New Legislation Is Important Step Forward; Bill Can Be Strengthened
Representatives James Sensenbrenner (R-WI), John Conyers (D-MI), Steve Chabot (R-OH), Bobby Scott (D-VA), Spenser Bachus (R-AL), John Lewis (D-GA), Sean Duffy (R-WI) and others have introduced the Voting Rights Amendment Act of 2014, offering common sense fixes designed to modernize the Voting Rights Act (VRA). Demos President Miles Rapoport issued the following statement in response:
U.S. Bankruptcy Judge Steven Rhodes rejected a proposal by Detroit’s Emergency Manager Kevyn Orr to pay off a complex financial deal that was originated in 2005 and turned catastrophic for the city during the recession.
Montgomery, AL – The Alabama State Conference of the NAACP, represented by attorneys from Project Vote, Demos, the Lawyers’ Committee for Civil Rights Under Law, and the law firms Sutherland Asbill & Brennan LLP and Copeland Franco, signed settlement agreements with the Alabama Secretary of State, the Alabama Department of Human Resources (DHR), and the Alabama Medicaid Agency addressing deficiencies in the state agencies’ provision of voter registration services and setting out procedures intended to guarantee compliance with Section 7 of the National Voter Registratio
Voting rights advocates are girding for a series of crucial battles that will play out over the next twelve months in Congress, in the courts, and in state legislatures. Victories could go a long way to reversing the setbacks of the last year. Defeats could help cement a new era in which voting is more difficult, especially for racial minorities, students, and the poor.
Judge Rhodes ordered the city and the banks to renegotiate their settlement which would have paid the banks 75 cents on the dollar. Despite a unanimous city council vote against it, the Emergency Manager is currently pushing the city to enter into another financial deal with Barclays to pay off the swaps termination fees.
President Obama has proclaimed that thanks to the Volcker Rule "never again will the American taxpayer be held hostage by a bank that is `Too Big to Fail', " the reality is a bit more complicated.
Though the rule issued today by financial regulators seeks to ban proprietary trading -- essentially gambling with federally insured deposits -- some experts argue that banks will find ways to get around the restrictions to continue engaging in risky behavior. [...]
NEW YORK -- In response to the final, approved version of the Volcker Rule, Demos Senior Fellow Wallace Turbeville, aformer investment banker and the author of Demos' recent Volcker Rule explainer and The Detroit Bankruptcy report, released the following statement:
The Volcker Rule is a requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that is sometimes referred to as a “mini-Glass-Steagall.”
The bill for decades of Detroit's financial decline has now come due.
A federal judge's ruling approving the largest municipal bankruptcy in U.S. history Tuesday sets the stage for an epic legal battle over who will be asked to help pick up the tab, including bond investors, retired city workers, city vendors, state taxpayers, or Wall Street bankers.
In fact, the Volcker rule is already federal law, passed as part of the massive financial sector overall bill known as the Dodd-Frank Act, signed in 2010. But since that time, five separate regulatory agencies, including those that focus on the markets and others on the banks, have been working to come up with a rule that will satisfy all parties.
Modest Pension Benefits Play Little Role in Financial Crisis
DETROIT — In their push for bankruptcy, Emergency Manager Kevyn Orr and other public figures are incorrectly looking at Detroit’s long-term debt—figures generated using aggressive and in some cases inaccurate assumptions—to the detriment of solving the City’s immediate cash-flow crisis and its long-term structural challenges, according to a report released Wednesday by Demos.
“We are on strike today to have respect and dignity at work,” says Walter Melendez, one of approximately 40 Los Angeles port truck drivers who walked off the job at 5a.m. morning in protest of alleged unfair labor practices. The strikes featured the rolling “ambulatory pickets” that the truckers have excelled at—chasing down trucks as they leave the port and setting up picket lines in front of them.
If asked, Americans of all political persuasions will say overwhelmingly that they prefer “tougher rules” for Wall Street. But what does that actually mean?
Congress resolved the shutdown and debt ceiling crisis (for now) by agreeing to hash out a budget agreement by mid-December. Already, hopes are dim. Budget experts say that if any deal at all is worked out to replace the deep budget cuts that went into effect in March, the most likely outcome will be a short-term plan involving slightly less severe spending cuts—but with no new revenue, a big Democratic priority.
On September 15, the fifth anniversary of the collapse of Lehman Brothers, progressives toasted a victory.
True, thanks to Congressional timidity, the biggest banks have only gotten bigger since the financial crisis five years ago, and the men (yes, mostly men) in charge of them are mostly still in charge. But Larry Summers, the architect of a good chunk of the deregulation that set the stage for the crisis in the first place, had withdrawn his name from consideration to be chair of the Federal Reserve, thanks to a populist uprising within the Democratic Party.
Three and a half years have passed since the afternoon when the stock markets went into a trillion-dollar free fall and just as suddenly reversed course, recovering 80 percent of that loss. It all happened in less than 45 minutes.