Immigrant group targets Wells Fargo for supporting ‘Trump campaign of hate’
Immigrant group targets Wells Fargo for supporting ‘Trump campaign of hate’
Advocates for undocumented immigrants gathered outside 3 Wells Fargo Center in uptown Charlotte Wednesday to demand the...
Advocates for undocumented immigrants gathered outside 3 Wells Fargo Center in uptown Charlotte Wednesday to demand the bank cut all ties with companies that profit from deportations.
Hector Vaca of Action NC says the goal of the event is to get Wells Fargo to pull its money out of private prisons and immigrant detention centers. The protesters are also demanding the bank use its political influence to stop plans for a wall along the Mexican border.
Read the full article here.
Commentary: I need the economy to give me a fair chance
Commentary: I need the economy to give me a fair chance
I'VE ALWAYS enjoyed talking with people, and, as long as I can remember, I wanted to work in the hotel industry. It's...
I'VE ALWAYS enjoyed talking with people, and, as long as I can remember, I wanted to work in the hotel industry. It's been my dream to work with guests at the front desk to make sure they have the best experience possible.
As an African-American woman, I knew that lucky breaks weren't going to be handed to me, so I did everything I could to achieve my dreams. I went to school and got my bachelor's degree in hospitality and hotel management in 2000 from the Indiana University of Pennsylvania.
However, apart from a brief internship after college at the Best Western and a year at the Hilton working at the switchboard, which was almost a decade ago, I haven't been able to find work in my chosen field - a field in which I have a degree.
I've heard people say the recession is over because the unemployment rate is about 5 percent. But I can tell you that things are still really bad in the black community. Currently, unemployment for blacks is about 9 percent.
I've always been politically active and serve as the judge of elections in my voting district. So when I heard about a campaign that calls on the Federal Reserve to ensure that everybody gets decent paying work, including black folks, I was eager to join.
When I got my degree 16 years ago, the economy was in decent shape. Armed with my degree, the internship experience and good recommendations, I didn't expect to have any problems getting a job in a hotel. I applied to two dozen jobs and, after being turned down at all of them, I had to take other kinds of jobs in food service or customer service.
Finally, after many years, I got my switchboard job at the Hilton. Even though I was getting only $10 an hour, I was excited to finally be working at a hotel and thought I would just stay there and work my way up. But the recession hit in 2008, and I was laid off a year later.
That's when things became really tough. The recession hit African-American women, even college-educated ones like me, particularly hard. I've worked on and off since 2008, but finding good work has become almost impossible. At one point, I was traveling two hours each way to get to my job at a state-run liquor store.
I eventually had to quit when I suffered severe medical issues. I was diagnosed with a neurological condition and uterine fibroids, all within a matter of months. A couple of years ago, I was able to work again and joined a job skills program. The program placed me at a job where I work part-time - only 20 hours a week - as a cashier and food server at a university dining hall.
The unemployment rate apparently counts people like me as employed, even though I don't work enough hours to pay my bills. I'm overqualified and underpaid (I earn $11.25 an hour), but since I'm working - even though I'm still on Medicaid and food stamps - I'm used as evidence to say the recession is over.
Involuntary part-time unemployment is a more accurate figure to look at. It's over 15 percent for blacks! That's a whole lot of people who aren't making ends meet, but are still being counted as working.
People need to know that the Federal Reserve has incredible power over the economy and people's lives. It might seem very abstract, but it's not. If the Federal Reserve keeps interest rates low, the economy will continue to grow and people like me will be able to find full-time jobs or better paying work. If it raises rates because it claims the economy is doing well, it will be tougher for everyone to find jobs.
I'm going to Jackson Hole, Wyo., next week to join a protest against the Federal Reserve, which holds a symposium there every year. We want the president of the Philadelphia Fed, Patrick Harker, and the rest of the Fed, to see what regular folks go through beyond the numbers in the headlines.
Every week, I still go online to look for jobs at large hotel chains. I know that one of these days I will work at a hotel again. I just need the economy to give me a fair chance.
Salwa Shabazz lives in Philadelphia and is a member of the Fed Up campaign, an initiative of the Center for Popular Democracy.
By Salwa Shabazz
Source
Fed votes to keep key interest rate near 0%, stays mum on future hike
Federal Reserve policymakers Wednesday voted to keep the central bank’s benchmark interest rate near zero percent and...
