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
Advocates of minimum wage hike raise more than $1.4 million
Advocates of minimum wage hike raise more than $1.4 million
Proponents of hiking the state’s minimum wage have already collected more than $1.4 million to put the issue on the...
Proponents of hiking the state’s minimum wage have already collected more than $1.4 million to put the issue on the November ballot and convince voters to support it.
But there’s no word on how much the Arizona Restaurant Association has spent so far trying to keep Proposition 206 from ever getting to voters.
New campaign finance reports due Friday show donations of $1,357,509 to Arizonans for Fair Wages and Health Families, with another $100,000 on loan from campaign consultant Bill Scheel. Most of those dollars — about $900,000 — were spent hiring paid circulators to put the issue on the ballot.
But the secretary of state’s office said Friday it has yet to get a spending report from foes. In fact, spokesman Matt Roberts said foes have not even filed to form a campaign committee, a legal prerequisite for spending any money for or against ballot measures.
There clearly has been some spending.
The restaurant association hired attorneys and filed suit on July 14 in a legal bid, unsuccessful to date, to have the measure removed from the November ballot. And the report due Friday is supposed to cover all expenses through Aug. 18.
Neither Steve Chucri, president of the restaurant group, nor Chiane Hewer, its spokeswoman, returned repeated calls seeking comment.
Roberts said his office has no legal opinion on whether the money spent in court over ballot measures has to be reported. But the legal expenses incurred by initiative supporters are listed, with their report saying the group paid $70,000 to the Torres Law Group to defend them in the lawsuit brought by the restaurant association.
Proposition 206, if approved in November, would immediately hike the state minimum wage from $8.05 an hour now to $10. It would hit $12 an hour by 2020, with future increases linked to inflation.
It also would require companies to provide five days of paid sick leave a year; small employers would have to offer three days.
There is one thing missing, however, from the report by the pro-206 group.
The report shows $998,684 of the donations coming from Living United for Change in Arizona.
But Tomas Robles, former director of LUCHA who is now chairing the campaign, said some of those dollars came from elsewhere. He said the organization has been the beneficiary of funds from groups like the Center for Popular Democracy and the United Food and Commercial Workers union.
Robles said, though, that the way Arizona law has been amended by the Republican-controlled legislature does not require detailing the specific donors or the amounts they gave.
While any spending by the restaurant association to date is unknown, the campaign is likely to be overshadowed, at least financially, by the fight over Proposition 205.
That measure would legalize the recreational use of marijuana by all adults; current law limits use of the drug to those who have certain medical conditions, a doctor’s recommendation and a state-issued ID card.
So far the Campaign to Regulate Marijuana Like Alcohol has amassed more than $3 million in donations.
Of that, $778,950 comes from the Marijuana Policy Project, the national group that funded the successful 2010 campaign for medical marijuana. A separate Marijuana Policy Project Foundation kicked in another $236,572.
Virtually all of the other five- and six-figure donations come from existing medical marijuana dispensaries. Proposition 205 would give them first crack at getting a license for one of the fewer than 150 retail outlets that would be allowed until 2021.
So far the campaign has spent nearly $2.6 million.
The opposition Arizonans for Responsible Drug Policy reported collected $950,011 but has spent less than $294,000.
The Arizona Chamber of Commerce is the largest single source of funds for the anti-205 campaign, so far putting in $114,000.
There’s also a $100,000 donation from T. Sanford Denny. He’s the chairman of United National Corp., which Bloomberg says is a privately owned holding company for First Premier Bank.
Another $100,000 was chipped in by Randy Kendrick, wife of Arizona Diamondbacks owner Ken Kendrick.
The new reports also show that a branch of the Service Employees International Union spent $2.1 million in its ill-fated attempt to put a measure on the ballot to cap the compensation of non-medical hospital executives at $450,000 a year. Proponents gave up after a lawsuit was filed contending that many of the people who circulated petitions had not complied with state law, voiding any of the signatures they collected.
By: Howard Fischer
Source
Urban Outfitters heeds call to end on-call shifts
WELL, THAT was fast! Yesterday I wrote about an "on-call" scheduling practice at Urban Outfitters that's...
WELL, THAT was fast!
