April, 27 2021, 12:00am EDT
Wells Fargo Top Shareholders Maintain Status Quo, Fail to Act on Climate
 Vanguard & BlackRock appear to vote to re-elect Board Chairman Charles Noski
WASHINGTON
Today, at Wells Fargo's virtual annual shareholder meeting, the bank faced questions about its massive fossil fuel financing and lack of a credible climate-aligned transition plan, but top shareholders like Vanguard and BlackRock appeared to maintain the status quo by voting to re-elect Board Chairman Charles Noski.
Last month, the 12th edition of the most comprehensive report on major banks' fossil fuel financing, "Banking on Climate Chaos 2021," showed that Wells Fargo was the world's third largest funder of fossil fuels over the five years following the adoption of the Paris Agreement, pouring $223 billion into the coal, oil and gas industries from 2016-2020. Over that period, Wells Fargo was also the world's top funder of fracking, providing $54 billion in lending and underwriting to fracking companies. The bank also has the weakest coal exit policy among major US banks, and is a major banker of Enbridge and its Line 3 tar sands oil pipeline.
Also in March, Wells Fargo became the last major U.S. bank to commit to achieving net zero financed emissions by 2050. However, Wells Fargo has not provided any details on how it will begin making progress toward that long-term target, and last week, failed to join several of its peers in the launch of the Net-Zero Banking Alliance that took steps toward robust interim goal setting.
The world's two largest asset managers, BlackRock and Vanguard, are top shareholders of nearly every major company in the world and therefore have an enormous responsibility to ensure banks are following through on their lofty climate promises and translating those into tangible climate action. Advocates and investors have argued that BlackRock and Vanguard should vote against corporate boards when a company doesn't set ambitious decarbonization targets in line with a credible 1.5degC pathway and align their companies' business plans and near-term actions with those targets. In line with all of this, the Sierra Club called on both BlackRock and Vanguard to vote against Wells Fargo director Chairman Charles Noski.
In response, Ben Cushing, Sierra Club financial advocacy campaign manager, issued the following statement:
"Wells Fargo has fallen significantly behind the curve when it comes to meeting the moment on climate action, and today they fall even further. It's outrageous to watch the world's third largest funder of fossil fuels and the top funder of fracking since the Paris Agreement continue to pay lip service to climate action while providing no credible path for meeting its vague long-term climate targets. It's also troubling to see that top shareholders, BlackRock and Vanguard, did not live up to their rhetoric on climate action and likely voted to rubber-stamp the bank's climate-destroying status quo. We will be monitoring other pivotal shareholder votes closely and hope to see the largest investors step up to hold corporations accountable for their climate failures."
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
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'Discriminatory' North Carolina Law Criminalizing Felon Voting Struck Down
One plaintiffs' attorney said the ruling "makes our democracy better and ensures that North Carolina is not able to unjustly criminalize innocent individuals with felony convictions who are valued members of our society."
Apr 23, 2024
Democracy defenders on Tuesday hailed a ruling from a U.S. federal judge striking down a 19th-century North Carolina law criminalizing people who vote while on parole, probation, or post-release supervision due to a felony conviction.
In Monday's decision, U.S. District Judge Loretta C. Biggs—an appointee of former Democratic President Barack Obama—sided with the North Carolina A. Philip Randolph Institute and Action NC, who argued that the 1877 law discriminated against Black people.
"The challenged statute was enacted with discriminatory intent, has not been cleansed of its discriminatory taint, and continues to disproportionately impact Black voters," Biggs wrote in her 25-page ruling.
Therefore, according to the judge, the 1877 law violates the U.S. Constitution's equal protection clause.
"We are ecstatic that the court found in our favor and struck down this racially discriminatory law that has been arbitrarily enforced over time," Action NC executive director Pat McCoy said in a statement. "We will now be able to help more people become civically engaged without fear of prosecution for innocent mistakes. Democracy truly won today!"
Voting rights tracker Democracy Docket noted that Monday's ruling "does not have any bearing on North Carolina's strict felony disenfranchisement law, which denies the right to vote for those with felony convictions who remain on probation, parole, or a suspended sentence—often leaving individuals without voting rights for many years after release from incarceration."
However, Mitchell Brown, an attorney for one of the plaintiffs, said that "Judge Biggs' decision will help ensure that voters who mistakenly think they are eligible to cast a ballot will not be criminalized for simply trying to reengage in the political process and perform their civic duty."