Federal Reserve policymakers Wednesday voted to keep the central bank’s benchmark interest rate near zero percent and offered no new hints of when it would enact the first hike since 2006.
After a two-day policy meeting, officials released a monetary policy statement that was little changed from June in its guidance about what they would need to see before raising the interest rate.
11:40 a.m.: An earlier version of this article said the Fed's policy statement was identical in its guidance about what officials would need to see before raising the interest rate. The statement contained a small wording change.
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An increase would come when members of the policymaking Federal Open Market Committee have “seen some further improvement in the labor market” and is “reasonably confident” that the low inflation rate will move back toward the Fed’s 2% annual goal in the near future, the statement said.
The statement, approved by a 10-0 vote, left open the possibility of a rate hike after the Fed’s next meeting, in September. But it did not lock policymakers into taking that step in case upcoming economic data, including jobs reports for July and August, indicate the economy isn’t strong enough to handle higher interest rates.
The Fed said recent data suggest the economy “has been expanding moderately in recent months” and that the housing market “has shown additional improvement.” The Fed’s view of the labor market improved, with the statement saying there had been “solid job gains and declining unemployment.”
But Fed policymakers raised concerns about what they called soft business investment and exports.
And the statement noted inflation continued to run well below the Fed’s 2% annual target, attributing that partly to declines in energy prices as well as the lower cost of imports caused by the rising value of the dollar.
For the 12 months ended May 31, the price index for personal consumption expenditures, the Fed’s preferred gauge, was up just 0.2%.
The central bank has kept its benchmark federal funds rate near zero since December 2008 in an attempt to boost economic growth during and after the Great Recession.
As the economy has strengthened, pressure has built on Fed policymakers to start raising the rate.
Fed Chairwoman Janet L. Yellen has said that she expects an interest rate hike this year but that policymakers would continue to keep rates low for “quite some time” to continue providing support for the economy.
A survey last month by financial information website Bankrate.com found that a majority of Wall Street experts expected the Fed to raise its short-term interest rate in September.
Fed policymakers are closely watching economic data to determine when to hike the rate for the first time since 2006.
The economy shrank at a 0.2% annual rate from January through March, largely because of unusually bad winter weather and a labor dispute that slowed activity at West Coast ports.
The Commerce Department is expected to report Thursday that growth returned this spring. Analysts are forecasting that the economy expanded at a 2.9% annual rate in the second quarter.
The job market has shown solid gains in recent months, and the unemployment rate in June dropped to 5.3%, the lowest in more than seven years.
But wage growth has been sluggish. The Center for Popular Democracy has criticized the Fed for not focusing enough on wage improvements as a key factor in deciding when to raise rates.
And even with the overall economy performing better in the second quarter, growth this year is expected to be subpar. The Fed’s most recent projection, made in June, is for overall economic growth of just 1.8% to 2% for the year, which would be the worst since 2011.
Source: The Los Angeles Times
Activist groups march in Pittsburgh for People's Convention
Activist groups march in Pittsburgh for People's Convention
Hundreds of protesters attending the People's Convention in Downtown Pittsburgh took about two hours to march Friday in...
Hundreds of protesters attending the People's Convention in Downtown Pittsburgh took about two hours to march Friday in hot, humid weather from the David L. Lawrence Convention Center to Station Square.
The march, which started at 2:30 p.m., made stops at the U.S. Steel Building and the Allegheny County Courthouse on Grant Street before ending at Station Square.
Marchers carried hand-painted, cardboard busts of presidential candidate Donald Trump and UPMC CEO Jeffrey Romoff, orange butterflies on bamboo poles, and banners bearing the slogan, "still we rise." Chants rose above the din of after traffic as prosters cried phrases like, "No justice, no peace," and "Ain't no power like the power of the people, because the power of the people don't stop."
At Seventh and Grant Street, police and marchers talked. One woman took a selfie with an officer — typical of the friendly exchanges between protesters and police.
Jose Lopez, of Brooklyn said he attended the march with Make the Road New York, a nonprofit that advocates for immigrant rights.
"It's been really great. We have a lot of working people with us. A lot of our folks don't have the wages or the opportunity to meet the community and get off the block. So it's great to be here."
Pittsburgh police maintained a visible presence along the parade route. Officers on motorcycles and bicycles assembled before the march.
