Outten & Golden: Empowering Employees in the Workplace

Posts Tagged ‘Isaiah J. Poole’

The Time Is Now to Stand Up for the CFPB

Tuesday, May 23rd, 2017

Mark Feuer, the Los Angeles City Attorney who helped hold Wells Fargo accountable for creating millions of fake accounts without customers’ knowledge, now warns against efforts by the Trump administration and Congress to dismantle the Consumer Financial Protection Bureau.

“I’m appalled at the spectacle of the House attempting to dismantle or at least severely diminish the CFPB,” Feuer told CNNMoney in a recent interview. He was referring to a bill disingenuously called the CHOICE Act, which would neuter the now-independent CFPB so that it no longer serves as a watchdog against the predatory practices of financial institutions.

People’s Action is asking for signatures on a petition calling on Congress to vote “no” on the CHOICE Act, which in expected to come up for a vote in the coming weeks.

Feuer explained in the interview that the CFPB played a crucial role in investigating reports that Wells Fargo employees were fabricating accounts under pressure to meet sales quotas. Those fake accounts, in turn, showed up in financial reports that helped Wells Fargo boost its stock price and, as the stock price rose, executive earnings.

“It’s true we brought the case in the first place” in response to a 2013 Los Angeles Times exposé, Feuer said, “but our collaboration with the CFPB enabled there to be nationwide relief for Wells customers.”

That included $5 million in refunds to consumers who were assessed fees on the fake accounts and changes in sales practices at the bank. The bank also had to pay $185 million in fines, and did away with the sales quotas that led to the creation of the fake accounts.

You would think that a House of Representatives that is answerable to consumers vulnerable to what Sen. Elizabeth Warren calls the “tricks and traps” big banks, predatory lenders, and debt collectors use to take billions of dollars out of their pockets would consider the CFPB to be a hero.

But that House of Representatives does not exist. The majority of the House is instead answerable to the very tricksters who want free rein to game the system and line their pockets. Republicans love the campaign donations they get from Wall Street bankers, payday lenders, and hedge fund managers. They are literally itching to destroy the CFPB and let Wall Street go wild.

After the big banks crashed the economy in 2008, people took action and won reforms to rein in Wall Street abuses. A big part of that was establishing the CFPB, and structuring it so that it isn’t a punching bag for a Congress and White House drunk on big-bank financial contributions.

The CFPB is the first federal financial watchdog whose entire job is making sure Wall Street can’t get away with the tricks and traps that bleed millions out of our pockets. The Bureau has recovered $12 billion dollars in ill-gotten gains for over 27 million people ripped off by the predatory financial industry.

It is no wonder that gutting the CFPB has been a top priority of the Republican Congress from the beginning. And with all of the scandal now consuming Washington, it would be very easy for Congress to get away with this – unless we “stay woke.”

That’s why we have to get loud about what Congress is doing here.
We’ve derailed Wall Street’s agenda before and, if we stand together, we can stop them again. But that means we need to stop the CHOICE Act dead in its tracks.

Tell Congress: You work for us, not Wall Street. We need our government to do more to rein in payday lenders and Wall Street bankers, not give them a free pass to crash the economy again. Say no to the CHOICE Act. Say yes to an independent CFPB.

This blog originally appeared at OurFuture.org on May 22, 2017. Reprinted with permission.

About the Author: Isaiah J. Poole has been the editor of OurFuture.org since 2007. Previously he worked for 25 years in mainstream media, most recently at Congressional Quarterly, where he covered congressional leadership and tracked major bills through Congress. Most of his journalism experience has been in Washington as both a reporter and an editor on topics ranging from presidential politics to pop culture. His work has put him at the front lines of ideological battles between progressives and conservatives. He also served as a founding member of the Washington Association of Black Journalists and the National Lesbian and Gay Journalists Association.

