Fed’s Mester Calls Case for Gradual Rate Increases ‘Compelling’
Fed’s Mester Calls Case for Gradual Rate Increases ‘Compelling’
Federal Reserve Bank of Cleveland President Loretta Mester said there’s a “compelling” case for gradually raising...
Federal Reserve Bank of Cleveland President Loretta Mester said there’s a “compelling” case for gradually raising interest rates, with the U.S. economy approaching the central bank’s targets on employment and inflation.
“Policy has to be forward-looking,” Mester told reporters Thursday following a speech in Lexington, Kentucky. “If you have a forecast and inflation is moving up to your target and you’re at full employment, then it seems like a gradual increase from a very low interest rate is pretty compelling to me. Pre-emptiveness is important.”
She declined to say precisely when she believed rate increases would be necessary.
The policy-making Federal Open Market Committee will meet Sept. 20-21 to decide whether to lift the target range for its benchmark rate. Fed Chair Janet Yellen said last week the case for an increase had “strengthened in recent months.”
Investors see a roughly one-in-four probability that the Fed will act later this month, based on pricing in federal futures funds contracts.
Too Low for Too Long
Mester, who votes this year on the FOMC, said the Fed must take seriously the risk to financial stability caused by keeping rates low for too long, although she said she didn’t think the central bank was currently “behind the curve.” Nor did she see signs of financial instability already in the economy.
In her speech, Mester rejected the argument made to a number of Fed officials last week by a coalition of community activists that continued low interest rates are needed to extend the benefits of economic recovery to disadvantaged minorities.
“I do not believe that at this point in the business cycle, the current very low level of interest rates is an effective solution to these longer-run issues,” she said.
Eleven Fed governors and regional presidents, including Vice Chairman Stanley Fischer, met with organizers from the Center for Popular Democracy’s “Fed Up” campaign on the sidelines of the annual policy retreat in Jackson Hole, Wyoming, hosted by the Kansas City Fed.
The U.S. central bank has kept rates on hold through five meetings this year following a rate hike in December that was the first in nearly a decade.
By Christopher Condon
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Seattle passes scaled-back tax on Amazon, big companies
Seattle passes scaled-back tax on Amazon, big companies
On Monday, about 40 elected officials from across the United States, some representing local governments in the running...
On Monday, about 40 elected officials from across the United States, some representing local governments in the running to host Amazon’s second headquarters, published an open letter to Seattle in support of the head tax and expressing concern that Amazon opposed the measure. “By threatening Seattle over this tax, Amazon is sending a message to all of our cities: we play by our own rules,” the officials wrote.
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The White House announced that it would nominate Randy Quarles to a vacant seat on the Federal Reserve’s Board of Governors
The White House announced that it would nominate Randy Quarles to a vacant seat on the Federal Reserve’s Board of Governors
Quarles would take the lead on rolling back any banking regulation under the Trump administration as vice chairman for...
Quarles would take the lead on rolling back any banking regulation under the Trump administration as vice chairman for supervision, a post created by the 2010 Dodd-Frank Act …
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Inside the Avengers Cast’s One-Night-Only Performance of Our Town
Inside the Avengers Cast’s One-Night-Only Performance of Our Town
The Avengers, and friends, assembled in Atlanta on Monday night, though without their usual armor, shields, and...
The Avengers, and friends, assembled in Atlanta on Monday night, though without their usual armor, shields, and superpowers. The event, dreamed up by Scarlett Johansson, brought together some of the Marvel Cinematic Universe’s biggest stars—all in town filming Avengers: Infinity War at Atlanta’s Pinewood Studios—for a stage reading of Thornton Wilder’s theater classic Our Town, a benefit for hurricane relief in Puerto Rico.
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Multiple Arrests In Midtown During May Day Protests Outside Banks
Multiple Arrests In Midtown During May Day Protests Outside Banks
Hundreds of labor and immigrant advocates marched through east midtown early Monday in a demonstration against...