The march has been planned for some time, but it comes less than 24 hours after five Dallas police officers were fatally shot during a march protesting the recent shootings of black men in Minnesota and Louisiana by police officers.
Seven other Dallas officers were injured in an incident President Barack Obama said "horrified" America.
Erin Morey, of Mt. Lebanon, came out to show support, particularly for Martin Esqivel Hernandez, an undocumented immigrant who was arrested at his Pittsburgh home and faces deportation.
"Every voice should be heard," said Morey, whose son Max accompanied her. "I want to support an open dialogue."
The progressive groups involved in the Pittsburgh march were hosted by the Center for Popular Democracy. They voiced concerns regarding immigration, labor, environmental and civil rights causes. The group stopped at the courthouse, but officials there had already sent civilian workers home for the day and closed the building at 2:30 p.m.
"Right now, it's going great," said Pittsburgh police Chief Cameron McLay, who walked along with the marchers, shaking hands and chatting with reporters.
"I expected to find the atmosphere more tense," he said.
McLay said the officers he'd spoken with remained positive.
"I'm really, really proud of them," he said. "Right now, they're so focused on the task before them, they're not thinking about feelings," he said.
Some marchers delivered a sharper message with a red banner that said "fire killer cops."
Among others, the groups marched by the offices of the Federal Reserve, Republican U.S. Sen. Pat Toomey, the University of Pittsburgh Medical Center, Bank of New York Mellon and even train tracks, which the groups say carry crude oil, which is targeted by climate change opponents.
Toomey stayed away from his Station Square office on Pittsburgh's South Shore. Instead, the Lehigh Valley Republican held a news conference on the North Shore to express his support for law enforcement.
"It was not a good place to be," Toomey said of Station Square.
Toomey described the viral images of fatal police shootings of black men in Louisiana and Minnesota as "very disturbing," and said both incidents need to be thoroughly investigated. But the shooting rampage that left five police officers dead and seven others wounded in Dallas "has no possible justification," Toomey said.
"The vast majority of officers are good, decent, honest and hard-working individuals," Toomey said. "What is completely wrong is the narrative that somehow cops generally are the bad guys. That narrative is something I have been pushing back on because it's wrong."
Toomey's election opponent, Democrat Katie McGinty, also shared support for police and called for thorough investigations of the shootings in Louisiana and Minnesota.
In messages posted to Twitter, the city police department offered condolences to Dallas police and Gov. Tom Wolf ordered flags to be flown at half staff.
In Greensburg, the police department posted a lengthy message on Facebook that served, in part, to remind readers that police officers are human beings who are part of a larger community.
Pittsburgh Bishop David Zubik held a Mass at noon for about 70 people at Saint Mary of Mercy Church in Downtown to pray for peace and reconciliation in light of the Dallas shootings.
"Yesterday was Dallas, Wednesday was Baton Rouge, Tuesday was St. Paul. And Monday, July 4th our own Wood Street. Violence continues," Zubik said during the sermon.
"Where will it be today, where will it be tomorrow? Will it stop? Do we want it to stop?" he said.
Zubik compared violence to a disease and said that it rips families apart. He asked for attendees to think of the communities affected by violence across the nation, as they are neighbors and that it was senseless to direct blame at "one group of individuals." He said "it's imperative to tear down our own prejudices."
Zubik reminded the group that there's no competition for "whose life matters most," invoking the Black Lives Matter movement. The service ended with a prayer for first responders and others involved in public safety.
"I thought the sermon was incredible," said Marie Atria of Mt. Lebanon, "this is all terrible and it has to stop."
The Church said it was a normal attendance for a midday Friday mass. Pittsburgh has a potential for violence, but the "overwhelming response from the citizens of Western Pennsylvania is they're working for peace," Zubik said.
Pittsburgh Mayor Bill Peduto and Allegheny County Executive Rich Fitzgerald released a joint statement regarding the violence in Louisiana, Minnesota and Texas:
"Today, our nation is in mourning for the deaths of so many in our community. We are hurt, angry, confused and in pain as we struggle to cope with the violence plaguing us. Our answer to the violence in our community cannot be more violence. Pittsburgh's strength has always been in coming together to solve issues and supporting each other in times of need. We rely on that strength and we need it now more than ever.
