CPD IN THE NEWS

The U.S. Federal Reserve came under criticism Thursday from some lawmakers over the lack of diversity in the central bank’s leadership.

A majority of Democratic members of Congress -- 11 from the Senate and 116 from the House of Representatives -- signed a letter addressed to Janet Yellen, calling on the Fed chair to include more African Americans, Latinos and women when it considers candidates for top posts. The letter was written by staff for Representative John Conyers of Michigan, according to Ady Barkan of the Fed Up campaign, an activist group that lobbied members of Congress to add their names. No Republicans signed.

“We remain deeply concerned that the Federal Reserve has not yet fulfilled its statutory and moral obligation to ensure that its leadership reflects the composition of our diverse nation in terms of gender, race and ethnicity, economic background and occupation,” according to the letter, whose signatories included presidential candidate Senator Bernie Sanders of Vermont and Massachusetts Senator Elizabeth Warren.

The letter said more than 80 percent of directors at the Fed’s 12 regional banks are white and about three-fourths are men. Of 12 regional Fed presidents, who participate in monetary policy meetings, 11 are white and 10 are men, it added.

Improvements Made

Fed spokesman David Skidmore said the central bank and its branches have focused in recent years on increasing ethnic and gender diversity. Minority representation on Reserve Bank and branch boards has risen to 24 percent this year from 16 percent in 2010, he said, and the proportion of female directors has increased to 30 percent from 23 percent over the same period. “We are striving to continue that progress,” Skidmore said.

Fed Up is organized by the Center for Popular Democracy, non-profit groups and unions who are lobbying for the Fed to reject raising interest rates.

Regional Fed presidents are chosen by non-banking members of their respective boards of directors. The appointments are subject to the approval of the Board of Governors in Washington.

Regional boards have nine members, as stipulated in the Federal Reserve Act. Three are chosen by and represent banks in the district; three are chosen by the same banks to represent the public; three are designated by the Board of Governors to represent the public.

Jesse Ferguson, a spokesman for Hillary Clinton, issued a statement on Fed diversity after the letter was released saying the leading Democratic presidential candidate “believes that the Fed needs to be more representative of America.” She also thinks “commonsense reforms” such as removing bankers from regional Fed boards, “are long overdue,” Ferguson said.

Lockhart Retiring

Barring a surprise resignation, the Atlanta Fed presidency will be the next seat on the Federal Open Market Committee to open. Dennis Lockhart, the current president, will be required to step down in March 2017 after serving for 10 years.

“Diversity for the Federal Reserve is critical. This is the very nature of this institution, to broadly represent the communities we serve,” Kansas City Fed President Esther George said in response to a question Thursday after a speech in Albuquerque, New Mexico. “That means industry diversity. It means diversity of thought. And it means racial and gender diversity in the institution.”

There are two governorships already open. President Barack Obama has nominated Allan Landon, the former chief executive officer of Bank of Hawaii Corp., and Kathryn Dominguez, an economics professor at the University of Michigan in Ann Arbor, to fill the posts. Republican Senator Richard Shelby has refused to hold confirmation hearings for the pair in a dispute with the White House over its failure to fill a separate Fed post.

By Christopher Condon & Steve Matthews

Source

If Americans needed any further proof that voting itself has become a partisan battleground, look no further than proposals calling for automatic voter registration.

California this month enacted a law that will automatically register people to vote when they get or renew a driver's license or state identification card from the Department of Motor Vehicles (DMV), following the example set by Oregon several months ago. Over time, this could bring most of the 6.6 million Californians who are eligible but not yet registered onto the voting rolls. Alex Padilla, California's secretary of state and sponsor of the measure, calls it potentially the largest voter registration drive in U.S. history.

Other states could soon follow.

Legislators have introduced automatic voter registration bills in 16 additional states, including Hawaii, Illinois and Vermont, as well as the District of Columbia. New Jersey lawmakers approved a package that includes automatic voter registration in June. Republican Gov. Chris Christie hasn't acted on it, but he's made his opposition clear.

"The current process creates an unnecessary barrier for citizens to exercise their fundamental right to vote," said state Sen. Andy Manar, a sponsor of the Illinois measure. "And it's an inefficient use of taxpayer dollars."

The states where bills have seen real movement, however, are all blue states. In states where Republicans control the legislature  -- including Georgia, South Carolina and Texas -- measures have mostly languished in committee.

Supporters argue that the real reason for  Republican opposition is the party's worry that automatic registration would boost the number of poor and young voters -- groups that favor Democrats. But Republicans complain that automatically registering people to vote based on their DMV status will result in more fraud because, for example, teens still too young to vote and undocumented immigrants get driver's licenses.

