Activists: US Justice Department Response to Baltimore Police Racism Falls Short
Activists: US Justice Department Response to Baltimore Police Racism Falls Short
The response by the US Department of Justice to exposing Baltimore Police Department (BPD) violations of citizens’...
The response by the US Department of Justice to exposing Baltimore Police Department (BPD) violations of citizens’ constitutional rights falls short of addressing the systemic problem of racism in US policing, activists said.
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Protester shouts at Sen. Jeff Flake in elevator: ‘Tell me it doesn’t matter’
Protester shouts at Sen. Jeff Flake in elevator: ‘Tell me it doesn’t matter’
A protester who said she was sexually assaulted approached Senator Jeff Flake in an elevator Friday after he released a...
A protester who said she was sexually assaulted approached Senator Jeff Flake in an elevator Friday after he released a statement saying he would be voting in favor of Brett Kavanaugh for a seat on the Supreme Court.
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Richmond Fed President Jeffrey Lacker to Retire in October
Richmond Fed President Jeffrey Lacker to Retire in October
Federal Reserve Bank of Richmond President Jeffrey Lacker, one of the Fed system’s most outspoken advocates for higher...
Federal Reserve Bank of Richmond President Jeffrey Lacker, one of the Fed system’s most outspoken advocates for higher short-term interest rates in recent years, will retire Oct. 1 after 28 years at the bank, the regional Fed bank said Tuesday.
The Richmond Fed’s board of directors has formed a search committee led by Chairwoman Margaret Lewis to find a new president, and has hired the firm of Heidrick & Struggles to assist in the search, the bank said. The bank intends to conduct “a nationwide search to identify a broad, diverse and highly qualified candidate pool for this leadership role,” it said.
Mr. Lacker became the second Fed official to announce his plans to retire in 2017. Atlanta Fed President Dennis Lockhart will step down at the end of February.
“Jeff has been an outstanding leader for the Richmond Fed and has made many contributions to the Federal Reserve System,” Ms. Lewis said in a statement announcing his departure.
A Richmond Fed spokesman said Mr. Lacker wants to return to teaching, writing and academic research, though he had no details on where Mr. Lacker may go after he leaves the bank later this year.
Mr. Lacker joined the Richmond Fed in 1989 and served in various leadership positions before becoming president in August 2004. For the past decade he has anchored the Fed’s hawkish wing, warning of the risks of rising inflation and dissenting often in favor of a higher benchmark federal-funds rate, which officials held near zero for six years following the financial crisis.
He was a voting member of the Fed’s policy committee in 2006, 2009, 2012 and 2015, and dissented a total of 15 times out of 32 meetings.
Mr. Lacker also argued against the Fed’s interventions in financial markets throughout the financial crisis, and has said financial instability was worsened by expectations that the Fed would always provide a backstop for financial firms in trouble.
Over the past year, he has also argued against efforts to overhaul the Fed system, including measures that would subject the Fed’s interest-rate decisions to greater congressional scrutiny or tie its policy to a mathematical formula.
“I’m hoping that our leaders in Congress and the administration understand that our independence is of value and is important to the credibility of the country’s commitment to price stability and I hope they’re willing to proceed accordingly,” he said after the November presidential election.
Mr. Lacker said in a statement Tuesday he felt fortunate “to have participated in some of the most extraordinary policy deliberations in our nation’s history. It’s been my deepest privilege to lead the Richmond Fed and the dedicated people who work here.”
The search to replace Mr. Lacker is likely to face scrutiny from activists and congressional Democrats who have called for more diversity among the Fed’s upper ranks, as well as more openness about how it selects its regional bank leaders.
Following Mr. Lockhart’s announcement last year, the left-leaning Center for Popular Democracy’s Fed Up campaign said it hoped the next Atlanta Fed president would be black or Hispanic, which would be a first for a regional Fed bank.
In an unusual move, a group of African-American House members wrote to Fed Chairwoman Janet Yellen and the chairman of the Atlanta Fed’s board urging them to consider candidates of diverse racial, ethnic, gender and professional backgrounds. The lawmakers also noted that most of the presidents worked at major financial firms before their appointments.
“We hope that candidates from distinctive sectors like academia, labor, and nonprofit organizations are given due consideration,” they wrote.
