Elizabeth Warren And Congressional Democrats Call Out Lack Of Diversity At The Federal Reserve
Elizabeth Warren And Congressional Democrats Call Out Lack Of Diversity At The Federal Reserve
A majority of House Democrats and eleven Democratic senators sent a letter to Federal Reserve Chair Janet Yellen on...
A majority of House Democrats and eleven Democratic senators sent a letter to Federal Reserve Chair Janet Yellen on Thursday, urging the Fed to improve the diversity of its top officials and increase the representation of consumer and labor groups in its ranks.
The letter, spearheaded by Sen. Elizabeth Warren (D-Mass.) in the Senate and Rep. John Conyers (D-Mich.) in the House, argues that a lack of diversity of all kinds at the Federal Reserve undermines the central bank’s ability to represent the public.
The Fed’s control over monetary policy, the letter notes, gives it far-reaching influence over the economy. When the central bank decides to raise interest rates, it increases borrowing costs, putting downward pressure on job creation in order to keep inflation in check.
A Fed with fewer black and female decision-makers might be less attuned to the ways in which modest changes in the job market disproportionately affect African-Americans and women, both of whom suffer from employment discrimination.
“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,” the letter states.
Boasting the signatures of 116 House Democrats, including all of the Democrats in the Congressional Black Caucus, the letter does not lack for evidence with which to critique the central bank.
Eighty-three percent of the board members of the regional Federal Reserve banks are white, and almost three-quarters of them are men, according to a Center for Popular Democracy study cited in the letter.
Just 11 percent of those board members represent consumer and community groups or labor organizations, the study states, while 39 percent come from the financial industry and 47 percent from other major business sectors.
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.
Warren-Conyers letter to Janet Yellen
The congressional Democrats praised Yellen in the letter for prioritizing full employment since she has taken the helm in 2014. Yellen has presided over just one increase in the Fed’s benchmark rate in December, when the Fed raised it to a range of 0.25 to 0.5 percent from the near-zero level, where it had been since the 2008 financial crisis.
The letter also credits Yellen for promising to “consider” African-American candidates for open regional Fed president positions during her congressional testimony in February, and expressing “concern” that there has never been a black president of a regional Federal Reserve bank.
But just days after Yellen’s testimony, the Democrats note, the Fed announced it had approved the re-appointment of 10 regional Fed presidents, all of whom are white and eight of whom are men.
“Despite the importance of this decision, there appears to have been no public consultation, and limited transparency regarding the metrics and criteria used to evaluate the presidents’ performance, or in the decision to reappoint them,” the letter alleges.
Warren and Conyers’ letter is part of a broader push by progressive members of Congress, along with national activist groups and like-minded economists, to make Federal Reserve monetary policy a key component of the progressive agenda. They argue that the outsize influence of inflation-wary financial professionals on the central bank, plus sustained pressure from ideological conservatives in Congress, mean it’s time for liberals to be more vocal about their views.
The Fed Up coalition, an alliance of progressive groups headed by the Center for Popular Democracy, has led these efforts, which include a reform plan released in April that would transform the Fed into a wholly public entity, among other changes. (The 12 regional Fed banks are currently owned by private financial institutions.)
Fed Up said activists affiliated with its member groups made calls to members of Congress to encourage them to sign the letter.
Democratic hopeful Sen. Bernie Sanders (I-Vt.) was among the lawmakers who did so. Sanders also praised Fed Up’s April reform plan and released detailed proposals of his own for the central bank in December.
Fellow Democratic candidate Hillary Clinton’s campaign implied that Clinton agreed with the letter’s key demands.
“Secretary Clinton believes that the Fed needs to be more representative of America as a whole as well as that commonsense reforms — like getting bankers off the boards of regional Federal Reserve banks — are long overdue,” Jesse Ferguson, a spokesman for the Clinton campaign, said in a statement. “Secretary Clinton will also defend the Fed’s so-called dual mandate — the legal requirement that it focus on full employment as well as inflation — and will appoint Fed governors who share this commitment and who will carry out unwavering oversight of the financial industry.”
The remarks appear to be the most explicit comments to date by either Clinton or her campaign on the Democratic presidential front-runner’s vision for the Fed and the types of Fed officials she would appoint as president.
