Janet Yellen, the first woman Fed chair, proved the skeptics wrong and got fired anyway
Janet Yellen, the first woman Fed chair, proved the skeptics wrong and got fired anyway
On February 3, Federal Reserve Chair Janet Yellen, the first woman to lead the central bank and likely the most qualified nominee ever for the post, will exit the Fed, leaving a legacy described...
On February 3, Federal Reserve Chair Janet Yellen, the first woman to lead the central bank and likely the most qualified nominee ever for the post, will exit the Fed, leaving a legacy described as “near perfection” and with an “A” grade from a majority of economists.
And yet in 2014, the US Senate confirmed Yellen by a vote of 56-26, the lowest number of “yes” votes a confirmed Fed chair has ever received.
Read the full article here.
Behind the Business Attire, Many Bank Workers Earn Poverty Wages
The Committee for Better Banks (CBB), a Communications Workers of America (CWA)-affiliated community and labor coalition, was created in 2013 to put an end to that. Cassaundra Plummer, a Maryland-...
The Committee for Better Banks (CBB), a Communications Workers of America (CWA)-affiliated community and labor coalition, was created in 2013 to put an end to that. Cassaundra Plummer, a Maryland-based CBB member currently employed as a bank teller at TD Bank, told In These Times, “A lot of the issues within the banks are not discussed, they’re kept really quiet. As a young woman, I always thought that working at a bank was more of a prestigious job than retail. Once I actually got into banking, I realized that it’s not a whole lot different.”
The CBB, which has grown from eight lead members in April to approximately 60 in six different states today, with thousands more either engaged through petition signing or attending rallies. CBB is hoping to expand and create a critical mass of organized workers by bringing these issues out in the open.
A study released by the National Employment Law Project (NELP) early this month shored up CBB claims, finding that 30.4% of the 1.7 million retail banking employees across the country—more than 500,000 workers—are paid less than $15 an hour. Nearly three-quarters of low-wage bank workers are bank tellers, 84.3% of which are women.
Another report, published by the UC Berkeley Labor Center last year, found that these low-wages led 31% of bank teller families toward enrolling in public assistance programs (compared to 25 percent of the entire workforce). “The cost of public benefits to families of bank tellers is nearly $900 million per year,” says the report.
Though it was labeled an “occupational winner” by the Bureau of Labor Statistics for its 84% throughout its growth in the 1970s, the introduction and proliferation of automated teller machines helped put the brakes on that, leading to a projected 1% growth over the next decade. As Timothy Noah noted for Slate in 2010, banks tellers earn “slightly less than [they] did in 1970,” putting the job at the center of wage stagnation that has become common-place throughout the middle class, especially within the context of expectations of higher productivity.
CEO compensation and executive pay indeed remain at worrying heights. The NELP report found that CEOs of Wells Fargo and Bank of America made amounts equal to more than 500 times the annual earnings of an average bank teller. Stephen Lerner, the architect of SEIU’s famed Justice for Janitors campaign, summed up the wealth disparity among bankers at the top and bottom of the pay brackets in a 2010 New Labor Forum article, writing, “We could increase pay by $2.00 per hour and provide employer-paid health insurance for over 550,000 tellers with just 3.6 percent of the bonuses paid out to executives.”
“The constant focus on making more forces the people working in the bank to take on more work, but we’re being paid the same amount,” says Plummer. “We’re not expecting to become wealthy off of entry-level positions. But the corporations make a lot of money off of the things that we do—the sales goals, and all that we have to do to create wealth for the bank. It should be reciprocated back to the employees.”
By shifting traditional banking services toward automation, low-wage bank workers such as bank tellers and personal bankers have also become the frontline for pushing financial products on to customers in an effort to increase profits. The pressure of sales quotas imposed by management and executives at the top keeps low-wage bank workers under more scrutiny than ever before. Customer service employees in retail banks must not only attempt to hook patrons onto core retail banking services like checking and savings accounts, but must also resort to hawking mortgages and credit cards in ways CBB organizers say can be predatory. Tellers risk termination if they fail to meet quotas for such products.
“Wells Fargo creates an environment of hostility and humiliation. Multiple times I witnessed management behaving in a condescending fashion to those who did not meet ‘goals’ even though their customer service was excellent. Wells no longer cares about customer service or the best interest of their customers; they are only looking to push products and most of the time they are unnecessary products,” one bank employee told the Committee of Better Banks when they surveyed 5,000 workers for the aforementioned study at the group’s conception.
