Senate's Kavanaugh Vote Ends in Chaos After GOP Sen. Flake Asks for FBI Sex-Assault Probe
Senate's Kavanaugh Vote Ends in Chaos After GOP Sen. Flake Asks for FBI Sex-Assault Probe
One day after Brett Kavanaugh and Christine Blasey Ford testified about her sexual assault allegations against the...
One day after Brett Kavanaugh and Christine Blasey Ford testified about her sexual assault allegations against the Supreme Court nominee, the Senate Judiciary Committee on Friday voted to send Kavanaugh’s confirmation to the full Senate — but it wasn’t without drama.
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Feds Accused of Selling Out Neighborhoods to Wall St. Firms
Aljazeera America Fault Lines Blog - September 9, 2014, by Mark Kurlyandchik - In September 2010, the federal...
Aljazeera America Fault Lines Blog - September 9, 2014, by Mark Kurlyandchik - In September 2010, the federal government got into the business of selling delinquent home mortgage loans, which are at least 90 days past due, to the highest bidder. The program was instituted to help the Federal Housing Administration (FHA) rebuild its cash reserves, which were wiped out by a wave of loan defaults.
In the first two years of the program, the FHA sold 2,000 loans in six national auctions. In September 2012, it expanded its loan pools under the newly named Distressed Asset Stabilization Program, or DASP, selling more than 3,000 loans in the first auction. The FHA also introduced a second stated objective of the program to help stabilize neighborhoods by creating a new category of loans tied to geographic areas hit hardest by foreclosures with mandates that purchasers service them in a manner that stabilizes surrounding communities.
Two critical new reports on DASP admit that the program is helping the FHA avoid having to hit up taxpayers for more money. But they question the sincerity of any efforts to protect neighborhoods plagued by foreclosures, pointing out that a whopping 97 percent of the loans have gone to private, for-profit investors, including hedge funds, mutual funds and private equity firms. And approximately just one out of 10 of the loans sold have achieved a neighborhood stabilization outcome.
“These are companies that put the financial gains of their shareholders first and community stabilization second—or I would say it's not even necessarily a priority for them,” says Connie Razza, co-author of a report by the Center for Popular Democracy and the Right To The City Alliance, which came out today.
Razza’s group sent a petition to Julian Castro, who recently took over the Department of Housing and Urban Development (HUD), the cabinet agency that houses the FHA, asking him to stop selling loans under the DASP until the program’s implementation could be strengthened and refocused on communities.
When the FHA was created in 1934 to stimulate a lifeless housing market buried in the depths of the Great Depression, the U.S. was a nation of renters—with only 40 percent of Americans owning their homes. The FHA was able to help boost that percentage by offering affordable mortgage insurance to approved lenders who made loans to high-risk borrowers with relatively low down payments. By 2004, nearly 70 percent of Americans were homeowners.
During the recent housing crash, with private lending drying up, the share of FHA-backed loans skyrocketed, rising from a reported 2 percent of all mortgages in 2006 to nearly a third in 2009. Those loans kept housing prices from going into free fall, but a wave of defaults plundered the FHA’s mortgage insurance fund. So, in 2013, it took a $1.7 billion taxpayer bailout to stay afloat.
So far, nearly 100,000 non-performing loans have been sold through DASP, netting the FHA $8.8 billion.
According to a report released last week by the Center for American Progress, only about 11 percent of the loans sold through DASP are now considered “re-performing.” Another 22 percent were either allowed to do a short sale or the home was surrendered in exchange for loan forgiveness. A third of the loans were turned around and sold to other buyers. The final third went into foreclosure.
Bidders who want to acquire neighborhood stabilization loans are required to achieve one of several outcomes that help homeowners and surrounding communities on at least half of the loans they purchase: getting the loans to re-perform, renting the home to the borrower, gifting the property to a land bank or paying off the loans in full. Through May of this year fewer than 18,000 of the FHA loans have been sold through neighborhood stabilization pools, compared to more than 73,000 that have no strings attached.
"In its current form, the DASP is unnecessarily undermining the very mission of HUD by selling loans to some of the same reckless actors who caused the financial crisis."
Connie Razza, Center for Popular Democracy
Instead of getting loans to re-perform, many of the companies buying up the loans may be looking to convert the distressed assets into rental properties. Since the housing crash, Wall Street-backed groups have bought up an estimated 200,000 single-family homes across the country to convert to rentals. As housing prices rise and foreclosures become less common, housing advocates worry that these firms have turned to non-performing loans as a way to increase their housing stock.