Presumptive GOP nominee Donald Trump’s presidential campaign did not immediately respond to a request for comment on the letter.
Trump told CNBC last week that he would likely replace Yellen, who is the first female chair of the central bank, once her term ends in 2018. In the same interview, he said he supports low interest rates, a policy Yellen promoted that might be undone by a more conservative Fed chair.
Trump’s latest comments suggest a departure from claims he made in August, when he said the low rates were feeding a financial asset bubble.
By Daniel Marans
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When Work Creates Insecurity
Many of us think that any employment, even part time, provides a measure of security. This is not the case for the...
Many of us think that any employment, even part time, provides a measure of security. This is not the case for the millions of low-wage workers who are subject to unstable work schedules. In an effort to minimize labor costs (and with an egregious fixation with statistical models), businesses are hiring part time and using scheduling software that attempts to dynamically match labor hours with demand. This practice, known as ‘just-in-time’ work scheduling, shifts business risk to some of the most vulnerable workers and has serious consequences for families.
Store managers say that they prefer to hire workers with open availability, so employment is essentially contingent on open availability with no minimum guarantee of hours. Applicants are compelled to conceal outside commitments, including caregiver duties and their own medical needs. Workers who desperately need more hours are unable take a second job, since anything less than full availability is responded to punitively with reduced shifts. Workers are sometimes sent home early or without clocking in at all.
Unpredictable schedules means workers are unable to improve their future earnings through school or training. Over the long term, career trajectories are negatively affected because part-time workers receive lower hourly wages, less training, and fewer opportunities for job promotion. This structural barrier to economic mobility has the potential to create a permanent underclass of worker.
Volatile work schedules also mean volatile incomes, and added uncertainty in daily life. “The amount of hours and days I work changes on a weekly basis so I never know how much my check will be,” a worker testifying for the Fair Workweek Initiative explains. “That means I don’t know how much I can contribute to rent and bills, how much food I can buy for my daughter, or whether I can even afford to do laundry that week.”
Last fall, The Center for Law and Social Policy (CLASP) presented an audio conference to discuss updates to the social safety net to better accommodate volatile work schedules. During the conference, Jessica Webster from the Legal Services Advocacy Project in Minnesota related a story about a mother of one-year-old twins who was working as a security guard while receiving TANF. An unexpected drop in work hours caused interruption in her subsidized childcare, resulting in job loss and homelessness.
Called the “next new human right” by American Prospect, the issue of fair work schedules has gained a lot of traction over the past year. In 2014, a federal bill to address abusive scheduling practices died in committee and was reintroduced by Senator Warren in 2015 with substantially more sponsors. Advocates are not waiting for action from Capitol Hill, however. In 2014, the San Francisco Board of Supervisors passed the Retail Workers Bill of Rights, the first sweeping reforms addressing on-demand scheduling and part-time work in the country. In 2015, several jurisdictions introduced legislation designed specifically to address fair work scheduling.
The Center for Law and Social Policy (CLASP) maintains a repository for information pertaining to unstable work schedules and the University of Chicago hosts the Employment Instability, Family Wellbeing, and Social Policy Network (EINet), a group of academics and policymakers who are working to address these issues. The NationalWomen’s Law Center has presented testimony to congress and compiled fact sheets that spell out legal provisions as well as the effects on female-headed households.
Perhaps as a result of increased media coverage, some retailers announced an end to on-call shifts, with mixed results. In December, Kronos, one of the largest software developers in the work scheduling space, announced a partnership with the Center for Popular Democracy to build in features that take worker preference into account. Even more encouraging, some business leaders and academics are questioning whether minimizing labor costs is actually beneficial to the bottom line. Researchers at the Center for WorkLife Law assert that it is possible to improve scheduling efficiency, while considering the needs of workers.
What Community Groups Can Do While the fight for a fair work week continues, it is likely that many constituents of community organizations are facing this kind of uncertainty with both schedule and income. This may impede the work of community groups in many ways, from making it more complicated to determine appropriate affordable rent based on income to making it harder for residents to regularly show up for trainings, appointments, or organizing meetings.