According an April 2015 report by the Center for Popular Democracy, since 2011, 17 different lawsuits across the top five banks in the country (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and US Bank) have been settled for nearly $46 billion, “highlighting a range of alleged illegal and unethical business practices.”
A 2013 Los Angeles Times investigation reported that the pressure of sales goals, which increase U.S retail banks’ profits, has led some bank workers to commit fraud, forging signatures, opening secret checking accounts with fees attached, or even credit lines for customers in order to keep up with their sales goals. This has led to lawsuits from customers and even cities decrying the rigid and unfair sales culture fostered by the banking industry. When these practices become public, banks fire employees and managers in alleged attempts to uphold ethical finance.
But as Khalid Taha, one of the first Committee members in California, currently employed at Wells Fargo in San Diego, describes it, the “impossible” sales goals come from the top and workers ultimately have no other option. “They fire the entry level employees which is us, but if you think about it, yes we are responsible for it, but we are also victims,” says Taha. “We have to keep our jobs, pay our rent. We have no way but to go a little bit shady when we deal with our customers because the company wants to meet their quota. They don’t care how.”
Beyond low pay, CBB has been working to connect these pressurized work environments to their detrimental effects on the economy caused by the bank’s business practices.
The top four retail banks in the country (JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo), part of the too-big-to-fail banking institutions that some, like presidential candidate Sen. Bernie Sanders, have called to be broken up, now collectively possess assets equivalent to 45% of the U.S economy, a slight increase than what it was in 2008 before that year’s financial crisis.
Lerner, who is currently advising CBB as a fellow at the Kalmanovitz Initiative for Labor and the Working Poor at Georgetown University, told In These Times, “This campaign is different from many union campaigns that say ‘our sole goal is winning better conditions for workers.’ Those campaigns are important, [but] in this case we’re saying that you can’t win better conditions for workers unless you reform the industry—and you can’t reform the industry unless workers are helping reform it.”
At an April 2015 rally in Minnesota where they delivered 11,000 signatures on a petition calling for an end to sales goals, the Committee for Better Banks released a proposed bill of rights for bank workers. One of the planks of the bill addresses what they say is community suffering at the hands of banks: “We must eliminate unreasonable sales goals or performance metrics that force us to push unnecessary products on our customers. We are here for our neighbors—for the child who opens his first savings account, for the newlywed couple planning ahead to retirement, for the senior citizen opening a credit card. We want to be honest brokers of your financial security, and that means an end to pressure tactics that only serve to line shareholders’ pockets.”
“We’re at the very beginning of a baby-steps campaign to build working support for the idea that we need to do two things, and that come simultaneously: We need to address how bank workers unfairly—low pay, etc., but we need to connect with how the finance industry behaves is bad for the overall economy,” Lerner says.
In 2010, Lerner was launching SEIU’s new plan to organize bank workers. Mike Elk described that effort as emanating from his realization that banks influenced the rest of labor organizing through its close connections to the pensions and investment banks that intertwined with financial decisions made not only by workers but their communities, as well.
At the time, fellow journalist Steve Early told Elk, “[Successful organizing] require[s] a long-term commitment that few unions are willing to make, even when dealing with a strategic multinational target that’s not going away.” Lerner left SEIU later that year under disputed circumstances, and his work organizing bank employees was abandoned by the union.
CEO and President of union-owned Amalgamated Bank, Keith Mestrich announced in early August that the bank’s employees would be making at least $15 an hour under their new collective bargaining agreement. He told Buzzfeed, “We think it’s the right thing for our bank to do, and frankly we think it’s the right thing for all banks to do. … If any industry in this country can afford to set a new minimum for its workers, it’s the banking industry.”
But in the rest of the nonunionized retail banking industry, CBB, like the Fight for 15 and OUR Walmart, will be agitating for improvements.
“It was a little bit scary at the beginning, but we have to do it. If we don’t talk then the banks will do whatever they want to do,” says Taha.
Source: In These Times
Jackson Hole Demonstrators Rally Against Rate Hike
Associated Press - August 22, 2014, by Matthew Brown — Shadowing central bankers and economists at the annual Federal Reserve conference here, a group of about 10 demonstrators pressed Fed Chair...
Associated Press - August 22, 2014, by Matthew Brown — Shadowing central bankers and economists at the annual Federal Reserve conference here, a group of about 10 demonstrators pressed Fed Chair Janet Yellen not to yield to pressure to raise interest rates.