Before joining the Richmond Fed, Mr. Lacker was an assistant professor of economics at the Krannert School of Management at Purdue University and previously worked at Wharton Econometrics in Philadelphia, the bank said.
The bank posted information about its search process on its website Tuesday.
By Kate Davidson
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A Campaign for Full Employment, and the Federal Reserve
A Campaign for Full Employment, and the Federal Reserve
Fed Up Field Director Shawn Sebastian with the Center for Popular Democracy joins us to talk about their campaign...
Fed Up Field Director Shawn Sebastian with the Center for Popular Democracy joins us to talk about their campaign pushing the Federal Reserve to adopt pro-worker policies, keeping interest rates low, and how they re getting public support to build a better economy.
CHARLES SHOWALTER AND SHAWN SEBASTIAN
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Toys ‘R’ Us Workers Face Harsh Reality in Quest for Severance
Toys ‘R’ Us Workers Face Harsh Reality in Quest for Severance
“Historically, Toys “R” Us has offered generous severance to workers, which is part of why it should be forced to offer...
“Historically, Toys “R” Us has offered generous severance to workers, which is part of why it should be forced to offer payments to workers now," said Carrie Gleason, campaign manager for the worker advocacy group Rise Up Retail. That group helped organize a petition calling for Bain, KKR, and Vornado to give the $470 million they had received in interest and fees from the retailer over the years to employees that were let go after the company foundered. KKR told Congress earlier this month it was seeking a way to help former Toys “R” Us employees outside of bankruptcy.
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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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Death Cab For Cutie shares a new, anti-Trump track
Death Cab For Cutie shares a new, anti-Trump track
Death Cab For Cutie is no fan of Donald Trump. The group has released a new song, “Million Dollar Loan,” inspired by...
Death Cab For Cutie is no fan of Donald Trump. The group has released a new song, “Million Dollar Loan,” inspired by the candidate’s dubious claims of rising from the bottom on his own when he was actually launched into the business world on the back of a million-dollar loan from his father. In a statement, Death Cab frontman Ben Gibbard said that he wrote the song after being “disgusted” by how “flippant” Trump was in his assertions. He goes on to say Trump is “beneath us,” noting that “Donald Trump has repeatedly demonstrated that he is unworthy of the honor and responsibility of being President of the United States of America, and in no way, shape, or form represents what this country truly stands for.”
“Million Dollar Loan” is the first song from the “30 Days, 30 Songs” project, launched by the writer Dave Eggers. Imagined as a continuation of his 2012 “90 Days, 90 Reasons” project, “30 Days, 30 Songs” will, as its title suggests, launch a new, anti-Trump song into the world every day until the election. According to a press release, tracks will be a mixture of new material and unheard songs, and this week’s offerings will include original cuts from Aimee Mann, Jim James, Thao Nguyen, Bhi Bhiman, and Daveed Diggs’ group Clipping, as well as a never-before-heard-unless-you-were-there live song from R.E.M.
All of the tracks will be available on the 30 Days, 30 Songs website, as well as on both Spotify and Apple Music. You can also pick up the songs on iTunes, and all proceeds will be donated to the Center For Popular Democracy, a group that is working to ensure universal voter registration for all Americans.
By Marah Eakin
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Ballot fight probable over higher Arizona minimum wage
Ballot fight probable over higher Arizona minimum wage
PHOENIX — Backers of a proposal to raise the state’s minimum wage to $12 an hour by 2020 claim they’ve already got...
PHOENIX — Backers of a proposal to raise the state’s minimum wage to $12 an hour by 2020 claim they’ve already got more than half the signatures they need, potentially setting the stage for an expensive fight with restaurants and other businesses.
Tomas Robles said Tuesday the campaign he is heading has 90,000 signatures in hand. But he conceded it will likely need far more than the minimum of 150,642 names on petitions by the July 7 deadline to ensure the measure goes on the November ballot.
Robles said the group has at least $200,000 to supplement its volunteers with paid circulators to more than meet the goal.
That would provide voters the first opportunity to update the law they approved in 2006, which created a $6.75-an-hour state minimum wage the first year, when the federal government said employers could pay as little at $5.15.
With inflation adjustments required by voters, Arizona’s minimum wage is now $8.05 an hour versus the $7.25 federal minimum. Presuming 2 percent inflation per year between now and the end of the decade, Arizona’s figure still would be below $9.