Yesterday I wrote about an "on-call" scheduling practice at Urban Outfitters that's unbelievably abusive to its lowest-wage workers. Within hours of the column hitting print, Urban announced it was killing the practice for good.
Coincidence? You decide.
Here's yesterday's statement from the Philly-based billion-dollar retailer, which also owns the brands Anthropologie, Free People, Terrain and Bhldn.
"We are always looking for ways to improve, and as such we have decided to end on-call scheduling for all [Urban] brand associates throughout North America. We look forward to continuing to find ways to better fulfill our mission of providing fashion and lifestyle essentials to our dedicated customers."
This is amazing news for employees at Urban's 518 North American stores.
For years, they'd been receiving their work schedules only a few days in advance, with some shifts designated as "on call." But they wouldn't be told, until three hours before the shift was to begin, whether they'd actually be needed to work. If they weren't, they wouldn't be paid, even though they'd been required to hold that time for the company.
The unpredictability had wreaked havoc on workers, who are mostly young and female.
They were unable to schedule classes if they were in school. Or to schedule hours at a second job if they needed a full-time income. Or to reliably arrange day care or pay their bills, since their cost to do both was fixed even though their working hours weren't.
What a crappy way to treat members of the demographic that Urban targets so heavily.
"It's pretty messed up," one worker, a college student, told me. She was paying her way through school, but Urban's scheduling meant she couldn't schedule other work to help pay tuition. "It's hard to plan."
Readers reacted with disgust to the column.
"Retail needs to be called on the carpet!" wrote emailer rgrassia. "We need more people with the ability to do something to pressure these companies to change the ways they conduct themselves."
Reader Madeleine Pierucci excoriated Urban for "co-opting the '60s struggles and playing it to the detriment of its 2015 workers. Not cool." She also planned to picket Urban's Center City store next week.
And a furious churchgoer named Samantha C. vowed to spread the word throughout the National Baptist Convention to have its 100,000 church members boycott Urban's stores in protest.
"It's time for slavery to stop," she declared.
Urban's change of heart is a testament to the power of the press, says Carrie Gleason. She's director of the fair-workweek initiative at the Center for Popular Democracy and has been working for a very long time to get employers to end on-call staffing.
"The media has helped shift the public opinion in terms of what is acceptable around employers' expectations of their employees' time," she told me. "I think Urban's announcement is a direct response to the fact that the public is now holding the whole retail industry to higher standards."
I'd like to take credit for Urban's reversal, but the truth is, another media outlet has been hammering at on-call scheduling by retailers - and not just Urban - for a while now.
The online news site BuzzFeed has chronicled the issue so doggedly that the New York state attorney general in April called companies on the carpet for the practice, following his investigation into the legality of on-call staffing at 13 retailers whose New York stores employ thousands of low-wage workers.
As a result, huge chains like Victoria's Secret, Bath & Body Works, Abercrombie and Gap announced plans to discontinue the practice not just in New York but nationally, improving hundreds of thousands of workers' lives.
Urban, though, had said it would discontinue the practice only in New York. Everywhere else, it would be exploitation as usual.
It turned my stomach that Philly-based Urban - a company that so many of us grew up with and feel affinity for - would treat its workers so shabbily. And I said as much in my column, which we - ahem - pushed on the Daily News front page and on Philly.com.
If that helped nudge Urban into doing the decent thing, then yesterday was a good day.
Not just for Urban's workers. But for Urban's shareholders:
As news hit that Urban would end its on-call scheduling, CNBC reported, the company's stock rallied 4.68 percent.
You're welcome, Urban.
And thank you.
Source: Philly.com
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.
Let’s Be Real Episode 6: We’re Fed Up!
Let’s Be Real Episode 6: We’re Fed Up!
This episode, we take a look at a campaign that focuses on the Federal Reserve System and its impact on working people...
This episode, we take a look at a campaign that focuses on the Federal Reserve System and its impact on working people and people of color. We take you to a rally in front of the Federal Reserve Bank of New York where we spoke with two protesters about how the Fed impacts their communities. Then, we sit down with the Director of the Center for Popular Democracy’s Fed Up! Campaign to hear about the fight to put working people and communities of color at the center of the Fed’s decision-making process.
Read the full article here.