Some of CLASP’s recommendations for adapting social service agencies to this new work environment can apply to community organizations as well. They include:
1. Offering blocks of call-in time, rather than specific appointments.
2. Using sliding fee schedules so that a temporary change in income doesn’t disqualify a family for services.
3. Estimating incomes over a longer time horizon or projecting future income with variability in mind.
4. Lengthening re-qualification periods for services.
5. Developing education and job-search tools that can be accessed intermittently online rather than holding workshops
6. Offering childcare with extended hours and vouchers that permit hours to be purchased in blocks of time that can vary from week to week.
7. Providing information on off-hours public transit options and income-based transportation fees, like those offered by the city of Seattle. Sincepoverty is now growing fastest in the suburbs, those living outside of urban centers have fewer transportation options, especially for non-standard shifts. Logistics can quickly get out of hand for those who commute to multiple part-time jobs or need pick up children from day care at a specific time.
Community-based organizations might also consider taking on an advocacy role with public agencies. When it comes to public benefits, just-in-time scheduling creates an irony that borders on the absurd: while unstable work hours compel many families to rely on public benefits, this same volatility often prevents access to those benefits. A small, temporary increase in income or decrease in work hours can trigger automatic sanctions or program disqualification.
Though under federal funding, accommodations would be allowed under the sorts of circumstances just-in-time scheduling creates, Webster noted that state agencies often fail to exercise this discretion, and clients and administrators alike are often not aware it is possible. State and local agencies can and should realign their processes to address this. But there is also an opportunity for those outside of public agencies to make a difference by organizing to inform recipients of their benefits rights. These efforts would save money by reducing “churn” (i.e., people kicked off benefits only to be put back on them again), improve outcomes for recipients, and remove disincentives to work. CLASP notes that these ideas have broad political support, which could be encouraging news for enterprising community practitioners who would like to develop a role in this area.
Fundamentally, we need to advance legal and cultural recognition that, especially for those who are resource-constrained, time is tremendously valuable, and that human needs are not nearly as scalable as mathematical models imply.
Source: Rooflines
Luchando por los inmigrantes el 4 de Julio
Luchando por los inmigrantes el 4 de Julio
Al congregarnos el 4 de Julio para conmemorar nuestro primer paso hacia la libertad, debemos reconocer los valiosos...
Al congregarnos el 4 de Julio para conmemorar nuestro primer paso hacia la libertad, debemos reconocer los valiosos aportes de los inmigrantes a nuestra nación. Es la historia de nuestro país. Es una parte intrínseca de nuestro carácter nacional, de nuestra grandeza. Como nación, debemos invitar a todas las personas elegibles a dar su primer paso hacia la libertad y convertirse en ciudadanos.
Lea el artículo completo aquí.
Epic Charter School Fail Exposed
Capital & Main - October 2, 2014, by David Cohen - A $300,000 plane; $861,000 to pay off personal debts and keep...
Capital & Main - October 2, 2014, by David Cohen - A $300,000 plane; $861,000 to pay off personal debts and keep open a struggling restaurant. A down payment on a house and an office flush with flat-screen televisions, executive bathrooms and granite counter tops. This isn’t a list of expenditures from Lifestyles of the Rich and Famous, this represents a small slice of the more than $30 million of taxpayer funds that have been wasted through fraud and abuse in Pennsylvania’s charter schools since they first opened in 1997.
A new report from the Center for Popular Democracy, Integrity in Education, and Action United is blowing the lid off the lack of public oversight at Pennsylvania’s 186 charter schools.
Inadequate audit techniques, insufficient oversight staff and a lack of basic transparency have created a charter system that is ripe for abuse in the Keystone State. But there is hope. The report provides a detailed roadmap for Pennsylvania to create an effective oversight structure and provide meaningful protections that can curtail endemic fraud and waste.
The report calls for an immediate moratorium on new charters until the inadequate oversight system can be replaced with rigorous and transparent oversight. That’s the right first step.
According to the authors, charter school enrollment in the state has doubled three times since 2000 and Pennsylvania’s students, their families and taxpayers cannot afford to lose another $30 million. Pennsylvania’s students and taxpayers deserve better.
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Undocumented immigrants in New York could become 'state citizens' under new bill
NY Daily News - June 15, 2014, by Erin Durkin - Undocumented immigrants in New York could become “state citizens” with...