"We have great faith that all of us – residents, communities, law enforcement, activists – have the capacity to come together to heal from our pain and anger, no matter how difficult that may be for us. We can do more to honor the lives of those who were killed by working together to stop the violence and have a more peaceful community."
Peduto called for a "peace summit" to be held next week, but a date hasn't been determined.
Reporting by Max Siegelbaum, Megan Guza, Justin Merriman and Matthew Santoni.
Source
Post Navigation Report Finds Lack of Proper Fraud Oversight at Charters in State
LA School Report - March 24, 2015, by Craig Clough - California is extremely vulnerable to fraud at charter schools and...
LA School Report - March 24, 2015, by Craig Clough - California is extremely vulnerable to fraud at charter schools and as a result can expect to lose $100 million in wasted tax money in 2015, a new report released today finds.
The report from the Center for Popular Democracy, Alliance of Californians for Community Empowerment and Public Advocates found that there are “structural oversight weaknesses” in the state’s charter system.
Among the problems it found:
Oversight depends heavily on self-reporting by charter schools.
General auditing techniques alone do not uncover fraud.
Oversight bodies lack adequate staffing to detect and eliminate fraud.
California has the largest number of charter schools in the nation — 1,184, according to the California Charter Schools Association. The number in LA Unified grew this year to 285, 231 of which are independent.
The report recommends a few solutions, including requiring oversight agencies, such as the State Comptroller’s Office and Fiscal Crisis and Management Assistance Team, to conduct audits on charter schools once every three years, and not only when requested to do so.
“There’s no proactive system for auditing California’s charter schools by state officials… They wait until someone has whisteblowers come forward and the media has put something out, but there’s not a regular system for auditing schools,” said Kyle Serrette, director of education at the Center for Popular Democracy, in a call with reporters.
The report stated that over $81 million in fraud has been uncovered at charter schools to date, but that it is likely the “tip of the iceberg” and estimated the state will lose $100 million this year alone to waste, fraud and mismanagement at charters.
“We have a situation where we are losing millions of dollars to fraud in the charter sector every single year. We now know what the problem is,” Serrette said, adding that the backers of the report will be pushing state lawmakers for policy changes based on the findings of the report.
Serrette also said there are other states that do a better job of applying rigorous oversight of charters.
“Pennsylvania is a great example where the auditor general audits all of Pennsylvania’s charter schools every three to five years and the districts, which tend to be the authorizers there, they do the same thing,” Serrette said.
Click here to read the full report.
Source
Debbie Wasserman Schultz’s Challenger Has a Chance
During the presidential primary, Democratic National Committee Chair Debbie Wasserman Schultz has managed the...
During the presidential primary, Democratic National Committee Chair Debbie Wasserman Schultz has managed the impressive feat of angering virtually every liberal in America. Bernie Sanders supporters think she displays a transparent biasfor Hillary Clinton. Party stalwarts, including Clinton fans, criticize the decision tohide primary debates on weekend nights, ceding hours of free media time to Republicans in the formative stages of the election. And in a recent interview with the New York Times Magazine, Wasserman Schultz insulted millennial women for being “complacent” about abortion rights. This is an incomplete list.
In two separate petitions, more than 94,000 people have demanded that Wasserman Schultz resign as DNC chair. But back in her district, in Hollywood, Florida, Timothy Canova has another idea: vote her out of office.
Last Thursday, Canova, a former aide to the late Sen. Paul Tsongas and a professor at Nova Southeastern University’s Shepard Broad College of Law, jumped into the Democratic primary in Florida’s 23rd congressional district. It’s Wasserman Schultz’s first primary challenge ever, and with frustration running high against her, it’s almost certain to draw national attention. But Canova first became interested in challenging Wasserman Schultz not because of her actions as DNC chair, but because of her record.
“This is the most liberal county in all of Florida,” Canova said in an interview, referring to Broward County, where most of Wasserman Schultz’s district resides (a small portion is in northern Miami-Dade County). But she more closely associates with her significant support from corporate donors, Canova argued. He listed several of Wasserman Schultz’s votes, such as blocking the SEC and IRS from disclosing corporate political spending (which was part of last month’s omnibus spending bill),opposing a medical marijuana ballot measure that got 58 percent of the vote in Florida, preventing the Consumer Financial Protection Bureau from regulating discrimination in auto lending and opposing their rules cracking down on payday lending, and supporting “fast track” authority for trade deals like the Trans-Pacific Partnership.
