The federal judge overseeing Detroit's historic bankruptcy abruptly halted a trial Wednesday, ordering the city to renegotiate a proposed settlement with its creditors -- major banks owed hundreds of millions of dollars who are among the first in line to be repaid.
Remember having ‘the talk’ with your parents? That clumsy conversation forced upon you as a pre-teen when you desperately tried to avoid eye contact while muttering “I already know this, Dad” and wavered back and forth between feeling embarrassed and grateful?
People who end up with damaged credit — often through no fault of their own — can be shut out of jobs by employers who hold their credit histories against them.
Credit checks aren’t just for loan officers anymore. Now, your prospective employer is checking your credit history too.
The practice is increasingly common as employers look for more ways to determine whether or not they’re about to hire the right employee.
But Massachusettes Sentaor Elizabeth Warren says it’s a practice that must end because credit history is biased and does not give an accurate picture of a person’s ability to do their job properly.
A judge's ruling that the city of Detroit can move forward with bankruptcy and strip the city's public workers of their modest pension benefits will have a devastating impact on Detroit's middle class — many of whom are African-American — and the city's ability to rebuild a strong and sustainable economy.
NEW YORK — Demos applauds the work of Senator Elizabeth Warren (D-MA) who today introduced The Equal Employment for All Act, legislation that would prohibit the widespread use of personal credit history in employment. The use of employment credit checks is an unjust practice that poses a serious barrier to economic security for many Americans and leads to discriminatory hiring practices against people of color and the long-term unemployed.
WASHINGTON—Today,Senator Elizabeth Warren (D-MA) introduced The Equal Employment for All Act. This legislation would prohibit the widespread use of personal credit history in employment, an unjust practice that poses a serious barrier to economic security for many Americans and leads to discriminatory hiring practices against people of color and the long-term unemployed.
A new survey finds that African-Americans are much more likely than whites to be called by debt collectors, despite both groups reporting relatively equal levels of debt and repayment rates.
U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, introduced legislation on Tuesday that would prohibit employers from requiring job applicants to disclose their credit history.
In a conference call with reporters, Warren argued that a person's poor credit history is often the result of medical bills, job loss or divorce and does not reflect his ability to perform a job.
Job-hunters are increasingly being asked to agree to allow potential employers to view their personal credit information, a development that Sen. Elizabeth Warren says is unfairly keeping people out of the job market who've had financial setbacks or have reports that contain inaccurate information.
Hank Ronan knew he would get the job. He had sailed through three rounds of interviews and hit it off with the doctors at the diagnostic center in Annandale, Va., where he had applied to be a driver for $11 an hour.
Shuttling patients to appointments was a world away from his 20 years as a software engineer, but it was the best that Ronan could find after being laid off in 2011. He was eager to get back to work and granted the doctor’s office permission to run a credit check. Ronan never heard back, he said Tuesday in an interview. [...]
Demos applauds the work of Senator Elizabeth Warren (D-MA) who today introduced The Equal Employment for All Act, legislation that would prohibit the widespread use of pe
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. [...]
Though they are important, let’s be honest: Municipal budget figures can be mind-numbingly boring. Even in high-profile, high-stakes dramas like Detroit’s bankruptcy, the sheer flood of numbers can encourage people to simply tune it all out for fear of being further confused.
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:
President Obama calling economic inequality the premier challenge of our time is notable for two reasons: first, he is acknowledging the weakening of the America middle class as one of the greatest threats to America's future. But perhaps more telling, he is making this declaration at THEARC - a community center in one of the poorest neighborhoods in Washington, D.C.
If anyone still suspects that National Public Radio has a consistently liberal bias, listen to Robert Siegel's interview with Brigid Flaherty, organizing director for the Alliance for a Greater New York, a labor advocacy group, on Wednesday's All Things Considered.
Americans aren’t incredibly concerned about the wide income gap between the very rich and the very poor, even though it's bigger issue in the United States than any other advanced economy. And it's growing.