Hundreds of labor and immigrant advocates marched through east midtown early Monday in a demonstration against corporations which they say are profiting from President Trump's agenda—one of a series of May Day protests scheduled to take place throughout the city (and beyond) on Monday.
The specific targets of this action, according to organizers from Make The Road New York, are the Wall Street banks that help finance private prisons and immigrant detention centers. To that end, organizers said twelve protesters were arrested for peaceful civil disobedience while blocking the entrances outside of JPMorgan Chase, which is one of the companies named in Make The Road's and the Center for Popular Democracy's Backers Of Hate campaign.
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New York Fed taps Williams for top post, ignoring Democrats on diversity
New York Fed taps Williams for top post, ignoring Democrats on diversity
Sen. Elizabeth Warren (D-Mass.) had called for the co-chairs and Williams to appear before the Senate Banking Committee...
Sen. Elizabeth Warren (D-Mass.) had called for the co-chairs and Williams to appear before the Senate Banking Committee if Williams ended up as the choice. Fed Up co-director Shawn Sebastian said the coalition supports that call. “Today, the Fed concluded another opaque and controversial Reserve Bank presidential selection process by ignoring the demands of the public and choosing another white man whose record on Wall St regulation and full employment raises serious questions,” he said in a tweet.
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Bankers and Economists Fear a Spate of Threats to Global Growth
Bankers and Economists Fear a Spate of Threats to Global Growth
GRAND TETON NATIONAL PARK, Wyo. — In the decade since the financial crisis, economic policy makers, professors and...
GRAND TETON NATIONAL PARK, Wyo. — In the decade since the financial crisis, economic policy makers, professors and protesters have gathered here every August to argue about the best ways to return to faster economic growth.
This year, they gave up.
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A New Front On Immigration: NY Legislation Would Let Undocumented Vote, Drive
Buzzfeed - June 16, 2014 by Adrian Carrasquillo - New York Democrats announced Monday new legislation that would grant...
Buzzfeed - June 16, 2014 by Adrian Carrasquillo - New York Democrats announced Monday new legislation that would grant state citizenship rights to undocumented immigrants.
The bill could represent a bold new advocacy strategy: using states’ rights to secure legal protections for the undocumented.
York state senator Gustavo Rivera and assembly member Karim Camara’s bill would allow undocumented immigrants to vote, drive, receive professional licenses, run for civil office, and receive Medicaid as well as in-state tuition in New York by making them New York state citizens.
“It’s up to New York to figure out who it’s political community is,” said Peter Markowitz, professor at the Cardozo school of law, who made the legal case for the legislation through the country’s dual-sovereign structure. “New York gets to decide who is and who isn’t a New Yorker. The federal government may not interfere.”
The prospects for federal changes to U.S. immigration law took a hit last week after House Majority Leader Eric Cantor’s primary election loss, attributed by some as directly the result of attacks by Cantor’s opponent on his immigration record.
Flanked by activists in front of the Statue of Liberty Monday, Rivera struck a positive tone about the bill, called the New York is Home Act.
Immigrants would be eligible to become state citizens if they show proof of identity, proof of three years of New York State residency and proof of three years of New York State tax payments; the bill also requires a commitment to abide by state laws and uphold the state Constitution, and a willingness to serve on New York juries and to keep paying state taxes.
Rivera said the idea has been in the works for two years and called the legislation “bold,” not because of the pieces themselves, but because they are all in one bill.
“This is unlike SB1070,” Rivera told BuzzFeed after the event. “Arizona said, ‘We can do this and affect things on a federal level.’ No, you can’t. But the conversation we need to have is: What rights do we have in a state?”
Spokespeople for Mayor Bill de Blasio and City Council Speaker Melissa Mark-Viverito, the first Latina in the role, said Monday they were reviewing the legislation.
“In light of inaction at the federal government, the administration is interested in learning about local initiatives to increase equality among immigrant communities,” de Blasio deputy press secretary Maibe Ponet said.