“I think anyone who voted for fast track should be primaried. I believe that ordinary citizens have to step up,” Canova said.
Canova espouses many of the populist themes that attract the left: fighting corporate power, defending organized labor, and reducing income inequality. But this is not just a Bernie Sanders Democrat. You have to go back further. Tim Canova is a Marriner Eccles Democrat.
Eccles chaired the Federal Reserve during Franklin Roosevelt’s presidency. And Canova believes the central bank should revisit Eccles’s unorthodox strategies to jump-start a broad-based economic recovery. “In the 1930s, the regional Fed banks made loans directly to the people,” Canova said. “Instead of purchasing $4 trillion in Treasuries and mortgage-backed securities, [the Fed] could buy short-term municipal bonds and drive the yield to zero for state and local governments. They could push money into infrastructure, making loans to state infrastructure banks.” Canova has even suggested that the government create currency outside of the central bank, breaking their monopoly on the money supply, as President Abraham Lincoln did with the “Greenback” in the 1860s.
During World War II, FDR directed Eccles’s Fed to finance American war debt at low rates, eventually producing a stimulus that helped to end the Great Depression. It was a time when the Fed was far more accountable to democratically elected institutions, one that Canova looks back upon fondly. “People like to talk about the Fed’s independence, that’s really a cover for the Fed’s capture,” he said. “They look out for elite groups in society, and the hell with everybody else.”
A growing faction of progressives are beginning to return to their roots, asking whether Fed policies truly support the public interest. The Fed Up campaign, with which Canova has consulted, seeks to pressure the Fed to adopt pro-worker policies. A surprise movement in Congress just cut a 100 year-old subsidy the Fed handed out to banks by $7 billion. Even mainstream figures like economist Larry Summerswonder whether the Fed’s hybrid public/private structure, which critics believe makes it beholden to financial interests, makes sense.
Progressive debates on central banking are not as advanced here as in Europe, where British Labour Party leader Jeremy Corbyn wants a “quantitative easing for people,” where the central bank injects money directly into the economy rather than filtering it through financial institutions. But Canova, who says his views were most influenced by an undergraduate economics professor who taught with one book—John Maynard Keynes’s General Theory of Employment, Interest and Money—bridges this gap. Twenty years ago this week, he wrote an op-ed for the New York Timesopposing the reappointment of Alan Greenspan as Fed chair because of his support for high real interest rates. If elected this fall, he would instantly become the strongest advocate in Congress for a people’s Fed.
While Debbie Wasserman Schultz has few known views on the Federal Reserve, Canova’s populism offers a strong counterweight to her corporate-tinged philosophy. And even before that contrast plays out, the hunger for any challenge to Wasserman Schultz is palpable.
“The money is coming in more rapidly than believable,” said Howie Klein, co-founder of Blue America PAC, which raises money for progressive Democrats. Wasserman Schultz has been on Klein’s radar since she, as chair of the “Red to Blue” campaign for electing House Democrats, refused to campaign against three Republicans in Florida because of prior friendships and their joint support for the state sugar industry.
Klein sent a Blue America fundraising email shortly after Canova’s announcement, and raised $7,000 within 12 hours, and over $10,000 at last count. The intensity of support reached beyond the PAC’s traditional donor base. “Our average donation is $45, but in this case we’re getting $3, $5,” Klein said. “For people who our donors have never heard of, it can take three-four months to do that. It’s just because ofDebbie Wasserman Schultz.”
Similarly, Canova says he’s seeing tens of thousands of visits to his website andFacebook page, suggesting support beyond south Florida. However, he wants to localize rather than nationalize the race. The district, initially drawn with Wasserman Schultz’s input when she served in the Florida state Senate, is now more Hispanic and less reliable for a politician who Canova believes has lost touch with her constituents.
“You talk to people at the Broward County Democratic clubs, they say she takes us for granted,” Canova said. The political model for his campaign is David Brat, another academic who took on a party leader—then-House Majority Leader Eric Cantor—and defeated him, on the grounds that Cantor ignored his district amid constant corporate fundraising.
If there’s one thing Wasserman Schultz can do, it’s raise money—that’s why she chairs the party. She will have a big cash advantage and the power of incumbency. But Canova thinks he can outmatch her by riding the populist tide. “There’s a tendency to get so down about the system, but this is an interesting moment we’re living in,” Canova said. “This is a grassroots movement. We’re tapping in without even trying yet.”