Carrying placards and green T-shirts embossed with the slogan "What recovery?" they said they'd come from New York, Missouri, Minnesota and elsewhere to draw attention to people left behind by the recovery and still unable to find work.
One demonstrator approached Yellen to press his point as she prepared to enter the opening reception Thursday night. With security guards hovering nearby, the two shook hands and spoke for about a minute before Yellen entered the closed-door gathering.
Yellen spokesman Doug Tillett said her staff would seek to arrange a meeting between the chair and the demonstrators back in Washington.
Their message was generally in sync with Yellen's stance since she became Fed chair in February to keep rates low to help support a still-subpar economy. In a speech to the conference Friday, Yellen noted that while the unemployment rate has steadily dropped, other gauges of the U.S. job market have been harder to evaluate and may reflect continued weakness.
The timing of a Fed rate increase remains unclear, though many economists foresee an increase by mid-2015.
The demonstrators, including several who said they were unemployed or had settled for low-wage jobs, said they'd traveled here to encourage Yellen not to give in to those who say rates must be increased to avoid causing high inflation or other financial instability.
The demonstrator who approached Yellen before the opening reception was Ady Barkan of a group called the Center for Popular Democracy in New York.
"She said she understood what we were saying and that they were doing everything they can," Barkan said Friday. "We'd like them to do more."
He argued that the Fed should lower its target for unemployment and factor in whether wages are rising consistently before making any move to raise rates.
Tillett, the Yellen spokesman, said, "We're certainly willing to meet with them and hear what they have to say."
Asked whether there were security concerns in having demonstrators approach Yellen and seek to buttonhole other conference attendees, Tillett said, "We appreciate their freedom of expression."
The demonstrators also met before the event with Esther George, president of the Federal Reserve Bank of Kansas City, which sponsors the Jackson Hole event. Later, they managed to corner Fed Vice Chair Stanley Fischer during a break in the proceedings.
"We're not in recovery," Cee Cee Butler, a 34-year-old mother of two from Washington, D.C., told Fischer. "It may be fine on Wall Street, but on my streets, it's not fine at all...There's a lot of homeless people that live in my city, a lot of children that panhandle quarters."
Butler said she works a minimum wage job at McDonald's and receives food stamps but still can't make ends meet. She said the trip to Wyoming — her first time aboard an airplane, she said — was paid for by donations from advocacy groups.
Another demonstrator, 42-year-old Kendra Brooks, told Fischer that she holds a master's degree in business administration but has seen her income drop by more than half since losing her job as a program director at a nonprofit about a year and a half ago.
Two weeks ago, Brooks said, she began working for Action United in Philadelphia, a community advocacy group. But it's not comparable to her former job, she said, and "is like starting from scratch."
"They heard what we said, but the outcome of that, in terms of interest rates, is still pending," Brooks said of the group's interactions with Yellen, George and Fischer. "This has been what my recovery looks like, and it's a nightmare."
Source
Low world inflation dogs central bankers, even as economies grow
Low world inflation dogs central bankers, even as economies grow
Jackson Hole (Wyoming): The world’s top central bankers gather in Jackson Hole, their confidence bolstered by a sustained return to economic growth that may eventually allow the European Central...
Jackson Hole (Wyoming): The world’s top central bankers gather in Jackson Hole, their confidence bolstered by a sustained return to economic growth that may eventually allow the European Central Bank (ECB) and the Bank of Japan to follow the Federal Reserve in winding down their crisis-era policies.
Yet in one key area, none of the world’s central banks has found the answer. Inflation remains well below their two percent targets, stoking a debate about whether they are missing signals of a less than healthy economy and the need for a slower path of “rate normalisation”, or that they simply don’t understand how inflation works in a globalised world.
Read the full article here.
National Poll Shows Overwhelming Support for Reigning in Charter Schools
02.29.2016
Washington, D.C.—As the number of charter schools continues to rise, few states are paying adequate attention to how to hold these schools accountable to...
02.29.2016
Washington, D.C.—As the number of charter schools continues to rise, few states are paying adequate attention to how to hold these schools accountable to parents, communities, and taxpayers. Now, new poll results released today by In the Public Interest and the Center for Popular Democracy (CPD) show that Americans embrace proposals to reform the way charter schools are authorized and managed.
The poll shows overwhelming national support for initiatives to strengthen charter school accountability and transparency, improve teacher training and qualifications, prevent fraud, serve high-need students, and ensure that neighborhood public schools are not adversely affected.
