By Kevin Smith | PUBLISHED: April 26, 2018 at 7:48 am | UPDATED: April 26, 2018 at 7:49 am Women have made significant strides in the workplace, but a new report from Merrill Lynch reveals the earning gap between men and women can sometimes widen to more than $1 million over the course of a lifetime. The report, “Women & Financial Wellness: Beyond the Bottom Line,” attributes the wage chasm to a variety of factors, including lower pay, fewer investments, more time away from work and less in the way of retirement savings. The paycheck Bureau of Labor Statistics figures from 2016 show that for every dollar a man earns, a women in a similar job earns 82 cents. It’s worse for women of color: African-American women earn 70 cents on the dollar compared with men and Latina women earn just 64 cents. Then there’s the cultural bias that seems to be built into our society, the study notes: Of the 1,594 pages of editorial content in the March 2018 issues of the top … [Read more...] about Wage gap: For women, taking time to care for family can cost them $1 million in a lifetime
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During the presidential campaign, Calvin Tucker was not only Pennsylvania’s lone African-American voting delegate at the Republican National Convention, he was dubbed “Donald Trump’s man in Philadelphia” by Politico. Soon, he could find himself in the middle of Trump’s war with online retailer Amazon, a company that Philadelphia is actively wooing to host its new HQ2. On Wednesday, Tucker will appear before the U.S. Senate Committee on Homeland Security & Governmental Affairs for a hearing on his nomination to join the U.S. Postal Service’s Board of Governors. The nomination, announced last year, was among the first for positions that had been vacant since December 2014. Wednesday's hearing will come days after Trump, amid a public feud with Amazon, ordered an audit of the USPS by issuing an executive order to reform the postal service. “The USPS is on an unsustainable financial path,” read the order, which created a task force to … [Read more...] about Could a Philly Republican soon become key player in Trump’s Amazon beef?
You can get the D.C. Memo delivered to your inbox on Thursdays. Sign up here. This week in Washington, the Speaker of the House announced he will be putting aside his gavel at the end of this year, having achieved his lifelong dream of slashing the corporate tax rate by nearly half and helping ordinary Americans get more take-home pay from their pass-through corporations. Happy trails, Paul! This week in Washington Congress is back and it’s a big, big week in news from Washington. Let’s start with Paul Ryan, who’s had enough of Washington: the sitting Speaker of the House of Representatives announced on Wednesday morning that he will not seek re-election, and that 2018 will be his last year as Speaker and as a member of Congress. The news was not especially surprising: since December, plugged-in reporters from Politico and HuffPost published detailed stories indicating that Ryan was eyeing the exits, having put his biggest priority — a sweeping tax cut — … [Read more...] about D.C. Memo: Longtime federal employee Paul Ryan set to retire at 48 with benefits
Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts.This modern-day redlining persisted in 61 metro areas even when controlling for applicants' income, loan amount and neighborhood, according to millions of Home Mortgage Disclosure Act records analyzed by Reveal from The Center for Investigative Reporting.The yearlong analysis, based on 31 million records, relied on techniques used by leading academics, the Federal Reserve and Department of Justice to identify lending disparities.It found a pattern of troubling denials for people of color across the country, including in major metropolitan areas such as Atlanta, Detroit, Philadelphia, Rockford, Ill., St. Louis and San Antonio. African Americans faced the most resistance in Southern cities - Mobile, Alabama; Greenville, North Carolina; and Gainesville, Florida - … [Read more...] about Modern-day redlining: How banks block people of color from homeownership
The Federal Reserve's top official on the West Coast has been chosen to head its powerful New York regional bank, putting a seasoned economist into a key monetary policymaking role to help offset new Fed Chairman Jerome H. Powell’s lack of an economics background.But the choice of John C. Williams, 55, who has been president of the Federal Reserve Bank of San Francisco since 2011, is controversial because he helped regulate Wells Fargo & Co. during its fake accounts scandal and is another white male at an institution critics complain sorely lacks diversity.Williams was announced Tuesday as the next president of the Federal Reserve Bank of New York. The selection was made by a subset of the bank’s board of directors and approved by the Fed’s Board of Governors in Washington.The choice does not need Senate confirmation. Williams will take over on June 18, succeeding William Dudley, who announced last fall that he would step down after holding the job since … [Read more...] about Top Federal Reserve pick, another white male, criticized for Wells Fargo oversight