"It also makes our democracy better and ensures that North Carolina is not able to unjustly criminalize innocent individuals with felony convictions who are valued members of our society, specifically Black voters who were the target of this law," Brown added.
North Carolina officials have not said whether they will appeal Biggs' ruling. The state Department of Justice said it was reviewing the decision.
According to Forward Justice—a nonpartisan law, policy, and strategy center dedicated to advancing racial, social, and economic justice in the U.S. South, "Although Black people constitute 21% of the voting-age population in North Carolina, they represent 42% of the people disenfranchised while on probation, parole, or post-release supervision."
The group notes that in 44 North Carolina counties, "the disenfranchisement rate for Black people is more than three times the rate of the white population."
"Judge Biggs' decision will help ensure that voters who mistakenly think they are eligible to cast a ballot will not be criminalized for simply trying to re-engage in the political process and perform their civic duty."
In what one civil rights leader called "the largest expansion of voting rights in this state since the 1965 Voting Rights Act," a three-judge state court panel voted 2-1 in 2021 to restore voting rights to approximately 55,000 formerly incarcerated felons. The decision made North Carolina the only Southern state to automatically restore former felons' voting rights.
Republican state legislators appealed that ruling to the North Carolina Court of Appeals, which in 2022 granted their request for a stay—but only temporarily, as the court allowed a previous injunction against any felony disenfranchisement based on fees or fines to stand.
However, last April the North Carolina Supreme Court reversed the three-judge panel decision, stripping voting rights from thousands of North Carolinians previously convicted of felonies. Dissenting Justice Anita Earls opined that "the majority's decision in this case will one day be repudiated on two grounds."
"First, because it seeks to justify the denial of a basic human right to citizens and thereby perpetuates a vestige of slavery, and second, because the majority violates a basic tenant of appellate review by ignoring the facts as found by the trial court and substituting its own," she wrote.
As similar battles play out in other states, Democratic U.S. lawmakers led by Rep. Ayanna Pressley of Massachusetts and Sen. Peter Welch of Vermont in December introduced legislation to end former felon disenfranchisement in federal elections and guarantee incarcerated people the right to vote.
Currently, only Maine, Vermont, and the District of Columbia allow all incarcerated people to vote behind bars.
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Biden Labor Department Finalizes Pro-Worker Rules on Overtime, Retirement Savings
"Democrats are delivering for working people!" declared Rep. Pramila Jayapal as the AFL-CIO noted that GOP ex-President Donald Trump "gutted the rules that required overtime pay for millions of workers."
Apr 23, 2024
Roughly 4.3 million U.S. workers will now be eligible for overtime pay under a new rule finalized Tuesday by President Joe Biden's Labor Department—in stark contrast to his Republican predecessor's rules that severely limited the number of workers who were eligible for required compensation when they worked more than 40 hours per week.
Under the new rule, employers will be required to pay overtime premiums to salaried workers who work more than standard full-time hours if they earn less than $1,128 per week, or about $58,600 per year.
Former President Donald Trump, now the presumptive Republican presidential nominee, may now have to defend his 2020 rule that set the overtime pay threshold at just $35,500 per year, leaving out millions of workers.
U.S. Rep. Pramila Jayapal (D-Wash.) noted that the updated rule was "a major piece" of the Executive Action Agenda released by the Congressional Progressive Caucus, which she chairs.
"This is a HUGE pro-worker initiative by President Biden," said Jayapal. "Democrats are delivering for working people!"
Acting Labor Secretary Julie Su, who Biden has nominated to fill the role permanently, said it is "unacceptable" that lower-paid workers "are spending more time away from their families for no additional pay," while hourly workers are eligible for overtime pay.
"This rule will restore the promise to workers that if you work more than 40 hours in a week, you should be paid more for that time," said Su. "The Biden-Harris administration is following through on our promise to raise the bar for workers who help lay the foundation for our economic prosperity."
The Labor Department posted a chart on social media showing how under Trump's policy, only workers who earn less than $688 per week are eligible for required overtime pay. The full rule is set to go into effect in January 2025.
The chart offers a "good split screen with the GOP," saidSlate reporter Mark Joseph Stern.
