I’m pleased to present testimony on behalf of Public Bank NYC, a broad-based coalition New Economy project co-founded and coordinates. Public Bank NYC is made up of community, civil rights, environmental, and economic justice groups fighting for the creation of a municipal public bank – chartered to serve the public interest, accountable to New Yorkers, and rooted in principles of racial and economic justice.
TESTIMONY OF ANDY MORRISON, CAMPAIGNS DIRECTOR NEW ECONOMY PROJECT Subminimum Wage Hearing June 27, 2018 Thank you to Commissioner Reardon and the NYS Department of Labor for the opportunity to participate in today’s important hearing and to share our comments about Governor Cuomo’s proposal to examine raising the base wage paid to tipped workers to […]
On May 15, New Economy Project traveled to JPMorgan Chase’s shareholder meeting in Plano, Texas to direct questions to CEO Jamie Dimon and call on the bank to end its destructive and extractive practices, which have served to perpetuate poverty, segregation, and inequality. Below are the full comments delivered by Juleon Robinson and Andy Morrison.
A diverse group of 59 organizations from throughout New York State request a $25 million appropriation to fund the New York State Community Development Financial Institution Fund (NYS CDFI Fund).
Nearly 500 national, state, and local organizations urge Secretary Mnuchin to strengthen the federal Community Reinvestment Act in an effort to increase access to safe and sound lending, investments, and banking services in low-income communities and communities of color.
Groups demand that the New York State Common Retirement Fund divest from both The Blackstone Group and TPG Capital, two large private equity managers exploiting the crisis in Puerto Rico and profiting from human suffering.
A diverse group of organizations calls on the New York Federal Reserve Presidential Search Committee to conduct an open and transparent search process, and focus on identifying an individual with a proven track record of leadership, effectiveness in engaging with ordinary Americans, a strong understanding of the broader economy, and a firm commitment to the Federal Reserve’s mandate of fostering maximum employment and price stability.
Groups from across New York City urged Comptroller Stringer to immediately and permanently divest New York City’s pension funds from payday lending companies – whose loans are categorically illegal in New York. City pension funds invested more than $20 million in payday lending and high-cost installment lending companies in 2016. Additionally, City pension funds invested nearly $160 million in Lone Star Fund VIII, a private equity fund that owns DFC Global, Inc.,i which, in turn, owns several payday lenders, including Money Mart and The Check Cashing Store.
In our testimony, we outline important changes to Intro. 1269 that are needed before it moves forward. We also are pleased to highlight the rapidly-expanding landscape of community land trusts in our city and additional policy recommendations by our alliance. We understand that Intro 1269 is a first step toward strong local policymaking to advance CLTs, and we look forward to continued dialogue with the Council.
Today the Consumer Financial Protection Bureau (CFPB) issued federal regulations to protect people from the abusive payday lending industry. New Economy Project is a member of the “PaydayFreeLandia” Coalition – a group of civil rights, labor, faith-based and community organizations from the 15 states where predatory payday lending is illegal. The coalition issued a statement responding to the CFPB’s long-awaited regulations.