For instance, the private equity firm Blackstone, which has recently become the largest owner of single-family rental homes in the country, is a 46-percent owner of Bayview, the company that has won the second-highest number of DASP loans. According to one report, the delinquent notes are sold to the highest bidder without considering past performance metrics at getting the loans to reperform.
Further, allowing the vast majority of the loans to fall into the hands of high-bidding corporate investors—rather than defaulting—keeps many of the properties they’re tied to from going through the typical foreclosure process. As a result, the FHA might actually be diverting housing stock from first-time homebuyers, the very group it was formed to serve 80 years ago, said John Husing, chief economist at the Inland Empire Economic Partnership in San Bernardino, California.
Aljazeera America Fault Lines Blog - September 9, 2014, by Mark Kurlyandchik - "In its current form, the DASP is unnecessarily undermining the very mission of HUD by selling loans to some of the same reckless actors who caused the financial crisis," Razza and her co-authors write in their report.
The reports contend that HUD should be tracking bidders' track record for good outcomes and taking that performance into consideration. They also criticize HUD for a lack of transparency when it comes to making information about what happens to these loans available to the public. Further, they call for boosting the size and ratio of loans sold through the Neighborhood Stabilization Outcome pools and increasing access for non-profits in the bidding process.
“Community development financial institutions and other non-profits have been trying to participate,” Razza said. “They've only won 2.5 percent of the loans and are really shut out because HUD is running the program as a straight auction.”
Representatives for HUD did not respond to specific questions about the program, but offered this statement: “For purchasers, the program is an opportunity to acquire assets at competitive prices with the flexibility to service the assets while providing borrowers an opportunity to avoid costly foreclosures. The program is meeting financial goals as the amounts offered for these assets are steadily rising as volume has increased in recent years.”
Where investors used to pick up non-performing loans in the program for an average of 40 to 50 cents on the dollar, the most recent sale in June had an average of more than 77 cents. The bidding war was reportedly the most contested yet, with the entire pool going to one investor, private equity firm Lone Star Funds.
“I think that as demand for these loans grow, it builds a stronger case for FHA to ask buyers to do more for the communities they’re buying in,” said CAP report co-author Sarah Edelman. “We want to see loss-mitigation requirements on all of the loans sold.”
Source
Dallas Fed president will meet with Fed Up Coalition members to hear their concerns
Dallas Fed president will meet with Fed Up Coalition members to hear their concerns
After nearly two months on the job, the new head of the Federal Reserve Bank of Dallas is reaching out to the community...
After nearly two months on the job, the new head of the Federal Reserve Bank of Dallas is reaching out to the community — to bunch of community, labor and consumer organizations that have repeatedly asked to be heard.
Dallas Fed president Rob Kaplan tomorrow will met with a variety of representatives of the national Fed Up Coalition for about 90 minutes, according to the regional bank.
The group was unhappy with the Dallas Fed’s “cryptic” search process to replace replaced former chief Richard Fisher, who retired in March, and with its lack of transparency. I wrote about it. Fed Up members in Texas and nationwide also have called for Federal Reserve to focus on full employment and higher wages for blacks and others in poor neighborhoods who have been left out of the economic recovery.
In August, the Dallas Fed named Kaplan, a former Harvard business professor and investment banker, as president and CEO starting Sept. 8. As one of 12 Fed regional bank presidents around the country, Kaplan helps set the nation’s economic and monetary policy, such as interest rates, that affects people everywhere.
The day after Kaplan’s announcement, the Texas Organizing Project’s Dallas County director Brianna Brown suggested that one of the first things he should do when he got to Dallas was to meet with her group and working families in the area. I wrote about that.
Earlier this year, the Texas Organizing Project and Fed Up asked to meet with Dallas Fed board members to seek more openness and participation in the search process. The Dallas Fed also has faced criticism from other corners for a lack of transparency and the lengthiness (nine months) of its search.
The coalition’s request was denied back then, and instead a meeting was arranged with the bank’s general counsel and senior vice president.
Now, there’s another chance.
“We want to represent the coalition in the same way that the coalition has met with other Fed presidents around the country to encourage them to keep interest rates low to help people in the communities,” Brown said today. “We’re trying to figure out a way that the coalition can be part of the process around Fed policy. How we can collaborate and work together.”