NY Daily News - June 15, 2014, by Erin Durkin - Undocumented immigrants in New York could become “state citizens” with a slew of benefits from driver’s licenses to voting rights under a bill to be introduced Monday.
Advocates are set to announce the measure that would allow immigrants who aren’t U.S. citizens to become New York State citizens if they can prove they’ve lived and paid taxes in the state for three years and pledge to uphold New York laws — regardless of whether they’re in the country legally.
The state bill, which would apply to about 2.7 million New Yorkers, will face long odds in Albany, where even more modest immigration reforms have failed to pass.
People who secured state citizenship would be able to vote in state and local elections and run for state office. They could get a driver’s license, a professional license, Medicaid and other benefits controlled by the state. Immigrants would also be eligible for in-state tuition and financial aid.
The legislation would not grant legal authorization to work or change any other regulations governed by federal law.
“Obviously this is not something that’s going to pass immediately, but nothing as broad as this or as bold as this passes immediately,” said Sen. Gustavo Rivera (D-Bronx), the sponsor in the state Senate.
Many residents stand against Donald Trump
Many residents stand against Donald Trump
Queens residents have been among the thousands protesting President-elect Trump in Manhattan since the election. “It...
Queens residents have been among the thousands protesting President-elect Trump in Manhattan since the election.
“It was a rally and a march called together primarily by immigrants rights groups to provide a space for immigrant communities, people that are undocumented to be able to raise up the voices and the perpsectives of immigrant communities,” DRUM — South Asian Organizing Center Executive Director Fahd Ahmed told the Chronicle, adding that Sunday’s march would not be the last that they attend.
According to the immigrant advocacy group Make the Road New York, more than 15,000 immigrant New Yorkers and their supporters attended the event.
“Well, basically we were marching because we will not tolerate the hate agenda, we’re here to stay and we reject that,” Ozone Park resident Julissa Bisono said. “We want to make sure that New York City continues to be a sanctuary for immigrant families and that’s why we decided to march yesterday, to make sure that President-elect Trump hears our message.”
Kenneth Shelton, a St. John’s University student, organized the march on Saturday from Union Square to Trump Tower with the news outlet BlackMatters US.
“It was just for people to vent their frustration, get out there and protest but also to show that we’re unified,” Shelton said. “We need to organize ourselves into a movement socially, politically and economically.”
“We reject his hate and refuse to live in constant fear under a president who does not regard us as human,” Queens resident Ana Maria Archila, co-executive director of the Center for Popular Democracy, said in a prepared statement. “[Sunday’s] rally and march marks our first, though certainly not last, line of resistance against Trump’s brutal anti-immigrant regime.”
Queens is believed to have more unauthorized immigrants than any other borough, nearly 250,000, who could face deportation.
“The immigrant communities here, they’re real hard-working families and they’re scared,” Bisono said.
According to Bisono, there is a serious fear among immigrants that they could be harmed after last week’s election.
“We had kids that came who didn’t even go to school because they were afraid to not come back the next day,” she said. “We shouldn’t be living in fear.”
For people who feel like they may be threatened by the Trump administration, the protests were an opportunity to stand in solidarity with others who are as worried.
Ahmed, whose group is based in Jackson Heights and used to be called Desis Rising Up and Moving, said that the protests are “to get people out of fear, to get them out of isolation and to build with each other.”
Although Trump has urged his supporters to not hurt others and commit hate crimes, those have spiked nationwide in the days following his election victory.
“The large number of people that came to these actions have been black communities, Latino communities — the people explicitly being told that they need to watch out and will be targeted,” Ahmed said.
By Ryan Brady
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Seis meses después de “María”, Puerto Rico sigue en lucha por reconstrucción
Seis meses después de “María”, Puerto Rico sigue en lucha por reconstrucción
“Tuesday, March 20th from organizations across the nation take to the streets in DC to make sure that @fema, Congress,...
“Tuesday, March 20th from organizations across the nation take to the streets in DC to make sure that @fema, Congress, and the Trump Administration hear our demands.”
Read the full article here.
