The Roosevelt Rundown is an email series featuring the Roosevelt
Institute’s top 5 stories of the week.
1. Remembering Héctor
Figueroa
In a guest contribution
for On
Labor, Roosevelt
Fellow Brishen Rogers pays tribute to the late Héctor
Figueroa, former
president of the Local 32BJ of the Service Employees International
Union (SEIU) and Roger’s former colleague and forever mentor in the
labor movement. As Rogers writes, Figueroa was a clear-eyed tactician
whose on-the-ground leadership and personal investment in his
workers—and all workers—furthered the labor and civil rights movements.
“But Héctor was more than an effective organizer. He
had, and he imparted, a compelling vision of a better America... His
untimely death is an enormous loss for today’s freedom movements. And
he will be missed.”
2.
Young People Continue to Lead the Way
As outlined in their reports,
Roosevelt Network Emerging
Fellows Tarun Ramesh and Karl Meakin seek
to address two of the most pressing issues of our time: the opioid
crisis and climate change. On
climate, Roosevelt Network Director Katie Kirchner and Roosevelt
Fellow Mark Paul applaud Meakin for acting
locally in the
absence of higher leadership: “[Y]oung people like Karl are reclaiming
the power to define their own futures and rewrite the future of our
planet.” Roosevelt Network Program Manager Fernanda Nogueira and
Roosevelt Fellow Katy Milani connect Ramesh’s work to our extractive
pharmaceutical industry: “As advocates build better systems and
institutions that support those in need, they should also set their
sights on reining in Big Pharma.”
3. A Reset for the Monetary
Policy Debate
Earlier this month, Federal Reserve
Chair Jerome Powell testified before the House Financial Services
Committee, ultimately making a dramatic departure from the consensus
that has long guided macroeconomic policy in the United States.
In a new issue brief, Roosevelt Fellow JW Mason
outlines
the key parts of Powell’s testimony that mark a clear break with
conventional wisdom—and that mirror what Roosevelt has been saying for
years.
Until recently, the Fed did
not view efforts to address inequality as part of its
responsibilities. This shift in the central bank’s perspective is a
welcomed
development—especially for people at the back of the hiring
line.
4. Changing the Rules of a Changing
Economy
From algorithmic
scheduling to the
rise of gig
work,
technological change and globalized trade are reshaping both the
workplace and the economy at large. As Roosevelt Fellow Rakeen Mabud
argues in “Rightsizing
the Workplace,”
these trends, left unchecked, could reinforce the skewed power
dynamics already leaving
millions of workers behind. For the blog, RI Senior
Program Associate Jess Forden explains why
this matters: “Mabud elevates what few others do: that
technological change and globalized trade are neither explicitly
forces of good nor of evil. Rather, without new rules, the changes
they bring will amplify the glaring inequities and existing weaknesses
in our current system.”
5. Putting a Stop to
Excessive CEO
Pay
Yesterday, Senators Jack Reed
(D-RI) and Richard Blumenthal (D-CT), alongside Representative Lloyd
Doggett (D-TX), reintroduced the Stop Subsidizing Multimillion Dollar
Corporate Bonuses Act. Closing a major loophole in corporate tax law,
the bill would end tax deductions for huge CEO bonuses. In 2013,
Roosevelt Fellow Susan R. Holmberg elevated the consequences of this performance pay
provision tax loophole, which has led to sky-high executive
compensation. To better understand the CEO pay
debate—including the harm runaway bonuses impose on workers,
businesses, and our economy at large—read Roosevelt’s 2014
primer
from Holmberg.
What We’re
Reading
In “Everyone
Claims They’re Worried About Global Finance. But Only One Side Has a
Plan” for the New
York Times, Quinn Slobodian and Alexander Kentikelenis outline how
progressives—by “democratizing finance”—are pushing for structural
change that will position workers to receive a fair share of corporate
profits. One reform effort elevated in the op-ed cites
work by Roosevelt Senior Economist Lenore
Palladino: “Common Wealth in Britain and the Roosevelt Institute in
the United States ... have broken new ground by suggesting that
employees could receive small stakes in the corporate dividends that
normally only go to executives and stockholders.”
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