Brown said it’s not a “pie-in-the-sky” idea. She noted that a Fed Up meeting with Chicago Fed president Charles Evans led to him touring a low-income neighborhood in September.
Nearly a dozen people representing Fed Up will attend tomorrow’s meeting at the Dallas Fed. They include: Brown; representatives of the Dallas AFL-CIO, Texas AFL-CIO, Center for Popular Democracy and Economic Policy Institute; Dallas Faith leader Wes Helm; and a Walmart worker. Dallas County Judge Clay Jenkins also will attend as a guest of Fed Up, said Daniel Barrera, a Dallas organizer for the Texas Organizing Project.
Jenkins and John Patrick, president of the Texas AFL-CIO, did not end up attending the meeting. I wrote a follow-up story on Nov. 5 about the results of the meeting.
The Dallas Fed will have four people present: Kaplan, senior vice president Alfreda Norman, community development officer Roy Lopez and spokesman James Hoard .
“We want to obviously listen to what they have to say, provide any information and answer any questions they have,” Hoard said today about the meeting.
Source: The Dallas Morning News
Duggan on the Donald
Duggan on the Donald
BEHIND CLOSED DOORS: National Federation of Independent Business President Juanita Duggan, fresh off her secret special...
BEHIND CLOSED DOORS: National Federation of Independent Business President Juanita Duggan, fresh off her secret special-interests meeting with Donald Trump last week, has some advice for downtowners scratching their heads about how to interact with the unconventional campaign: Treat it like any other. "We’re doing what we would do with any campaign: asking questions and letting them know our agenda," she told PI. "It was an extremely substantive meeting with the candidate himself. That speaks for itself."
A4A's Nick Calio, the only other known attendee, wasn't available for comment, according to a spokesman. (Both Duggan and Calio contributed to Jeb Bush's campaign, for the record.) Other major trade groups, including the Chamber of Commerce, API and the National Association of Manufacturers, weren't invited. The New York Times reported that Sen. Jeff Sessions (R-Ala.), who's advising Trump, invited people for whom he has “great respect.” Trump's spokeswoman didn't answer a request for comment.
MACK'S BACK: Connie Mack, the former Florida congressman who recently left Levick, registered to lobby for DCI Group on behalf of Puerto Rico bondholders. Mack declined to specify which investors, but he previously worked for DCI on behalf of hedge fund BlueMountain Capital Management on its dispute with the island commonwealth. DCI Group is the grassroots/"AstroTurf" specialist that The New York Times said helped coordinate a lobbying campaign purportedly comprising retiree bondholders.
Mack criticized the current bill on Puerto Rico's debt, telling PI it features an unconstitutional stay and a "bailout in the form of a super Chapter 9."
NO DEAL: Pharma giants Pfizer and Allergan have called off their $160 billion merger after Treasury released new anti-inversion rules Monday, Pro Tax’s Bernie Becker reports. Pfizer was planning to move its legal address to Ireland, and the deal would have been the largest in a series of mergers allowing companies to take foreign addresses, reducing their tax bills. Conservative groups, including Americans for Tax Reform and 13 others, have called on Treasury Secretary Jack Lew to address the issue through tax reform instead of regulations. http://politico.pro/1S241li
— Roberti Global, Tarplin Downs & Young and Ogilvy Government Relations lobbied for Pfizer on inversions, and SKDKnickerbocker was also advising the drugmaker. Van Heuvelen Strategies represents Allergan on international taxes.
STATUS UPDATES:
— The Center for American Progress named Liz Kennedy its new director of government and democratic reform, after having served as counsel and campaign strategist at Demos, working on voting rights, money in politics and corporate accountability, among other issues.
— Rob Hill, who most recently directed the field efforts at the Small Business Administration, joins Precision Strategies as the director of mobilization and campaign management. The firm also hired Sam Libowsky from Starcom MediaVest Group as principal for paid media and Nathaniel Lubin, Obama campaign veteran and former White House director of the office and digital strategy, as of counsel, focusing on paid media and digital strategy.
— Vernessa Pollard and Veleka Peeples-Dyer were named co-leaders of McDermott Will & Emery's expanded FDA practice. Pollard came over from Arnold & Porter last month, and the firm is planning to add at least three more lawyers to the group this year.