As the federal government fails the people of Puerto Rico, local governments and states must step up
As the federal government fails the people of Puerto Rico, local governments and states must step up
Given the likelihood that even more Puerto Ricans will resettle on the mainland the Center for Popular Democracy and...
Given the likelihood that even more Puerto Ricans will resettle on the mainland the Center for Popular Democracy and Local Progress have published a policy guide, the first of its kind, offering a roadmap for cities and states to address the immediate needs of their new constituents.
Read the full article here.
The issue Democrats need to address in the debate
In just two years, more than 13 million workers have received a raise, most notably in Los Angeles, Chicago, Seattle,...
In just two years, more than 13 million workers have received a raise, most notably in Los Angeles, Chicago, Seattle, Massachusetts and just last month in New York, where wages for fast-food workers were raised.
Work strikes and broad-based mass mobilizations are inspiring and filling a much-needed void. This worker-led movement is stepping in where the federal government has failed.
Nearly 50 percent of workers earn less than $15 an hour and 43 million are forced to work or place their job at risk when sick or faced with a critical care giving need. When Hillary Clinton, Bernie Sanders, Jim Webb, Martin O'Malley, and Lincoln Chafee take the stage in Las Vegas on Tuesday night for the first Democratic presidential debate of the 2016 election, will they be addressing this powerful and significant constituency?
Will they provide relief for working families by presenting real policy solutions that go to the core of what it means to thrive? Or will they trade sallies and barbs in a bid to prevail in a popularity contest, overshadowing the experience of millions of working families in America?
Democratic contenders are likely to lament the fate of a declining middle class squeezed by the rapacious appetites of the 1 percent. This is important, but the candidates will also need to focus on ensuring that the middle class grows through a fair minimum wage, and struggling American workers, many of whom are women and people of color, can take paid sick time off without being penalized.
Not in recent decades have we seen such a vibrant backdrop of resistance and organizing around wages and workers' rights in this country, and Democratic candidates must not squander this golden opportunity to raise awareness around these issues and set an agenda that goes to the heart of what Americans need.
And the workers have been heard: a $15 minimum wage has been passed in the nation's largest cities. In addition, laws raising the minimum wage to more than the federal standard of $7.25 an hour have passed in a number of states and cities. There are now campaigns to raise the floor and standards for workers are being led in 14 states and four cities.
We've seen how lives can change when workers are paid a salary allowing them to make ends meet. Unable to adequately provide for her family on $9 an hour, health-care worker and single mother Sandra Arzu is one of the workers who fought fora $15 minimum wage in Los Angeles. The raise will fundamentally change her life and ability to put food on the table for her family and pay the rent.
Higher wages are vital to improving the lives of low-wage workers but it's not a cure-all. It's also important for low-wage workers to have access to paid sick days to take care of themselves and their families without fear of retribution. A Center for Popular Democracy report published earlier this month reveals 40 percent of surveyed Starbucksworkers reported facing barriers to taking sick days when they were ill.
The candidates need to address in a real way what workers must manage daily. Like a Starbucks barista from Washington State who describes coming to work sick out of fear she would lose her job if she took the day off. She says she rested on cardboard spread out on the floor so she could step in when there was heavy foot traffic in the store.
The federal government has an opportunity to dignify the lives of all workers in this country and address persistent inequality by enacting nationwide policies raising the minimum wage and enforcing paid sick leave. Millions of workers have issued a clarion call to the Democratic candidates and it's now their turn to respond with aggressive policy solutions to address the divide in this country.
We will be watching closely on Tuesday night to see if the candidates have heard the call from this key Democratic constituency — a constituency the Democratic party can't afford to lose.
Source: CNBC
Protesters backing undocumented immigrants locked out of Bank of America HQ
Protesters backing undocumented immigrants locked out of Bank of America HQ
The south doors of Bank America’s corporate headquarters were locked at 10:30 a.m. Monday, to keep out a immigrant...
The south doors of Bank America’s corporate headquarters were locked at 10:30 a.m. Monday, to keep out a immigrant advocates who tried to enter the building to advocate for undocumented immigrants.
A dozen protesters sought to enter a branch on the building’s first floor, to present staff with a letter asking that Bank of America distance itself from elected officials who support the immigration policies of President Donald Trump.
Read full article here.
1 month ago
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