"It isn't just that Trump's Department of Labor fought overtime pay—it's also that Trump appointed anti-labor judges who are about to block Biden's new rule," he said.
The former Republican president's appointed judges could also block a new Federal Trade Commission rule introduced on Tuesday, which blocks companies from including noncompete clauses in workers' contracts.
"Both reforms happened because of Biden and in spite of Republicans," said HuffPost labor reporter Dave Jamieson.
Along with the overtime rule, the Labor Department announced a new policy aimed at safeguarding people's retirement savings from their financial advisers' conflicts of interest.
The finalized retirement security rule requires "trusted investment advice providers to give prudent, loyal, honest advice free from overcharges," said the department. "These fiduciaries must adhere to high standards of care and loyalty when they recommend investments and avoid recommendations that favor the investment advice providers' interests—financial or otherwise—at the retirement savers' expense."
"Under the final rule and amended exemptions, financial institutions overseeing investment advice providers must have policies and procedures to manage conflicts of interest and ensure providers follow these guidelines," the agency said.
Liz Shuler, president of the AFL-CIO, said the nation's largest labor federation has "been pushing for the fiduciary and overtime rules since the Obama administration."
"It's really this simple," said Shuler. "Every worker deserves their fair share of the wealth they help create and every worker deserves to make sure their hard-earned money is secure."
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More Than 4 Dozen Unions Demand 'End of Repression' of Columbia Protests
"The right to protest is necessary for every struggle, and the direct attack on this right is an attack on labor as well," said the labor groups. "An injury to one is an injury to all."
Apr 23, 2024
More than four dozen labor unions across numerous industries on Tuesday signed a letter expressing solidarity with students who have been suspended and arrested in recent days for protesting at Columbia University, including members of the on-campus labor group Student Workers of Columbia.
Unionized student workers in SWC-UAW 2710 were among the hundreds of picketers who have been protecting the Gaza Solidarity Encampment, which students set up at Columbia on April 17 to pressure administrators to divest from weapons manufacturers, tech companies, and other entities that benefit from Israel's apartheid policies in the occupied Palestinian territories.
The Ivy League institution, protesters say, will remain complicit in Israel's bombardment and blockade on Gaza, the killing of at least 34,183 Palestinians in the enclave since October, and the intentional starvation of dozens of people, until it entirely divests from Israel.
"As workers, we stand in solidarity with our union siblings in SWC-UAW 2710 who were arrested and face suspension," said the unions, including the Mother Jones Staff Union, Irvine Faculty Association, and Cleveland Jobs With Justice. "We call for their and their classmates' immediate reinstatement and for Columbia to drop all charges against them, both legal and academic. We deplore [Columbia president Minouche Shafik]'s actions and call for Columbia to immediately end the repression of protest."
The protests at Columbia—where more than 100 students were suspended, arrested for trespassing, and in some cases, evicted from their housing—have galvanized college students and faculty members at a growing number of universities in recent days.
Campus groups at the University of Minnesota and the University of Pittsburgh both announced early Tuesday that they were setting up their own encampments in solidarity with Columbia students and victims of the Israel Defense Forces' relentless attacks on Gaza, which the International Court of Justice said in January was "plausibly" a genocide.
After police arrested students at the University of Minnesota Tuesday afternoon and broke up the encampment, thousands of members of the school community rallied to demand that the university divest from all arms manufacturers.
Encampments were also erected Monday at University of California, Berkeley and University of Michigan.
Jessica Christian, a photojournalist for the San Francisco Chronicle, reported that students were stopping to "ask what supplies the campers need as they walk by to class" at Berkeley, where roughly 50 tents were set up on Tuesday.
On Monday night, dozens of students at Yale University and New York University were arrested for protesting, setting up encampments, and "disorderly conduct."
The arrests at Columbia last week have not stopped students and educators from speaking out against the administration. A new encampment was set up last Friday and hundreds of faculty members staged a walkout Monday in support of the students.
In their letter, the unions on Tuesday warned that "the repression and criminalization of activists, students, professors, and academic workers across the country are violations of our elementary rights to free speech and protest."
"The right to protest is necessary for every struggle, and the direct attack on this right is an attack on labor as well," said the unions, "An injury to one is an injury to all—if the Columbia students can be repressed for protesting, Columbia workers and all workers could be too. Workers stand in full solidarity with this student movement."
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