Without a doubt, the big banks should be broken up; the need is even more urgent than it was in 2007 or 2008. The Federal Reserve Bank of Dallas – hardly an Occupy Wall Street affiliate – titled its 2011 Annual Report "Choosing the Road to Prosperity: Why We Must End Too Big to Fail – Now."
When Governor Lincoln Chaffee signed the Temporary Care Giver’s Insurance law last week, Rhode Island became the third state—along with California and New Jersey—to grant paid time off to care for a sick loved one or a new baby.
Rhode Island’s law, which goes into effect in 2014, will not only provide most workers with up to four weeks off with about two-thirds of their salaries (up to $752 a week), it will protect employees from being fired and losing their health insurance while they’re out.
The attack on voting rights in North Carolina is a shameful attempt by the state’s politicians to curtail access to the ballot, in ways devised particularly to discourage voting by African-Americans.
If you think Wall Street has cleaned up its act after a global financial disaster and then sweeping reform legislation, think again. A new survey by Labaton Sucharow, a law firm that represents Wall Street whistleblowers, has revealed that the financial services industry still has profound ethical problems.
Well, that’s embarrassing. McDonald’s sample budget for its employees lays bare the reality of trying to make it on a food service job at $7.72 an hour (mildly above the federal minimum wage of $7.25).
The Consumer Finance Protection Bureau (CFPB) recently issued several try-at-home remedies to aid in the struggle against unruly debt collection firms. In a blog post, they introduced:
Yesterday Senators Warren, King, McCain, and Cantwell introduced the 21st Century Glass-Steagall Act of 2013 which would rebuild the firewall between commercial and investment banks that existed from the days of FDR's first term following the great crash until 1999 at the height of bipartisan deregulation fever—a 66 year-period without a financial crisis as destructive as the one that occurred in 2008.
This morning, severalmedia outlets rushed to report that Commodity Futures Trading Commission Chairman Gary Gensler had lost his battle to secure robust rules governing the international exercise of the Commission’s jurisdiction to govern derivatives.
The question of student loans is taking on an increasing urgency everywhere but Washington.
Rates on federally subsidized loans doubled to almost 7% on July 1,thanks to Congressional bickering and dithering. The latest attempt to roll back the rates failed to get out of the Senate earlier this week, when sponsoring Democrats failed to break a Republican filibuster against the bill.
Low-wage workers at the Smithsonian Institution in Washington, D.C. went on strike today. The striking workers are employed through private federal contractors—mostly vendors at federal buildings like the Smithsonian Museums, the Ronald Reagan Building and the International Trade Center. Although their labor keeps the federal government running, they are making poverty wages. The workers are demanding President Obama issue an executive order mandating that private federal contractors pay employees a living wage.
Voting rights activists have seized upon a key provision of the Voting Rights Act in an effort to mitigate the damage done by the Supreme Court earlier this month in the case of Shelby County, Alabama v. Attorney General Eric Holder. According to Adam Serwer at MSNBC.com, the state of Texas may still be subject to the federal government’s approval before it can rearrange voting districts or make changes to election law.
The Supreme Court of the United States must be criticized for blindness, perhaps even willful ignorance of reality, in their recent decision gutting the Voting Rights Act.
For young people who look to the monthly jobs numbers for signs of hope for their future, the good news is in: that part-time, low-pay, no-benefits wait staffing job you always wanted is available for the summer.
Members of Congress are calling on the government to get out in front of the growing income gap by addressing the low wages paid within its own buildings.
In a July 2 letter to President Barack Obama, 17 House Democrats said the government needs to take action toward the fair treatment and decent pay of its unskilled service-contract employees, particularly those working at iconic sites such as Union Station, the Smithsonian and the National Zoo.
States used to have the authority to enforce usury laws, capping the excessive interest rates of any lender interested in transacting business with their citizens. Although usury laws are still on the books in some states across the country, when it comes to credit cards they are rendered useless by deregulation of the industry.
New Jersey Senate heard arguments last week for legislation that would ban the exclusion of formerly incarcerated people from applying for jobs on the sole basis of their records. Part of the Opportunity to Compete Act in NJ, “ban the box” proposals like this one refer to the box convicted felons must check on employment paperwork.
In America, employees have the right to stick together to form unions and bargain collectively. At least, we’ve got those rights on paper. In practice, many employers routinely violate rights to organize, threatening, harassing, and illegally firing workers, whenever employees try to band together.