“A severe lack of public oversight and real accountability has created what are essentially two separate school districts in many places, each competing for students and funding,” said Donald Cohen, Executive Director of In the Public Interest. “This is increasing inequality in public education, and these results confirm that parents and communities want to fix that.”
The poll’s key findings include:
Overwhelming majorities, as high as 92%, back proposals to strengthen transparency and accountability, improve teacher training and qualifications, implement anti-fraud measures, ensure high-need students are served, and make sure neighborhood public schools are not adversely affected.
92% of voters support requiring companies and organizations that manage charter schools to open board meetings to parents and the public.
90% of voters support requiring companies and organizations that manage charter schools to release to parents and the public how they spend taxpayer money.
“School choice” ranks last in a list of the biggest concerns voters have for K-12 education, with only 8% listing it as a concern.
Far more popular than “school choice” or unaccountable charter schools is the concept of community schools, which serve as community hubs, ensuring that every student and their family gets the opportunity to succeed no matter what zip code they live in.
A statewide poll of Colorado voters showed that 69% rate the quality of education at public schools in their neighborhood excellent or good—an even higher percentage than those that feel that way nationally. Colorado voters also overwhelmingly support proposals to reform the way charter schools are authorized and managed.
The national poll of 1,000 registered voters was conducted by GBA Strategies January 5-11, 2016 on behalf of In the Public Interest and CPD. A memo detailing the poll can be found here. The statewide poll of 500 registered voters in Colorado was conducted January 10-13, 2016. A memo detailing the Colorado poll can be found here.
Kyle Serrette, Director of Education at CPD, said, “State lawmakers have created charter laws without meaningful oversight provisions. The result? Over $100 million in taxpayer dollars have been lost to fraud, waste, or mismanagement by charter officials and over 100 thousand children currently attend charter schools that are failing to meet the needs of children. It’s time for lawmakers to add stronger oversight provisions before more money is lost and more children are enrolled in failing charter schools.”
For more information on the poll results, please contact Jeremy Mohler at jmohler@inthepublicinterest.org or 202-429-5091, or Asya Pikovsky at apikovsky@populardemocracy.org or 207-522-2442.
In the Public Interest is a research and policy center committed to promoting the values, vision, and agenda for the common good and democratic control of public goods and services.
The Center for Popular Democracy (CPD) promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda
###
Contacts:
Jeremy Mohler, jmohler@inthepublicinterest.org, 202-429-5091
Asya Pikovsky, apikovsky@populardemocracy.org, 207-522-2442
AVENGERS CAST RAISES $500,000 FOR PUERTO RICO RELIEF EFFORTS
Maria Fund coordinator Xiomara Caro also issued a statement regarding the event: "We are deeply grateful to Scarlett Johansson, Kenny Leon and everyone involved in the production of this play for...
Maria Fund coordinator Xiomara Caro also issued a statement regarding the event: "We are deeply grateful to Scarlett Johansson, Kenny Leon and everyone involved in the production of this play for stepping up and contributing their talent to help towards the equitable and just rebuilding of Puerto Rico. This event demonstrates the importance of collective solidarity and responsibility and how powerful it is when we come together to help our communities." All proceeds from the event will go to the Maria Fund, which supports recovery efforts in Puerto Rico and rebuilding funds for low-income housing.
Read the full article here.
Aloha State Welcomes Same-Day Voter Registration
FOR IMMEDIATE RELEASE:
April 30, 2014
Contact: TJ Helmstetter, Center for Popular Democracy
(973) 464-9224; tjhelm@...
FOR IMMEDIATE RELEASE: April 30, 2014
Contact: TJ Helmstetter, Center for Popular Democracy (973) 464-9224; tjhelm@populardemocracy.org
Hawaii Passes Same-Day Voter Registration in Move to Expand Electorate and Make Voting More Accessible Hawaii to Become 13th State Plus District of Columbia to Allow SDR(HONOLULU) – Both houses of the Hawaii legislature passed Same Day Registration (SDR) yesterday. The bill, HB2590, known locally as “Late Registration” will allow Hawaiians who missed the state’s 30-day voter registration deadline to register and vote during the state’s early voting period or on Election Day. The bill passed with 34 Ayes in the Senate, 40 Ayes in the House, and now goes to Governor Neil Abercrombie for his signature.
SDR is a proven means of increasing voter participation. States with SDR led the nation in voter turnout by 10 percentage points in the 2012 presidential election. It will help boost voting rates in Hawaii, the state with the lowest voter turnout rate in the country.