Source: The New Republic
Still important to let our senators know what we think
Still important to let our senators know what we think
What do Credo Action, MoveOn, Idaho Medical Advocacy, CPD Action, Daily Kos, People’s Action, Elizabeth Warren, Mom’s...
What do Credo Action, MoveOn, Idaho Medical Advocacy, CPD Action, Daily Kos, People’s Action, Elizabeth Warren, Mom’s Rising, Our Revolution, Change.Org, AARP, and the Economic Policy Institute have in common?
Well, possibly lots of things — each is an advocacy group working to change America.
Read the full article here.
Five Key Questions to Ask Now About Charter Schools
Washington Post - January 23, 2015, by Valerie Strauss - You can tell that National School Choice Week is nearly upon...
Washington Post - January 23, 2015, by Valerie Strauss - You can tell that National School Choice Week is nearly upon us — it runs from Jan. 25- 31 — by the number of announcements coming forth hailing the greatness of school choice.
Jeb Bush’s Florida-based Foundation for Excellence in Education put out an announcement that it would participate in a march next week in Texas to support school choice (with one of the speakers being Texas Land Commissioner George P. Bush, Jeb’s son). There’s a new poll by the pro-choice American Federation for Children showing (I bet you can guess) that most Americans support school choice. Etc., etc.
There is other school choice news too, but you won’t hear it from the pro-choice folks. This comes from 10th Period blog, by Steven Dyer, a lawyer who is the education policy fellow at Innovation Ohio and who once served as a state representative and was the chief legislative architect for Ohio’s Evidence Based Model of school funding:
In a disturbing new report from State Auditor David Yost, officials found that at one Ohio charter school, the state was paying the school to educate about 160 students, yet none, that’s right, zero, were actually at the school. And that’s just the worst of a really chilling report, which, if the results are extrapolated across the life of the Ohio charter school program, means taxpayers have paid more than $2 billion for kids to be educated in charter schools who weren’t even there. Here are the takeaways:
Seven of 30 schools had headcounts more than two standard deviations below the amount the school told the state it had.
Nine of 30 schools that had headcounts at least 10% below what the charter told the state it had, though it was less than two standard deviations.
The remaining 14 had headcounts that weren’t off by as much.
However, 27 of 30 schools had fewer students at the school than they were being paid to educate by the state
This means that more than 1/2 of all the charter schools chosen at random had significantly fewer students attending their schools than the state was paying them to educate, while 90% had at least some fewer amount.
So in honor of National School Choice Week, here are five questions that should be asked about charter schools, which today enroll about 2.57 million students in more than 6,000 charter schools nationwide.
The questions, and supporting material, come from the Center for Popular Democracy, which has exposed over $100 million public tax funds stolen in the charter school industry in a report titled, “Charter School Vulnerabilities to Waste, Fraud, and Abuse.”
Here are the center’s questions: 1. How much money has your state lost to charter waste, fraud and abuse?
With at least $100 million tax dollars lost to fraud, waste, or abuse by charter operators in the United States, there is significant progress needed before the charter sector can claim best practices on fraud and abuse. What’s worse, given the scant auditing and little regulation, the fraud uncovered so far might only be scratching the surface. The types of fraud fall into six major categories: [Reference: CPD report, May 2014] • Charter operators using public funds illegally for personal gain; • School revenue used to illegally support other charter operator businesses; • Mismanagement that puts children in actual or potential danger; • Charters illegally requesting public dollars for services not provided; • Charter operators illegally inflating enrollment to boost revenues; and, • Charter operators mismanaging public funds and schools.
2. Are charter operators required to establish strong business practices that guard against fraud, waste, mismanagement, and abuse? Do regulators in your state have the authority and resources to regularly assess charter school business practices?
Despite millions of dollars lost to shady practices, charter operators are overwhelmingly not required by law to establish strong business practices that protect against fraud and waste. We need change:
* Charter schools should institute an internal fraud risk management program, including an annual fraud risk assessment. * Oversight agencies should regularly audit charter schools and use methodologies that are specifically designed to assess the effectiveness of charter school business practices and uncover fraud.
3. Does your state require charter school operators and their boards of directors to provide adequate documentation to regulators ensuring funds are spent on student success?