Senate Votes To Fast-Track Jobs Out, More Corporate Power In

Wednesday, June 24th, 2015

Isaiah J. PooleA majority in the Senate today took sides against working families and with Wall Street and the multinationals, voting 60-37 to grant the executive branch fast-track trade promotion authority for the Trans-Pacific Partnership and future trade deals.

“This is a day of celebration in the corporate suites to be sure,” said Sen. Sherrod Brown (D-Ohio) on the floor immediately after the vote, “because they have another corporate-sponsored trade agreement that will mean more money in some investors’ pockets, that will mean more plant closings in Ohio and Arizona and Delaware and Rhode Island and West Virginia and Maine and all over this country.”

Sen. Bernie Sanders (I-Vt.) responded by noting that the fast-track legislation “was supported by virtually every major corporation in the country” while it was opposed by “every union in this country working for the best interests of working families, by almost every environmental group and many religious groups.

“In my view, this trade agreement will continue the policies of NAFTA, CAFTA (the North American and Central American free trade agreements), permanent normal trade relations with China, agreements that have cost us millions of decent-paying jobs,” Sanders said.

The fast-track legislation, which was narrowly passed by the House last week and now goes to President Obama’s desk for his signature, was passed with the support of these Senate Democrats: Michael Bennet (D-Colo), Maria Cantwell (D-Wash.), Thomas R. Carper (D-Del.), Chris Coons (D-Del.), Dianne Feinstein (D-Calif.), Heidi Heitkamp (D-N.D.), Tim Kaine (D-Va.), Claire McCaskill (D-Mo.), Patty Murray (D-Wash.), Bill Nelson (D-Fla.), Jeanne Shaheen (D-N.H.), Mark Warner (D-Va.) and Ron Wyden (D-Ore.).

One of the Democrats who voted against fast-track gave an impassioned explanation of his vote afterward.

“I’ve said this –if I can’t explain it back home, I can’t vote for it,” said Sen. Joe Manchin (D-W.Va.) “This is one, Mr. President, I could not explain back home. I could not make the people feel comfortable this was going to improve the quality of life and opportunities for them and their families.”

Manchin explained that the Trans-Pacific Partnership would lower trade barriers with countries such as Vietnam, where workers make as little as 50 cents an hour and “are not going to be as tough as we are in human rights [and] on environmental quality.”

In this debate, there were Orwellian big lies on both sides of the aisle.

Wyden argued that the trade deal represented a different frame from the NAFTA deal of the 1990s. That is in no sense true: the template that makes worker needs subordinate to interests of corporate and financial interests is essentially the same, the process of having corporate lobbyists dominate the negotiations is the same, and the people serving as trade representative come from and represent the same set of interests (corporate lawyer Mickey Kantor was the trade representative who negotiated NAFTA; former Citigroup executive Michael Froman is the trade representative leading the TPP talks).

Sen. Orrin Hatch (R-Utah) and other Republicans argued that the fast-track deal gives the United States a voice in international trade. How can that be, when in fact fast-track authorizes a process that gives away congressional power? Fast track explicitly says that Congress can only vote up or down, with no amendments and limited debate, on a trade agreement negotiated by the executive branch. The reality is that the process assures passage of a trade deal that is still being negotiated in secret and which virtually no lawmakers have seen.

Democratic votes in favor of fast track were secured with a promise of a vote later this week on trade adjustment assistance, a palliative at best. While that will help some workers who will lose their jobs one the Trans-Pacific Partnership goes into force, it will not help workers who lose wages and bargaining power when corporations threaten to move overseas, and it doesn’t help the workers hit by the ripple effects of plant closings and outsourcing. Even the workers who do get the aid more often than not don’t get back the wages and job security they lost in the first place because of unfair trade.

Robert Borosage, codirector of the Campaign for America’s Future, said that today’s vote “is a vote to continue the ruinous trade policies of the last decades that have racked up 11 trillion in trade deficits, shuttered tens of thousands of factories, and had direct and dramatic effect on undermining the middle class, and lowering wages and security for working people. Those who voted for it voted for more of the same. And they did so to serve the interests of special interests, not the common good; of contributors, not voters.”

