Nonprofits and funders on the side of improving access to housing and financial assets for low-income people are closely watching a showdown in the Supreme Court on “disparate impact.”
When you are one, you have only just learned to speak. You move about clumsily and knock things down a lot. You don’t yet know what is possible, but you are burgeoning with life.
The Silicon Valley Community Foundation sees itself as a catalyst for change and a leader in the community foundation sector, and for good reason. It gives out more grants than any other community foundation in the United States. With more than $6 billion in assets, this philanthropic powerhouse can push hard on new initiatives and set high standards for the rest of the community foundations in the country to aspire to.
One area where SVCF is aiming to do this is in curbing predatory lending, as part of its broader strategy of promoting economic security. SVCF gets that usurious wealth stripping practices can keep low-income households from ever building assets and getting ahead. You can’t build economic security when you’re in the red thanks to outrageous interest charges.
From our union brothers and sisters:
Some Certified Nursing Assistants report having to buy their own equipment to make sure they can monitor patients’ oxygen levels. Physical plant workers report troubling shortages of critical equipment they need to combat mold in ventilation ducts to patient and operating rooms. Now the Hospital is threatening to make the situation even worse by laying off more employees.
At the same time, Lifespan – A Health System paid more than $16.6 million in compensation to just ten executives last year. These individuals averaged $1 million more in compensation than the average compensation earned by CEOs of nonprofit hospitals nationwide. Meanwhile, Rhode Island’s largest healthcare employer has employees working more forty hours per week that get no health coverage.
“Dangerous, ineffective, unnecessary, obsolete, wasteful, and inadequate,” is how the Annie E. Casey Foundation’s 2011 report, No Place for Kids, describes the negative results of locking up youth. Once kids end up in jail, social workers do what they can to help them get out and start over on the right foot, but a better plan starts with keeping kids out of the slammer in the first place.
Sen. Whitehouse Applauds President’s Defense of Net Neutrality
Providence, RI – Today President Barack Obama released a statement calling on the Federal Communications Commission to ensure a free and open internet by upholding the principles of net neutrality and reclassifying consumer broadband service under Title II of the Telecommunications Act – a step which would enable the FCC to prevent internet service providers from creating “fast lanes” for certain websites. U.S. Senator Sheldon Whitehouse, who joined 11 other Senators on a letter to the FCC supporting Title II reclassification, released the statement below applauding the President’s action:
“A free and open internet that functions equally for all users and developers – from the biggest businesses to the smallest startups – is absolutely essential. It’s this principle that enabled Google to go from a small operation in a garage to one of the world’s iconic corporations, and that will allow the web to continue to serve as an incubator for innovation for generations to come. I thank the President for supporting this goal and for his strong advocacy on behalf of net neutrality.”
How do you kill the American dream? One way is to finance people in over their heads, in essence creating debtors out of hard-working people who, in a more sane economy, would be accruing assets. It appears we are ready to go down the path of deregulation again all too quickly. From the New York Times:
“Financial deregulation is similar to relaxing rules on nuclear power plants,” argue Anton Korinek of Johns Hopkins University and Jonathan Kreamer of the University of Maryland in a related working paper for the Bank for International Settlements. It makes it easier and more profitable for the utilities, their shareholders and executives. It might also help ordinary Americans get cheaper electricity. “However, it comes at a heightened risk of nuclear meltdowns that impose massive negative externalities on the rest of society.”
Read more at More Renters, Less Risk for Wall St. – NYTimes.com.
And, for a first-hand account of what it feels like to be ripped off by an unscrupulous bank: http://www.rifuture.org/the-mortgage-debt-crisis-murders-the-american-dream.html