In New Jersey, more than 85 percent of eligible citizens are already registered to vote. During a radio appearance in June, Gov. Christie said that, "there's no question in my mind that there are some advocates of this who are looking to increase the opportunities for voter fraud. That's not democracy either."

Studies have shown, however, that voter fraud seldom happens. Proponents of automatic voter registration say that governments have a responsibility to ensure eligible citizens have the opportunity to exercise the franchise, without unnecessary hurdles.

Supporters of the idea are currently collecting signatures in Alaska to put it on the ballot next year. If Christie ultimately vetoes the New Jersey package, a ballot measure may be likely there as well.

"It's not just an election modernization reform, it's a shifting of responsibilty for who populates the rolls," said Katrina Gamble, director of civic engagement and politics at the Center for Popular Democracy. "Even before Oregon, people saw automatic voter registration as the most tranformative reform that we can move that would bring a huge number of people onto the rolls."

Huge numbers of eligible citizens aren't registered to vote. In addition to the nearly 7 million Californians, there are 2.3 million such people in Illinois and there were 300,000 in Oregon.

"If you look across the country, there are at least 50 million people who are eligible but not registered to vote," said Jonathan Brater, counsel for the democracy program at NYU's Brennan Center for Justice. "We see year after year that registration is one of the biggest obstacles to participation."

Other states might explore other models, like using agencies other than the DMV to find potential voters. If the Alaska initiative passes next year, the state will find potential voters through its Permanent Fund, which pays dividends to residents based on oil revenues.

Regardless of the database that's used, automatic registration has the potential to be more accurate than the current approach, which in many places still means relying on paper forms. It should also save money. When Barack Obama was elected president in 2008, only Arizona and Washington offered online registration. Earlier this month, Vermont became the 26th state to allow voters to register online. Going paper-free saves states at least 50 cents on every registration.

It's in part for that reason that Republican legislators in states including Florida, Georgia and Oklahoma have supported online registration. Supporters of automatic voter registration hope that promises of savings might bring GOP lawmakers around to supporting things like registration through the DMV, too.

So far, that's not happening.

In fact, the way that high-profile Democrats running for president have embraced the idea seems to be driving Republicans away. U.S. Sen. Bernie Sanders of Vermont introduced an automatic voter registration bill in Congress, and Hillary Clinton supported the idea during a speech earlier this year in which she castigated the GOP for trying to "disempower and disenfranchise young people, poor people, people with disabilities and people of color," through voter ID requirements and attacks on early voting.

Clinton's speech, according to polling, cost automatic voter registration support among Republican voters. A majority of Republicans (53 percent) supported the idea when Oregon passed its law in March, but after Clinton gave her speech in June, GOP support dropped to 38 percent. When survey respondents were told Clinton backed the idea, their support plummeted further, to 28 percent.

Source: Governing

Encubrimiento de violaciones de ley, conflicto de intereses, ganancias desmedidas de especuladores financieros y mayores cargas económicas para el pueblo son algunas de las implicaciones de los acuerdos que la Junta de Supervisión Fiscal está negociando con los acreedores del gobierno, según el Frente Ciudadano por la Auditoría de la Deuda.

Read the full article here.

“This is a victory for the working families who stepped up with innovative organizing to send the Fed a clear message: Our voices belong in the debate about our economy,” said Ady Barkan, Campaign Director for Fed Up. “With the recovery still far too weak in too many communities, it would have been economically devastating – and immoral – to slow the economy.”

“We applaud Chair Yellen and the Federal Reserve for resisting the pressure being put on them to intentionally slow down the economy. Weak wage growth proves that the labor market is still very far from full employment. And with inflation still below the Fed’s already low target, there is simply no reason to raise interest rates anytime soon. Across America, working families know that the economy still has not recovered. We hope that the Fed continues to look at the data and refrain from any rate hikes until we reach genuine full employment for all, particularly for the Black and Latino communities who are being left behind in this so-called recovery. 

The campaign held a rally outside the building where Chair Janet Yellen made the announcement this afternoon. Fifty workers gathered to tell their stories and call on the Fed not to intentionally slow down the economy. They were joined by Rep. John Conyers (D-MI), who introduced today the Full Employment Federal Reserve Act of 2015, which would enhance the Fed’s full employment mandate.

Throughout late 2014 and 2015, the Fed Up campaign has elevated the voices of working families, meeting with four of the five Fed Governors and six of the twelve regional Fed presidents. Workers across the country have talked about the tremendous racial and economic disparities that still afflict the economy, and the need for genuine full employment that creates rising wages and more jobs for all communities. It has enlisted the support of economists like Nobel Laureate Joe Stiglitz, the involvement of four of the nation’s largest progressive digital advocacy organizations, and over 120,000 supporters around the country.

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The Center for Popular Democracy 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.