New Program Arms Immigrants Facing Deportation with Legal Aid
WNYC - November 20, 2013, by John Hockenberry - Fifty years ago, in a case called Gideon v. Wainwright, the Supreme...
WNYC - November 20, 2013, by John Hockenberry - Fifty years ago, in a case called Gideon v. Wainwright, the Supreme Court mandated that those accused of a crime must be provided a lawyer, regardless of their ability to pay. With that decision the public defense system was born.
While Gideon has changed the equation for many indigent defendants, the law doesn't apply to all cases—just those in criminal court. Immigrants facing detention or deportation have no right to a court-appointed attorney and are left to advocate for themselves. In New York, at least 60 percent of detained immigrants lack access to counsel during their immigration proceedings.
But the New York Immigrant Family Unity Project is looking change that.
With funding from the New York City Council and Cardozo Law School in Manhattan, the Project—the first of its kind in the country—provides indigent immigrants representation in detention and deportation proceedings, regardless of whether they can pay.
The Project is the result of a task force of attorneys, activists and experts, chaired by Judge Robert Katzman, chief judge of the U.S. Second Circuit Court of Appeals.
According to the task force, immigrants facing deportation in New York courts that have the help of an attorney are 500 percent more likely to win their case than those who lack counsel. Judge Katzmann says he hopes the Immigrant Family Unity Project will allow more immigrants access to justice, while helping immigrant families to stay together.
Source:
Pro-Yellen Ad Hits the Air
Pro-Yellen Ad Hits the Air
The Wall Street Journal’s Michael Derby reports. “The Center for Popular Democracy’s Fed Up campaign broadcast a 30-...
The Wall Street Journal’s Michael Derby reports. “The Center for Popular Democracy’s Fed Up campaign broadcast a 30-second TV spot urging Mr. Trump to offer Fed Chairwoman Janet Yellen a second term. The ad ran during 'Fox & Friends,' a morning show the president watches and often reacts to on Twitter.” The group is behind Twitter ads bashing Kevin Warsh, another candidate for the chairmanship, that have popped up in my feed over the past couple of weeks, too.
Read the full article here.
Flake confronted by women on Kavanaugh, then calls for FBI investigation
Flake confronted by women on Kavanaugh, then calls for FBI investigation
Sen. Jeff Flake was confronted by two women on the nature of sexual assault allegations, and Donald Trump’s Supreme...
Sen. Jeff Flake was confronted by two women on the nature of sexual assault allegations, and Donald Trump’s Supreme Court nominee Brett Kavanaugh. Then Flake called for an FBI investigation into Kavanaugh before the vote. Joy Reid is joined by one of those women, Ana Maria Archila.
Read the full article here.
May Day Protesters Gather Outside JP Morgan Chase HQ in Manhattan
May Day Protesters Gather Outside JP Morgan Chase HQ in Manhattan
New Yorkers kicked off May Day protests early on May 1, marching from Bryant Park to the JP Morgan Chase headquarters...
New Yorkers kicked off May Day protests early on May 1, marching from Bryant Park to the JP Morgan Chase headquarters in Manhattan, where they attempted to block the entrance. Over a dozen arrests were made, according to local reports.
The protesters outside JP Morgan were joined by others outside the Wells Fargo building as part of a larger Take on Corporate Backers of Hate March, targeting the corporate entities for financing Immigration and Customs Enforcement (ICE) detention centers and private prisons across the country.
Read full article here.
Protesters to Call on Dimon, Schwarzman to Quit Trump Council
Protesters to Call on Dimon, Schwarzman to Quit Trump Council
Jamie Dimon and Stephen Schwarzman are facing renewed criticism for their ties to President Donald Trump. Protesters...
Jamie Dimon and Stephen Schwarzman are facing renewed criticism for their ties to President Donald Trump.
Protesters will descend on JPMorgan Chase & Co.’s headquarters in New York on Wednesday with more than 400,000 petitions collected across the U.S., according to a statement from groups including the Center for Popular Democracy and Make the Road New York. The groups are calling for Dimon, the chief executive officer of JPMorgan, and Schwarzman, Blackstone Group LP’s CEO, to quit Trump’s Strategic and Policy Forum.
Read the full article here.
1 month ago
1 month ago