NEW BUSINESS: Cassidy & Associates is now lobbying for Patagonia on coastal resiliency, infrastructure, clean water and watershed restoration. The lobbying firm also signed Delmarva Group, the law offices of Eugene Vamos, Geos Institute, Osen LLC, Parts Life and Steadman Philippon Research Institute.
— McBee Strategic Consulting started a partnership with government and public affairs firm Tendo Consulting in London.
GRAY AREA: The House Ethics Committee will not conduct a full investigation into allegations against Rep. Alan Grayson (D-Fla.), POLITICO’s John Bresnahan reports, after the Office of Congressional Ethics found several potential violations. Grayson has been accused of receiving compensation from a hedge fund and other entities he controlled while in Congress. Though the committee will continue to review these allegations, it is not required to act further. Grayson, who is running for Senate, has accused his primary opponent, Democratic Rep. Patrick Murphy, of instigating OCE’s probe, and has called for an investigation of OCE and its congressional staff. http://politi.co/1PTKdc4
COMING ATTRACTIONS: Chuck Schumer, the incoming Senate Democratic leader, will be introducing former Sen. Blanche Lincoln for her award at the Bryce Harlow Foundation dinner later this month. Former House Ways and Means Chairman Dave Camp, now with PwC, will be introducing the current chairman, Kevin Brady. Sen. Lamar Alexander (R-Tenn.) will deliver a special tribute to the late Bryce Harlow. There will also be taped tributes expected to come from a prominent U.S. ambassador, top congressional leaders and a former president.
— Sen. Jeanne Shaheen (D-N.H.) hosted a book-signing party for her daughter Stefany's book, "Ellie & Coach," at the townhouse of 3 Click Solutions' Patrick Murphy. The book celebrates her daughter Ellie's struggle with diabetes with the help of her family and service dog. Attending were Sens. Mark Warner (D-Va.), Joe Donnelly (D-Ind.), Maria Cantwell (D-Wash.), Susan Collins (R-Maine), Chuck Schumer (D-N.Y.), Debbie Stabenow (D-Mich.), Chris Coons (D-Del.), Elizabeth Warren (D-Mass.) and Amy Klobuchar (D-Minn.).
KASICH'S CASE: Allies of Gov. John Kasich will hold a large meeting this afternoon to brief supporters and donors, reports POLITICO’s Anna Palmer. The event will be headlined by Ohio Sen. Rob Portman. Also slated to attend: Kasich senior strategist John Weaver, Republican operative Charlie Black and Bob Rusbuldt, co-chair of the governor’s steering committee and head of the Independent Insurance Agents & Brokers of America, and more, in the American Trucking Association’s townhouse. http://politi.co/1RE1ED2
COACH LUNTZ: After Republican polling firm Luntz Global, founded by consultant Frank Luntz, asked CEOs across the country about their views on traditionally left-leaning policies, they found that the majority supported raising the minimum wage, increasing paid parental leave requirements and increasing paid sick leave, BuzzFeed's Cora Lewis reports. Managing Director David Merritt has since coached business lobbies, like the Council of State Chambers of Commerce, on how to reconcile these differences. But left-leaning advocacy groups, like the Center for Popular Democracy, say business lobbies are ignoring their members' views. http://bzfd.it/1SPBhJq
ON THE HILL: The Alzheimer’s Association is bringing more than 1,200 people, it's largest-ever fly-in, to the Hill to share their personal stories and ask Congress for increased funding for medical research around the disease, and to pass the HOPE for Alzheimer’s Act. They have more than 450 meetings scheduled. Retiring Sen. Barbara Mikulski (D-Md.) will receive the Association’s Lifetime Achievement Award, and Sens. Roy Blunt (R-Mo.) and Patty Murray (D-Wash.) will each receive a Humanitarian Award.
DOCTOR, DOCTOR: Doctors for America, the American Medical Association, American Public Health Association, the American Association for the Advancement of Science and 137 other groups are calling for Congress to provide the CDC with funding for research into the causes of gun violence and how to prevent it, reports Pro Health Care’s Dan Diamond. http://politi.co/1QmvbhP
MEMORIAM: Cindy O'Malley, a government affairs counselor at K&L Gates, died March 30. She was a Robert Davis (R-Mich.) and House Armed Services Committee alum. Services have been scheduled for 11 a.m. on Saturday, April 9, 2016 at St. Ann Catholic Church in Arlington, Va. In lieu of flowers, the family asks for contributions to either American Cancer Society or the Girls & Boys Club-Camp O'Malley in Grand Rapids, Mich.
