VICTORY! Fed Up Campaign Celebrates Victory for Working Families as Fed Holds Off on Rate Hikes

Victoria Ruiz, Demand Progress Campaigner

Last month, Watchdog.net — a project of Demand Progress — participated in a national action with the Center for Popular Democracy’s Fed Up Campaign in Jackson Hole, Wyoming to demand that the Federal Reserve not raise interest rates.

More than 100 community activists and economists were in Jackson Hole, and economic policy organizations held a conference on the connections between the Federal Reserve, interest rates, wages, and low income communities and communities of color.

The conference included a press conference on the lawn of the Jackson Lodge, where Federal Reserve officials were meeting to decide the economic future of the United States — and ultimately, the global economy.

Black Lives Matter activists made the message clear that Black and Latino unemployment is still exorbitantly high in contrast to overall unemployment rates — and with so many families still struggling to get ahead, an increase in interest rates would have a negative impact.

Watchdog.net organized with the Fed Up coalition on a petition that received over 110,000 signatures that was delivered to the Federal Reserve in Jackson Hole.

Community mobilization and urgent demands were not unheard and the Federal Reserve announced last week that they would hold off on raising interest rates!

Federal Reserve Chair Janet Yellen made the announcement on September 18, 2015 in New York City. Outside the announcement, community activists and workers along with Rep. John Conyers (D-MI), introduced the Full Employment Federal Reserve Act of 2015.

“This is a victory for the working families who stepped up with innovative organizing to send the Fed a clear message: Our voices belong in the debate about our economy,” said Ady Barkan, Campaign Director for Fed Up. “With the recovery still far too weak in too many communities, it would have been economically devastating — and immoral — to slow the economy.”

Demand Progress is excited to continue our work in the Fed Up coalition that is dedicated to holding the Federal Reserve accountable to workers and families. #WhatRecovery