Milwaukee Professionals Association
FEDERAL Watch - Bernanke Semiannual Monetary Policy Report to the Congress
July 17, 2012
COMMITTEE ON BANKING, HOUSING,
AND URBAN AFFAIRS
The Semiannual Monetary Policy Report to the Congress
Senator Tim Johnson (D/SD) - Chairman
Senator Richard Shelby
(R/AL) - Ranking Member
The U.S. Senate Committee on Banking, Housing, and Urban Affairs is one of twenty Senate committees tasked with conducting Senate business related to specialized areas of legislative interest. Although the Senate has a longstanding history of writing and passing legislation focusing on our nation’s banks, the Senate Banking Committee was not formally established until 1913, with Senator Robert Owen of Oklahoma, sponsor of the landmark Federal Reserve Act, as its first Chairman; since then, the Committee has undergone various transformations and reorganizations. Now known as the Committee on Banking, Housing, and Urban Affairs to underscore the diversity of issues under its purview, the Committee plays an integral role in managing legislation that affects the lives of many Americans. These areas of jurisdiction include, but are not limited to: banking, insurance, financial markets, securities, housing, urban development and mass transit, international trade and finance, and economic policy (an official list of these legislative and policy issues can be found in the “Jurisdiction” section of our website). Further information about how Senate Committees generally operate can be found here.
The Committee is led by Chairman Tim Johnson (D-SD) and Ranking Member Richard C. Shelby (R-AL). The Committee is currently made up of 22 Senators; 12 Democrat, and 10 Republican
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The most effective way that the Congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long-run sustainability and the fragility of the recovery. Doing so earlier rather than later would help reduce uncertainty and boost household and business confidence.
Federal Reserve Chairman Ben Bernanke
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Testimony Ben Bernanke
Federal Reserve Chairman Bernanke's comments today - July 17, 2012, to the Banking, Housing and Urban Affairs committee offered NO real focus (hopeful or otherwise) on Urban Affairs as it relates to our Urban cities economy and unemployment.
His standalone 8% unemployment rate speaks to his office's disconnect of the double to quadruple levels of higher percents of unemployment of densely populated cities of African American, other People of Color and Work Challenged (un-, under-employed; un-, under-degreed and certificated; un-, under-financed neighborhood-level business; disabled; and re-entry - especially those returning from WAR, INCARCERATION, BOOMERANG EMPLOYMENT, BOOMERANG RETIREMENT and DEGREED students without employment). Or, his unwilliness to be INCLUSIVE of the entire American population.
In Milwaukee, some of the Census tracts are yet incurring over 30% of unemployment.
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ByProducts
By not addressing the mandates that will build a bottom up recovery, we do continuous harm to the overall economy and continue to give an incomplete picture. It gives legislators more room for manipulation and passing the buck - kicking the can down the road.
It gives the Dr. Charles Evans, Federal Reserve of Chicago, an opportunity to continued to mask the problem of discrimination and predatory behavior in urban environments that stifles growth,
efficiences and equity.
It also enhances Evans arrogance when he is contacted for information relative to Wisconsin representatives (Jeffrey Joerres - Manpower, David Lubar - Lubar and Company and Carol Maria - Wisconsin Business Growth Fund), who have no connectivity with African American and People of Color businesses at the neighborhood level - NO RESPONSE.
It allows Governor Scott Walker - without Skin-the-Game, to use the Fed report of 8% and
misrepresent the truth of unemployment. Such is the case of Governor Scott
Walker recently on CNBC Squawk Box comparing a bogus Wisconsin labor report of 6% unemployment to the quoted national norm of 8%; when again, the largest urban city of Wsconsin - Milwaukee is an enduring concentrated poverty city with over a regular 30% unemployment rate. It is noted, based on the poverty level, some census tracts reach as
high as 50%.
Do not miss Governor Walker's fast talking and misrepresentation of the TRUTH.
CLICK - June 11. 2012.
View FULL speech.
Listen to Chairman Bernanke testimony.
Be informed and let your representatives (federal-state-local) know what you think.
Posted
by busybeaver on 07/17/2012
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