NEW PAC REGISTRATIONS:
Brand New Congress (Non-Qualified Non-Party, Unauthorized)
Florida Voters Project (Non-Qualified Non-Party With Non-Contribution Account, Unauthorized)
NAFSA PAC (Non-Qualified Non-Party, Unauthorized)
I'm Bringing Sexy PAC (Independent Expenditure-Only Committee, Unauthorized)
My Vote Matters Now
JOINT FUNDRAISING COMMITTEES:
Emily Cain Victory Fund
Future Focus
Kennedy-Sinema Victory Fund
NEW LOBBYING REGISTRATIONS:
Armory Hill Advocates (formerly known as Rawlson Policy Group): PANTHERx
Arnold & Porter LLP: Rebiotix, Inc.
Capitol Connections, LLC: Florida Aquaculture Association
CapView Associates LLC (doing business as CapView Strategies): Pfizer Inc.
Cassidy & Associates, Inc.: Delmarva
Cassidy & Associates, Inc.: Geos Institute
Cassidy & Associates, Inc.: Law Offices of Eugene Vamos
Cassidy & Associates, Inc.: Osen LLC
Cassidy & Associates, Inc.: Parts Life, Inc.
Cassidy & Associates, Inc.: Patagonia
Cassidy & Associates, Inc.: Steadman Philippon Research Institute
CG Technologies Inc.: Torch Technologies, Inc.
Lincoln Policy Group: American Trucking Association
Lincoln Policy Group: Cognizant Technology Solutions
Lincoln Policy Group: National Park Hospitality Association
News Corporation: News Corporation
The Ickes and Enright Group, Inc.: Deaf Professionals Arts Network
Third Dimension Strategies, Inc.: Computer Science Education Coalition
NEW LOBBYING TERMINATIONS:
Akin Gump Strauss Hauer & Feld: PhRMA
Hannegan Landau Poersch Advocacy, LLC: Delaware North Companies Travel Hospitality Services, Inc.
Law Offices of George Harris, LLC: City of Dothan
By ISAAC ARNSDORF
With help from Cogan Schneier and Brianna Gurciullo
Source
At Rally Outside Jamie Dimon's Home, Immigrant Rights Advocates Demand #BackersOfHate Stop Bankrolling For-Profit Prisons
At Rally Outside Jamie Dimon's Home, Immigrant Rights Advocates Demand #BackersOfHate Stop Bankrolling For-Profit Prisons
"Jamie Dimon, in the past two years, 22 people have died in detention centers that you finance," said Ana Maria Archila...
"Jamie Dimon, in the past two years, 22 people have died in detention centers that you finance," said Ana Maria Archila of the Center for Popular Democracy. "JPMorgan Chase has to divest from private prisons and detention centers. You can no longer say you aren't aware of this issue!"
Read the full article here.
In A Moving Dialogue, Disabled Activist Confronted Jeff Flake About Tax Bill On His Plane Ride Home
In A Moving Dialogue, Disabled Activist Confronted Jeff Flake About Tax Bill On His Plane Ride Home
IN OCTOBER 2016, Ady Barkan — a California-based activist at the Center for Popular Democracy — was diagnosed with ALS...
IN OCTOBER 2016, Ady Barkan — a California-based activist at the Center for Popular Democracy — was diagnosed with ALS, also known as Lou Gehrig’s disease.
Last year, he was going for long jogs along the Santa Barbara coast. Today, he doesn’t have the strength to cut a piece of meat at the dinner table or pick up his 30-pound toddler.
Read the full article here.
Fed Activists To Highlight Racial Justice At Jackson Hole Conference
The Fed Up campaign, a coalition of groups led by the nonprofit Center for Popular Democracy, will converge on Jackson...
The Fed Up campaign, a coalition of groups led by the nonprofit Center for Popular Democracy, will converge on Jackson Hole, Wyoming, later this week to urge the Federal Reserve to be more responsive to the needs of American workers. In doing so, it will focus on both “economic and racial inequality,” campaign director Ady Barkan told reporters on a Monday press call previewing the campaign’s plans.