Today’s vote is the culmination of a long, multi-year effort. Led by Hawaii Common Cause, the legislative campaign was supported by a number of organizations representing Hawaii voters, including Faith Action for Community Equity (FACE), the Center for Popular Democracy’s state partner organization in Hawaii.
“The Center for Popular Democracy congratulates the people of the Aloha State for taking the next steps toward a more inclusive, popular democracy,” said Katrina Gamble, Director of Civic Engagement and Politics at the Center for Popular Democracy.
“Hawaii’s adoption of Same Day Registration sets out a clear alternative to the voter suppression policies enacted by reactionary legislatures in states like Arizona, North Carolina, and Texas. This will serve as a boon to efforts to expand the electorate across the country,” added Gamble.
“Arcane, outdated voting rules fall most heavily on young people, low-income citizens, and people of color – those with the lowest registration rate. Same Day Registration helps level the playing field for them by offering a major new opportunity to register to vote and participate in elections,” said Steven Carbó, Director of Voting Rights and Democracy Initiatives at the Center for Popular Democracy.
Over half a million eligible citizens didn’t vote in the 2012 presidential election in Hawaii. Many were just not registered to vote. Allowing voter registration on Election Day will give citizens a second chance to meet their civic duty and vote.
Boulder resident among health-care protesters arrested at Cory Gardner’s Washington office
Boulder resident among health-care protesters arrested at Cory Gardner’s Washington office
A photograph of Boulder resident Barb Cardell being hauled off by Capitol police outside of Colorado Sen. Cory Gardner’s Washington, D.C., office on Monday shows pink name tags affixed to her...
A photograph of Boulder resident Barb Cardell being hauled off by Capitol police outside of Colorado Sen. Cory Gardner’s Washington, D.C., office on Monday shows pink name tags affixed to her shirt.
“Written on every piece of the pink tape is the name of someone I love and work with in Colorado,” she said. “They would lose their health care if this bill passes.”
Read the full article here.
Jersey City's smart push for paid sick days: Editorial
Star-Ledger - September 5, 2013 - When a stomach bug flattens your family, should it cost a day’s pay? Does flu season put you in fear of losing your job? For more than 1.2 million New Jersey...
Star-Ledger - September 5, 2013 - When a stomach bug flattens your family, should it cost a day’s pay? Does flu season put you in fear of losing your job? For more than 1.2 million New Jersey workers without paid sick days, catching a cold means choosing between their health and their job.
Jersey City Mayor Steve Fulop is calling for nearly all city businesses to guarantee time off for illness. His proposal, requiring companies with 10 or more workers to offer five paid sick days a year, goes to the city council next week, he told the New York Times. He says it’s a matter of “basic dignity for working families.”
Fulop puts himself smartly in front of this nationwide trend. Letting sick workers stay home is good for their health — not to mention their co-workers’, or the customers’. Do you want a sniffling, sneezing waiter serving lunch because he’ll be fired if he stays home?
In 1992, half the nation’s workers got paid sick time. Twenty years later, it’s 61 percent, even as wages and paid vacation are shrinking. Connecticut adopted paid sick leave in 2011. Massachusetts is debating it. New York City made it law in June. If Jersey City adopts Fulop’s plan — and it should — it would build momentum to expand the benefit statewide.
In May, Assemblywoman Pamela Lampitt (D-Camden) introduceda bill requiring employers to offer at least 40 paid sick hours a year. It hasn’t moved.
Predictably, businesses bristled, citing cost. But the opposition doesn’t add up: On average, paid sick time accounts for less than 1 percent of private-sector payrolls, according to the Bureau of Labor Statistics. And Fulop is sensitive to those worries: Small Jersey City employers would have to provide only unpaid sick time.
Paid sick leave is more than a public health concern. It’s economic justice. Increasingly, full-time jobs are difficult to find, and workers shouldn’t have to choose between their health and their paycheck. That was the rationale, too, when New Jersey enacted paid family leave in 2008.
Sick time should be a universal right.
Source
Nationwide protests against Trump’s family separation policy planned for June 30
Nationwide protests against Trump’s family separation policy planned for June 30
The Women’s March is also organizing a nonviolent civil disobedience in partnership with Center for Popular Democracy and CASA in Action event for Thursday, June 28, in Washington, DC. The...
The Women’s March is also organizing a nonviolent civil disobedience in partnership with Center for Popular Democracy and CASA in Action event for Thursday, June 28, in Washington, DC. The organization is asking women if they’re ready to risk arrest — and will provide training to those willing to participate.
Read the full article here.
24 hours ago
24 hours ago