“Given congress’s failure to address immigration reform, people are obviously becoming increasingly frustrated, a spokesman for Mark-Viverito said. “[The speaker] is supportive of increasing voting rights and will be reviewing the legislation.”
Cesar Vargas, a DREAMer who has been fighting for the right to practice law as an undocumented immigrant, would benefit from the portion of the legislation that would give licenses for professions like lawyers, doctors, dentists, midwives and others. He said he is set to work with the mayor and the city council speaker to “see how they can support undocumented lawyers.”
“As we stand in front of the Statue of Liberty, we’re reminded of the American Dream, and I’m reminded of the dream of my mother for me to be a lawyer,” Vargas said.
Many sought to draw a parallel between the fight for marriage equality — and its stops and starts over the years.
“This will get a lot of attention for New York,” DREAMer Antonio Alarcon, 19, said. “It will take months to pass, we’re going to be fighting for this like they did for marriage equality.”
“Full equality and inclusion will gain momentum in our time,” said Andrew Friedman, co-executive director of The Center for Popular Democracy.
He said his group is in discussion with four to five other states for similar legislation with the stated goal of putting “another horse in the race” in the way those who fought for marriage equality continued to refine what they were asking for.
Jose Davila, the vice president off policy and government relations at the Hispanic Federation echoed the belief that the legislation comes at an important time for the fight for changing U.S. immigration laws.
“Instead of tear families apart, we should be reframing the debate. What kind of state do we want to be?”
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NATIONAL GROUPS CALL FOR DNC TO CAN SUPERDELEGATE SYSTEM
NATIONAL GROUPS CALL FOR DNC TO CAN SUPERDELEGATE SYSTEM
Fourteen national organizations boasting more than 10 million members are calling on the Democratic National Committee...
Fourteen national organizations boasting more than 10 million members are calling on the Democratic National Committee to end the use of superdelegates to elect the presidential nominee.
The move to end the use of superdelegates was pushed vigorously during the campaign by Sen. Bernie Sanders but many of those supporting the effort include backers of Hillary Clinton, the presumptive Democratic nominee.
DNC Rules Committee member and Rhode Island State Representative Aaron Regunberg has pledged to introduce language to end superdelegates, and several other Rules Committee members have agreed to support the effort at the Democratic National Convention at the end of July.
The organizations said in a joint letter that the superdelegates, who are typically party officials, are not elected by voters and can skew the nominating process. They say the superdelegates carry as much as the combined weight as pledged delegates from 24 states, the District of Columbia and four territories.
Organizations signing on to the letter include: Courage Campaign, Credo, Daily Kos, Demand Progress/Rootstrikers, Democracy for America, Center for Popular Democracy, MoveOn, National Nurses United, NDN, The Other 98%, Presente.org, Progressive Change Campaign Committee, Progressive Democrats of America, and Social Security Works.
Simon Rosenberg, the president of NDN and a former DNC staffer, who supported Hillary Clinton during the primary, said the use of superdelegates is “discordant with broader and vital efforts by Democrats to modernize and improve our democracy. If we want the voice of everyday people to be louder and more consequential in our nation’s politics, it must also be so in our Party.”
Another Clinton supporter, Joe Trippi, who ran Howard Dean’s unsuccessful presidential campaign in 2004, said a key party goal is to “empower voices from the bottom up. The top down idea of superdelegates is obsolete and is a good place to start.”
Sanders’ supporter Rep. Tulsi Gabbard, a superdelegate and former DNC official, also condemned the practice.
“The nominee of our party should be decided by who earns the most votes —not party insiders, unelected officials, or the federal lobbyists that have been given a vote in our nominating process. The current system stands against grassroots activists and the will of the voters,” she said. “We’ve seen a historic number of new voters and activists join our political process in the past year, many of whom are rightly upset at how rigged the political system can seem at times. If we want to strengthen our democracy and our party, we must end the superdelegate process.”