The gathering is aimed at influencing Fed officials attending the Kansas City Fed’s annual Jackson Hole symposium.
A major theme of Fed Up's parallel conference on Thursday and Friday will be “Whose Recovery,” based on the premise that the economic recovery has yet to reach many workers, particularly those of color. They note that the official African-American unemployment rate -- 9.1 percent -- is much higher than the 5.3 percent rate for the overall population.
“Although there has been a strong recovery for Wall Street, that recovery has not reached Main Street,” Barkan said. At Jackson Hole, Barkan said, “We will be asking not only, ‘Whose recovery is this?’ but also, ‘Whose Federal Reserve is this?’”
The Fed Up campaign’s immediate goal is to stop an interest rate hike that would slow economic growth, which it says would disproportionately hurt people of color. The Federal Reserve has indicated it will raise interest rates in September, though some economic analysts are speculating that Monday’s stock market slide and turmoil in emerging-market economies will give the central bank pause. Over the longer term, Fed Up hopes to reform the selection process for regional Federal Reserve bank presidents, which it believes currently reflects the interests of financial elites more than the broader public.
(For more on the Fed Up campaign's efforts and the broader debate over monetary policy, head over here.)
Fed Up will bring an estimated 50 low-income workers and representatives of communities of color from across the country to the Jackson Hole gathering -- an increase from the 10 activists it brought last year.
“We see racial justice and racial economic equality as part of the same agenda," Barkan added, referencing the persistent racial disparity in employment.
The campaign has reserved conference rooms where activists will hold “teach-ins” making the case for monetary policy that prioritizes full employment and wage growth, and plan to share their views in informal conversations with Fed officials and members of the media.
The activists will also deliver to Fed officials an as-yet-undetermined number of petition signatures opposing an interest rate hike absent greater wage growth. Last year, Fed Up amassed 10,000 signatures for a similar petition, but this year it hopes to submit a much larger number thanks to the campaign’s collaboration with progressive online heavyweights CREDO Action, Daily Kos and Working Families Party, and a promotional video from popular liberal economist Robert Reich that has already been viewed over 150,000 times.
Asked whether Fed Up planned any public and potentially disruptive protests at the Jackson Hole gathering, Barkan refused to disclose any specific plans, but did not rule them out either.
While Fed Up since its inception has focused on the disproportionate impact of Federal Reserve interest rates on people of color, its events at Jackson Hole this year explicitly appeal to the themes of the Black Lives Matter movement, which has gained steam since last year’s conference. The campaign will host back-to-back teach-ins entitled “Do Black Lives Matter To The Federal Reserve?” on Thursday and Friday that Barkan said will explain how a “weak economy causes racial discrimination and disparities.” The sessions will be organized by activists from the St. Louis and Wichita, Kansas, metropolitan areas, many of whom have also been active in protests against police mistreatment of, and use of force against, black people.
Barkan said that because Black Lives Matter is not a centralized movement, however, it has no formal affiliation with Fed Up.
Dawn O’Neal and Keesha Moore, two African-American rank-and-file Fed Up activists who are attending the Jackson Hole gathering, shared their reasons for lobbying the Fed.
O’Neal described the challenges of earning just $8.50 an hour as a teaching assistant for 3-year-old children in Dekalb County, Georgia, just outside Atlanta. Her husband is unemployed and stands in line at 5 a.m. every day for odd construction jobs at a local gathering point for day laborers. If her husband is lucky, he is one of 30 or 40 men among a group of 300 predominantly black men to be chosen for work that pays roughly the federal minimum wage of $7.25 an hour. They lack health insurance and must choose which bills to pay at the end of every month.
“When the Fed says the economy is recovering, I do not see recovery in my community. I see the struggle of my neighbors, lines of people looking for work, people trying to make ends meet on McDonald’s salaries,” O’Neill said Monday on the press call. “I do not think those at the Fed know how life is here in South Dekalb county when they say the economy is recovering.”
Moore, a 36-year-old single mother of four in Philadelphia, described her dogged and disheartening search for work after being laid off as a data entry specialist seven months ago. She lamented a Catch-22 of job hunting: Getting a good job often requires a car, and she will only be able to afford a car when she has a job.
Moore suspects that being African American has impeded her job search. “They always ask me when I apply what my race is,” Moore said. “I am not quite sure what that has to do with getting a job.”
