Sixth and Arch Streets, says the Fed’s replacement process is dominated by major financial firms and corporations.
Members of Action United, the Philadelphia Unemployment Project, and Pennsylvania Working Families say there are no community, labor, or consumer representatives on the board of directors of the Philadelphia Fed, so working folks are shut out of the process.
They are part of a grass-roots coalition across the country that met last month with Federal Reserve chair Janet Yellen, demanding that the central bank hear the concerns of ordinary Americans as it prepares to raise interest rates.
Who are those ordinary Americans?
“The unemployed, the underemployed, the working and barely-working working class,” says Kendra Brooks of Action United.
“We just need some people at the Fed to step up and pay attention to us,” adds Chris Campbell (far right in photo), a graduate of Orleans Technical Institute who has been doing multiple odd jobs to scrape together income.
Dawn Walton, who had been one day away from becoming a permanent worker with benefits at a local auto dealership when she was laid off after 89 days, said, “And now (we’re) out here pounding the pavement with millions of other people. It looks like there’s no way out.”
While the unemployment rate has declined to a six-year low, the activists challenge the Fed to visit poorer neighborhoods in Philadelphia and elsewhere before raising rates, because many are not experiencing a recovery.
Plosser, the Philadelphia Fed president since 2006, was among those known as a “hawk” for casting dissenting votes against the Fed’s prolonged low-rates policies.
The Philadelphia Fed says it is following a process for the selection of the bank’s next president outlined by Congress, and its senior executives have met with representatives of groups who have expressed interest in the process.
Source
Protesters Converge On Stephen Schwarzman's Water Mill Home
Protesters Converge On Stephen Schwarzman's Water Mill Home
About 35 protesters from various political organizations—the Center for Popular Democracy, Make the Road New York, New...
About 35 protesters from various political organizations—the Center for Popular Democracy, Make the Road New York, New York Communities for Change, and Strong for All Economy Coalition—converged on the Water Mill Home of Stephen Schwarzman on Friday afternoon.
Mr. Schwarzman is the chairman and CEO of The Blackstone Group and an adviser to President Donald Trump.
Read the full article here.
Dumpster Tapes showcases local Latinx talent at the second annual Demolición
Dumpster Tapes showcases local Latinx talent at the second annual Demolición
One of America's largest banks, JPMorgan Chase, is quietly financing the immigration detention centers that have...
One of America's largest banks, JPMorgan Chase, is quietly financing the immigration detention centers that have detained an average of 26,240 people per day through July 2017, according to a new report by the Center for Popular Democracy and Make the Road New York. Through over $100 million loans, lines of credit and bonds, Wall Street has been financially propping up CoreCivic and GeoCorp, America's two largest private immigration detention centers.
Read the full article here.
April 15: National Protests on Tax Day Demand Trump Release His Tax Returns
April 15: National Protests on Tax Day Demand Trump Release His Tax Returns
WASHINGTON - Today, the National Working Families Party announced their participation in the Tax Day March. President...
WASHINGTON - Today, the National Working Families Party announced their participation in the Tax Day March. President Trump’s financial ties to Russia are causing growing questions for both Democrats and Republicans. As a result, thousands of people plan to gather in Washington, D.C., on Saturday, April 15, 2017, at 11 a.m. The Tax March was an idea that started on Twitter, but has gained momentum on and offline, with over 135 marches planned in cities across the country...
Read full article here.
1 month ago
1 month ago