By MARK JOHNSON
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The Retail Industry is Marginalizing Women and People of Color. This Has to Change.
The Retail Industry is Marginalizing Women and People of Color. This Has to Change.
Source: In These Times...
Source: In These Times
The National Retail Federation is fond of pointing out that “retail means jobs.” And it’s true: the retail industry today provides one in ten private-sector jobs in the U.S., a number set to grow in the next decade.
Yet new findings show those jobs may be keeping retail workers and their families from rising up the career ladder, exacerbating our country’s growing inequality. The findings from the Center for Popular Democracy demonstrate that, for women and people of color especially, working in retail often means instability and low pay. Both groups make up the lion’s share of cashiers, movers, and other poorly paid positions and barely figure in the upper ranks of management. In general merchandise—including big-box stores such as Target and Wal-Mart—women hold more than 80 percent of cashier jobs, the lowest-paid position. And in the food and beverage industry, women make up approximately half of the workforce but less than a fifth of managers.
People of color in the retail industry are often relegated to the least lucrative jobs as well. In home and garden stores like Home Depot and Lowes, for example, employees of color account for 24 percent of the total workforce—but 36 percent of jobs that pay least.
The findings are especially disappointing given the opportunities available for those who succeed. Certain areas of retail, such as home and garden stores and car dealers, offer living wages to workers—but both women and people of color are largely shut out of these sub-sectors. And management jobs across the industry provide wages and benefits that can allow workers to support themselves and their families—but they are closed off to many.
Reducing these disparities will take more than a bigger paycheck. Retailers must make a concerted effort to establish policies that ensure women and people of color are equally represented in management positions and develop more robust training programs for workers just starting out that give them the chance to advance.
Many retailers have training policies in place, but they can be far from meaningful. Wal-Mart, for example, recently announced it was raising wages to $10, dependent on completion of a six-month training program—an onerous requirement to earn a pitifully low wage that lags well behind the retail sector average. Real training can introduce employees to a range of job duties and responsibilities, incentivizing them to learn specialized skills that allow workers to pick up shifts, advance to higher-paying positions, and bring home a full-time paycheck. Sectors like finance long ago recognized internal barriers to promotion and created programs to promote equal opportunity. Why do we not expect the same of retail?
Retailers that lack such programs, from Walmart to Gristedes, have faced multi-million-dollar class-action lawsuits from women harmed by policies that prevented them from moving upward. Companies that fail to enact real advancement policies can expect similar pushback.
Moreover, workers at the lowest levels are doubly punished with erratic, last-minute scheduling that wreaks havoc on their lives. These schedules are particularly difficult for women. Unable to find childcare at the last minute or unwilling to miss bedtime every night, moms in retail are often deemed ineligible for promotion. Ironically, climbing up the job ladder is the only way to obtain stable hours that let working women and their families thrive.
As these practices have grown worse, many workers have started fighting back, demanding schedules that let them plan their lives, be there for their families and pursue education.
Facing outside pressure, policymakers have also stepped in and accelerated the pace of change. Retailers demonstrated how fast they could change last year when they received a letter from New York’s Attorney General into their use of on-call scheduling. Within months, major retailers like The Gap agreed to significant reforms—and a quarter of a million workers no longer had to put their life on hold for a shift.
State and city policymakers are also leading the way to raise workplace standards, pursuing policies to raise wages to $15 per hour, secure improved work schedules, and guarantee earned sick time. Creating higher-paying, more secure retail jobs will boost the economy, as the low-income retail workforce will likely use any additional earnings to cover basic expenses.
Yet if industry leaders want retail to mean good jobs, they must step up to the plate. Retail workers are the neighbors who shop in our local small businesses; parents trying to help their kids with homework; students working their way through college. It’s clear that retail jobs are holding too many women and people of color back. Rather than superficial fixes, we need bold solutions that move all retail workers forward and allow their families to thrive.
1 month ago
1 month ago