Moore, like O’Neal, wants to tell the Fed about her community’s urgent need for more jobs and “fair” wages.
Fed Up and its allies say even a modest interest rate hike will slow down a job market that is already inadequate for the size of the population and has yet to produce significant wage growth. That would disproportionately hurt people of color, who are already more likely to be out of work, and often experience discrimination in hiring that they are more likely to overcome in a high-demand economy supported by low interest rates.
Proponents of a Federal Reserve interest rate increase, which include many Fed officials, center-right economists and politicians, argue that rates must rise to prevent excessive price and asset inflation. And some economists are also expressing concerns that prolonged low interest rates will limit the Fed’s ability to stimulate the economy by cutting rates if and when a significant slowdown occurs, The Wall Street Journal reported on August 17.
The Kansas City Federal Reserve Bank, which is hosting the Jackson Hole symposium that Fed Up is targeting, is aware of the planned counter-conference, Barkan said, but has not expressed opinions about it. Fed Up’s actions last year led to a meeting between activists and Kansas City Fed president Esther George.
Barkan said that Atlanta Fed president Dennis Lockhart had expressed interest in attending Fed Up’s sessions.
"President Lockhart’s first obligation is to the Kansas City Fed’s conference that he is in Jackson Hole to attend," Jean Tate, a spokeswoman for the Atlanta Fed, told HuffPost. "He has some other commitments on his schedule as well. If time permits, he may be able to briefly listen to some of the conversation at the Fed-Up event, but it is not something that we can confirm."
This post has been updated with a response from the Atlanta Fed about whether President Dennis Lockhart plans to attend Fed Up events.
Source: Huffington Post
New York City's Undocumented Immigrants Will Get Municipal IDs, Says Mayor De Blasio
Huffington Post - February 10, 2014 - New York City's undocumented immigrants will soon be able to obtain municipal ID...
Huffington Post - February 10, 2014 - New York City's undocumented immigrants will soon be able to obtain municipal ID cards, Mayor Bill de Blasio announced Monday.
"We will protect the almost half-million undocumented New Yorkers, whose voices too often go unheard," the mayor said during his first State of the City speech. "We will reach out to all New Yorkers, regardless of immigration status -- issuing municipal ID cards available to all New Yorkers this year -- so that no daughter or son of our city goes without bank accounts, leases, library cards… simply because they lack identification. To all of my fellow New Yorkers who are undocumented, I say: New York City is your home too, and we will not force ANY of our residents to live their lives in the shadows."
"La ciudad de Nueva York es el hogar de todos los que vivimos aqui. No dejaremos que ninguno de nuestros residentes viva en las sombras," de Blasio repeated in Spanish, a nod to the city's large Latino population.
A source in the mayor's office told Spanish-language El Diario la Prensa on Monday that de Blasio will officially submit the proposal soon.
The city ID card would not operate as a driver's license, nor would it be accepted as a form of identification by federal agencies.
It does fulfill one of de Blasio's many campaign promises. "These identification cards will also help foster better relations between the police and undocumented people, who often choose not to report crimes out of fear they may be deported," reads a section of de Blasio's campaign website from last year. "In New Haven, Connecticut -- which offers a municipal ID to undocumented people -- crime in the largely-immigrant Fair Haven community declined 20 percent in the two years after the IDs were introduced, even as crime-reporting increased."
City Council Speaker Melissa Mark-Viverito told Politicker she has “full confidence” that “a universal ID will become a reality as soon as possible.”
Ten other cities across the country including San Francisco, Trenton, and Washington, D.C. have already created their own municipal ID programs.
New York State Senators Adriano Espaillat (D) and Jose Peralta (D), both of New York City, expressed support for de Blasio's proposal in a joint statement. They also took the opportunity to advance another cause: allowing immigrants to apply for drivers licenses. From the statement:
"...it is unacceptable that hardworking immigrants are made to break the law in order to commute to work or take their kids to school," they wrote. "Providing undocumented immigrants the opportunity to obtain drivers licenses will ensure that all New York drivers are properly credentialed, educated and operating registered, inspected and insured vehicles, making our roads safer and benefiting all New Yorkers."
De Blasio himself has previously supported allowing undocumented immigrants in New York to apply for driver's licenses.
Source
Fed more upbeat on economy, unclear on timing of rate hike
The Federal Reserve offered a slightly more upbeat assessment of the economy but provided little insight into when it...