The 2016 initiative contains something new: A requirement for paid sick leave of 40 hours a year for employees of companies with 15 or more workers. For smaller firms, the paid time off would be 24 hours.
One thing will be different this year than a decade ago. At that time the business community, confident a state like Arizona would never vote to increase wages, didn’t bother to mount a campaign against the 2006 initiative. The result was a blowout, with the measure passing by a margin of close to 2-1.
Glenn Hamer, president of the Arizona Chamber of Commerce and Industry, said Tuesday that business interests won’t make that mistake again.
“I would expect you’d see a very strong response to this, and a very broad response from chambers, major trade associations like the (Arizona) Restaurant Association to fight this should it qualify (for the ballot),” he said.
Hamer said the change would be particularly damaging for small businesses, which would be forced to provide immediate wage increases that could amount to $3 an hour.
He said that is coming on top of increased costs for health insurance for firms that provide such benefits to their workers. “Some simply won’t be able to survive,” he said.
But proponents are hoping to counter that by building a coalition of small businesses that say they can live with a $12 minimum wage.
At Tuesday’s news conference, one of the members, Stephanie Vasquez, owner of Fair Trade Coffee in Phoenix, detailed her support.
“I deeply believe that as an entrepreneur and as a human being that people should be treated with respect and dignity,” she said. Vasquez said the majority of her staffers already are being paid more than the $12 the initiative would mandate.
Arizona’s current $8.05 minimum wage translates to $16,744 a year.
For a single person, the federal government considers anything below $11,880 a year to be living in poverty. That figure is $16,020 for a family of two and $20,160 for a family of three.
Robles, former executive director of Living United for Change in Arizona, said that organization has put $200,000 into the campaign, much of it from a grant from The Center for Popular Democracy, an organization involved in efforts to establish a $15 minimum wage nationally. Campaign-finance reports also show $25,000 from The Fairness Project, which is working to push states to set minimum wages.
By Howard Fischer
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Drafts on Scaffold Sought
Times Union - August 21, 2014, by Casey Seiler - The...
Times Union - August 21, 2014, by Casey Seiler - The Center for Popular Democracy, a labor-backed advocacy group that supports New York's controversial Scaffold Law, wants to see all the drafts of a controversial report authored by SUNY's Nelson A. Rockefeller Institute of Government and paid for by the Lawsuit Reform Alliance, a business-backed organization that opposes Scaffold Law.
The Alliance paid almost $83,000 for the Institute's analysis of the law's economic impacts. That report, made public in February, has been the subject of fierce debate — over both the details of the study as well as larger issues of academic integrity. The Rockefeller Institute, which insists its work was done with independence and integrity, subsequently backed away from the most controversial chapter of the report, which included a statistical analysis that concluded gravity-related accidents fell in Illinois after the state ditched its version.
The law, which places "absolute liability" on employers for gravity-related workplace injuries, is supported by labor unions but opposed by business groups that claim it needlessly drives up construction costs. Opponents would like to see New York follow other states by adopting a "comparative negligence" standard that would make workers proportionately responsible when their actions contribute to an accident.
An initial Freedom of Information Law request from the Center for Popular Democracy resulted in SUNY's release of email communications between Rockefeller Institute researchers and Tom Stebbins of the Lawsuit Reform Alliance — contact that was required by the contract for the report.
On appeal, SUNY released an initial draft copy of the report that had been attached to one of those emails. The Times Union last week offered a side-by-side comparison of the draft and final versions. Changes between the two tended to increase the report's toll of the cost and impact of the law, though the researchers argue those edits represented good-faith efforts to seek the best data. The Center is now requesting to see all interim drafts of the report submitted to the Lawsuit Reform Alliance for review. "Given that the anti-worker groups behind this debunked report are still trying to use its flawed findings to weaken New York's safety laws, SUNY should release all of the drafts that we know exist," said Josie Duffy, a policy advocate with the group.
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The fight to make bad jobs better
The fight to make bad jobs better
As of November 26, 2017, fast food companies in New York are required to post worker schedules 14 days in advance. If...
As of November 26, 2017, fast food companies in New York are required to post worker schedules 14 days in advance. If they change the schedule within that window, they will pay an extra fee to the workers who are affected. And before they hire more people, they must offer the available hours to their existing part-time workers.
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