Across the country, investigations led by attorneys general, state auditors and charter authorizers have found significant cases of waste, fraud and abuse in our nation’s charter schools. The majority of investigations are initiated by whistleblowers because most regulators do not have the resources to proactively search for fraud, waste, or abuse of public tax dollars. [References:CPD report, December 2014; CPD report, October 2014]
4. Can your state adequately monitor the way charters spend public dollars including who charter operators are subcontracting with for public services?
Because most charter schools laws do not adequately empower state regulators, regulators are often unable to monitor the legality of the operations of companies that provide educational services to charter schools. For example, Pete Grannis, New York State’s First Deputy Comptroller, reported recently that charter school audits by his office have found “practices that are questionable at best, illegal at worst” at some charter schools.[1] While his office would like to investigate all aspects of a charter operators business practices, they do not have the authority. To reform the system, he believes that “as a condition for agreeing to approve a new charter school or renew an existing one, charter regulators could require schools and their management companies to agree to provide any and all financial records related to the school.” [2]
This example typifies the lack of authority given to charter oversight bodies. Lawmakers should act to amend their charter school laws to give charter oversight bodies the powers to audit all levels of a charter schools operations, including their parent companies and the companies they contract out their educational services to.
5. Are online charter operators audited for quality of services provided to students and financial transparency?
Online charter schools represent another rapidly growing sector. The rapid growth has made the online charter school industry susceptible to similar pitfalls facing the poorly regulated charter industry as whole. As one longtime academic researcher puts it, “The current climate of elementary and secondary school reform that promotes uncritical acceptance of any and all virtual education innovations is not supported by educational research. A model that is built around churn is not sustainable; the unchecked growth of virtual schools is essentially an education tech bubble.”[3]
Given the poor outcomes being generated by most online charter schools, state regulators should be empowered with more authority to ensure these schools are not violating state laws or their charter agreements.
[1]https://www.propublica.org/article/ny-state-official-raises-alarm-on-charter-schools-and-gets-ignored [2] https://www.propublica.org/article/ny-state-official-raises-alarm-on-charter-schools-and-gets-ignored [3]http://nepc.colorado.edu/newsletter/2013/05/virtual-schools-annual-2013
Hillary Clinton to support Federal Reserve change sought by liberals
Hillary Clinton to support Federal Reserve change sought by liberals
Democratic presidential front-runner Hillary Clinton said she would support changes to the top ranks of the Federal...
Democratic presidential front-runner Hillary Clinton said she would support changes to the top ranks of the Federal Reserve, an issue recently championed by progressive groups amid debate over how long the central bank should keep supporting the American economy.
The Fed is led by a seven-member board of governors based in Washington and a dozen regional bank presidents based across the country, from New York to Kansas City to San Francisco. The governors are nominated by the White House and approved by the Senate, but regional bank presidents are selected by their boards of directors, whose occupants are chosen by the banking industry and by the Fed governors in Washington.
In a statement to The Washington Post, Clinton’s campaign said she supports removing bankers from the boards of directors and increasing diversity within the Fed.
"The Federal Reserve is a vital institution for our economy and the well-being of our middle class, and the American people should have no doubt that the Fed is serving the public interest,” spokesman Jesse Ferguson said. “That's why Secretary Clinton believes that the Fed needs to be more representative of America as a whole and that commonsense reforms — like getting bankers off the boards of regional Federal Reserve banks — are long overdue.”
The statement puts Clinton on the same page as her rival, Vermont Sen. Bernie Sanders. In an op-ed in the New York Times in December, he said removing bankers from the Fed’s governance would mean “the foxes would no longer guard the henhouse.”
On Thursday, Sanders and top Democratic lawmakers called on the Fed to increase the number of minorities in leadership positions. They also urged the central bank to consider the high unemployment rate among some racial groups as it debates whether to keep pulling back its support for the American economy.
In a letter to Fed Chair Janet Yellen, the lawmakers argued that more minority representation would help broaden the Fed’s internal discussions about the health of the economy. In addition to Sanders, 10 senators signed the letter, including banking committee members Elizabeth Warren of Massachusetts, Jeff Merkley of Oregon and Robert Menendez of New Jersey. More than 100 congressmen joined the effort, which was led in the House by Michigan Rep. John Conyers and gained support from California Rep. Maxine Waters, ranking member of the House financial services committee.