The Federal Reserve offered a slightly more upbeat assessment of the economy but provided little insight into when it will raise its benchmark interest rate for the first time in nearly a decade.
Fed officials voted unanimously to keep the target rate at zero for now, after wrapping up their regular two-day policy-setting meeting in Washington on Wednesday afternoon. In a carefully worded statement, the central bank noted that the economy has expanded “moderately.” It pointed to solid job gains and lower unemployment as signs that the labor market has improved, adding that underemployment has also diminished.
Perhaps most important, the Fed characterized the risks to its outlook for the economy as “nearly balanced” — the same description it used after its previous meeting. Some analysts believe that the Fed will move once the risks are weighted more evenly.
U.S. stock markets spiked after the release of the Fed statement but quickly settled back down. Both the blue-chip Dow Jones Industrial Average and the broader Standard & Poor's 500 average were up about half a percentage point in mid-afternoon trading.
Fed Chair Janet Yellen has said several times that she expects the central bank will raise its benchmark federal funds rate before the end of the year, a move that would herald the end of the central bank’s unconventional — and controversial — efforts to resuscitate the American economy.
Many investors and economists believe the moment will come during the Fed’s meeting in September, which would be followed by a news conference allowing Yellen to explain the central bank’s decision more fully. But a vocal minority think the Fed will wait to move in December, the next meeting with a scheduled news conference. A few economists — including two officials within the central bank — believe the Fed should hold off until 2016 to be sure the recovery is solid.
Fed officials have debated how strong of a signal to send as the moment of liftoff nears. But the central bank has repeatedly emphasized that its decision will depend on the evolution of economic data — and so investors should look to the numbers for the green light for action.
A key figure will be the government’s estimate of second quarter economic growth slated for release Thursday. Falling oil prices, a strong dollar and a sharp slowdown in the growth of consumer spending helped drive an unexpected contraction in the economy over the winter. Fed officials are hoping that second quarter GDP growth will prove the dip was merely temporary.
A stronger reading would also align with the pickup in hiring over the past two months. Unemployment is nearing its lowest sustainable level, making some officials antsy for the Fed to start tapping the brakes on the economy.
But others have argued that exceptionally low inflation means the Fed has plenty of time to act. Price growth remains well below the central bank’s 2 percent target, and officials have said they want to be “reasonably confident” it is moving up before tightening policy. In June, the central bank had stated that energy prices “appear to have stabilized.” But on Wednesday, it cited further declines in energy prices, along with the falling price of imports, as reasons inflation has remained low.
The Fed slashed its target interest rate to zero when the country was in the grips of the financial crisis in 2008, and it has stayed there ever since. In addition, it pumped trillions of dollars into the economy in an effort to lower longer-term rates and spur borrowing among consumers and investment among businesses. Unwinding those policies will likely take years.
Meanwhile, the Fed is facing renewed scrutiny in Congress. The House Financial Services committee on Wednesday passed a bill that would require the central bank to explain when it deviates from certain monetary policy models, disclose more information on salaries and allow for audits of the Fed's decision-making process. Another bill sponsored by Texas Republican Rep. Kevin Brady would create a commission to examine the Fed, which recently celebrated its centennial.
“The Fed is trying to do too much,” Brady said in an interview. “It can be the right tool, but not for everything and everybody.”
The central bank is also facing pressure from the other end of the political spectrum. A coalition of community activists and labor groups is urging the Fed to leave its target rate unchanged amid elevated unemployment rates among minorities.
“Until we reach genuine full employment, there is no reason for the Fed to contemplate putting people out of work and slowing down our economy via interest rate hikes,” the Fed Up campaign said in a statement.
Source: The Washington Post
Fed Should Study Higher Inflation Target, Liberal Economists Say
Fed Should Study Higher Inflation Target, Liberal Economists Say
A group of 22 progressive economists including Nobel Prize winner Joseph Stiglitz urged the Federal Reserve to appoint...
A group of 22 progressive economists including Nobel Prize winner Joseph Stiglitz urged the Federal Reserve to appoint a blue-ribbon commission to consider raising its 2 percent inflation target.
In a letter to Chair Janet Yellen and the rest of the Fed board released on Friday, the economists argued that a higher objective would give the central bank more room to combat downturns in the economy without unduly hurting Americans’ living standards.
Read the full article here.
6 days ago
6 days ago