Our allies at National People’s Action released a statement after the vote that perhaps captures best how to respond to this vote. “Coming out of this vote,” said executive director George Goehl, “we double our resolve to build an independent political movement to replace Wall Street Democrats” – and we would add corporate and anti-worker Republicans – “with politicians who put everyday people before corporate profits.”

This blog was originally posted on Our Future on June 23, 2015. Reprinted with permission.

About the Author: The author’s name is Isaiah J. Poole. Isaiah J. Poole has been the editor of OurFuture.org since 2007. Previously he worked for 25 years in mainstream media, most recently at Congressional Quarterly, where he covered congressional leadership and tracked major bills through Congress. Most of his journalism experience has been in Washington as both a reporter and an editor on topics ranging from presidential politics to pop culture. His work has put him at the front lines of ideological battles between progressives and conservatives. He also served as a founding member of the Washington Association of Black Journalists and the National Lesbian and Gay Journalists Association.

Doing it Their Way: Government Layoffs Worsening Unemployment

Wednesday, November 30th, 2011

Isaiah J. PooleThere is new evidence of the cost of right-wing austerity policies in the latest report on downsizing activity from global outplacement firm Challenger, Gray & Christmas Inc., which headlines the fact that there have been more layoffs in the first 11 months of 2011 than in all of 2010. A key reason, according to the report: Cuts in government spending.

“For the year, government agencies have now announced 180,881 job cuts, 30 percent more than the 138,979 job cuts announced by these employers through November 2010,” the firm said in a news release, and a significantly higher percentage than the percentage of cuts announced overall in the private sector.

“With one month remaining in 2011, job cuts for the year total 564,297, officially surpassing the 2010 year-end total of 529,973. The 11-month total is 13 percent higher than the 497,969 job cuts announced over the same period a year ago,” the firm said in its statement.

This chart shows how the cuts break down by sector, compared to 2010:

Sector 2011 2010
Government 180,881 138,979
Financial 56,191 21,430
Retail 48,338 33,814
Aerospace/Defense 34,354 17,981
Health Care/Products 23,812 26,612

The report notes that a series of automatic budget cuts in domestic and military spending, triggered by the failure of a deficit-reduction supercommittee to come to an alternative agreement, is destined to make things worse, although perhaps not as bad as some proposals for a “grand bargain” that would have made even deeper cuts and promoted even more layoffs. In addition to the job losses from those automatic cuts, the report notes the looming threat that economic problems at the U.S. Postal Service could result in an additional 200,000 layoffs in the coming months.

The facts in the report underscore the impact of the austerity agenda that conservatives have successfully foisted onto the nation at both the state and federal levels. By pushing premature federal budget cuts during a period of economic stagnation and by blocking aid to state and local governments that would have prevented their adding to the ranks of the jobless, conservatives have not only set the stage for nearly the 181,000 public sector layoffs counted in the Challenger Gray report, but have helped worsen the private sector job market as well as the effects of the government layoffs ripple through the economy.

Don’t be surprised if the “layoffs getting worse under President Obama” line shows up in conservative talking points in the coming days. Also, don’t be surprised if they fail to mention that 34 percent of the layoffs this year are layoffs they advocated and encouraged—and are actively working to increase.

This blog originally appeared in Campaign for America’s Future on November 30, 2011. Reprinted with permission.

About the Author: Isaiah J. Poole has been the editor of OurFuture.org since 2007 and also directs the Campaign for America’s Future’s online communications. Previously he had worked for 25 years in mainstream media, most recently at Congressional Quarterly, where he covered congressional leadership and tracked major bills through Congress. He also served as a founding member of the Washington Association of Black Journalists and the National Lesbian and Gay Journalists Association.

Your Rights Job Survival The Issues Features Resources About This Blog