“Given the critical linkage between monetary policy and the experiences of hardworking Americans, the importance of ensuring that such positions are filled by persons that reflect and represent the interests of our diverse country, cannot be understated,” the letter states. “When the voices of women, African-Americans, Latinos, and representatives of consumers and labor are excluded from key discussions, their interests are too often neglected.”
Donald Trump, the GOP’s presumptive nominee, did not return a request for comment.
The leaders of the Fed are responsible for steering the ship of the American economy, setting a benchmark interest rate that can influence the cost of borrowing money for everything from a car, to a home to a factory. They also regulate the country’s biggest banks and help ensure the nation's financial system can withstand another crisis, making them among the most influential policymakers in the world.
Those officials tend to be white males. Yellen is the first woman to serve as chair in the central bank’s 101-year history. Only three Fed governors have been African American, and there have been no black regional bank presidents. No one now in the top brass is Hispanic.
In addition, an analysis by the progressive Center for Popular Democracy found that 83 percent of the boards of directors are white and three-fourths are male. The group also found that 39 percent of directors come from the financial industry, while 11 percent are from community groups, labor organizations or academia.
There are nine seats on the boards of directors. Under current law, three are required to be filled by representatives of the banking industry. However, they are not allowed to participate in choosing reserve bank presidents — the officials who would be responsible for setting the nation’s monetary policy. The bank president must also win approval from the Fed's politically appointed board of governors, based in Washington.
In a statement, a spokesman for the Fed’s board of governors said it is committed to fostering diversity of all types within its leadership and that its track record has improved.
“To bring a variety of perspectives to Federal Reserve Bank and Branch boards, we have focused considerable attention in recent years on recruiting directors with diverse backgrounds and experience,” the statement said. “By law, we consider the interests of agriculture, commerce, industry, services, labor, and consumers. We also are aiming to increase ethnic and gender diversity.”
The criticism comes in the midst of a controversial debate within the central bank. The Fed hiked interest rates in December for the first time since the Great Recession, citing the strength in the U.S. recovery. It had anticipated increasing rates four more times this year but has since downgraded that expectation amid weakness in the global economy. Investors around the world are now carefully watching to see what the Fed will do when it meets again in June.
Federal Reserve chief Janet Yellen was joined by her three predecessors Ben Bernanke Paul Volcker and Alan Greenspan at a discussion in New York City on the global economy. (Reuters)
The Center for Popular Democracy and its activist coalition, Fed Up, are pressuring the central bank not to raise its benchmark interest rate until the unemployment rate falls to 4 percent. Sanders has endorsed that target in the past, though the letter released Thursday said only that the central bank should give “due consideration” to the unevenness of the recovery.
“It is unacceptable that discussion of the job market for these populations would be an afterthought, or worse, ignored entirely, and we are concerned that the lack of balanced representation may be a significant cause of this oversight,” Democratic lawmakers said in their letter to Yellen.
Democrats have generally supported the central bank’s aggressive stimulus efforts following the 2008 financial crisis, but the prospect of higher interest rates is prompting some to question the Fed’s stance. In congressional testimony earlier this year, Yellen said there are limits to the central bank’s ability to help disadvantaged communities.
"It’s important to recognize that our powers, which involve setting interest rates, affecting financial conditions, are not targeted and can't be targeted at the experience of particular groups,” she said. “I think it always has been true and continues to be true that when the labor market improves, the experience of all groups does improve."
The Fed established an internal diversity office in 2011 as part of sweeping congressional reforms of the country’s financial system. The latest annual report for the Washington-based board of governors found minorities made up just 18 percent of top management in 2015, down from 21 percent the previous year. However, more than half of mid-level managers and administrative and support workers are minorities.
The report outlines several steps the Fed is taking to improve the recruitment and promotion of minority employees, such as a teaching and mentoring partnership with Howard University, a prestigious historically black college in the District.
By Ylan Q. Mui
Source
Under scrutiny, New York Fed sets short list for Dudley successor
Under scrutiny, New York Fed sets short list for Dudley successor
“Community and labor activists led by the Fed Up coalition demonstrate and call for the selection of a Federal Reserve...
“Community and labor activists led by the Fed Up coalition demonstrate and call for the selection of a Federal Reserve Bank of New York president independent from Wall Street, outside the Fed bank in New York, March 12, 2018.”
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