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A new letter from the Federal Reserve Board of Governors responding to a Freedom Of Information Act request casts considerable doubt on the honesty of Chair Jerome Powell's representations of official signoff for his financial holdings which could have caused conflicts of interest last year.
Powell explicitly claimed to have received approval from the Office of Government Ethics to continue to hold municipal bonds as the Federal Reserve undertook extraordinary pandemic response efforts, including in the muni bond market. But an inquiry from the Revolving Door Project has revealed the absence of any records of any communications of any kind between Powell and the Office of Government Ethics, suggesting that Powell received no such approval, and seemingly contradicting his earlier statement to the press. These revelations are yet another indictment of Powell's disregard for ethics rules and disrespect for the public he is meant to serve.
Not long after financial disclosure forms revealed apparent insider trading by two regional Federal Reserve Bank Presidents this September, Powell began facing questions about his continued holdings in municipal securities, even as the Federal Reserve began major purchases in that market. Powell has also been subject to scrutiny for his sizable trades executed in October 2020. In a September 22, 2021 interview, Powell brushed aside questions about his muni bond holdings stating that he "checked with the Office of Government Ethics, who looked carefully and said that I didn't have a conflict." On October 6, the Revolving Door Project submitted FOIA requests to verify that claim. We sought all communications between each of the Federal Reserve Governors, including Powell, and the Office of Government Ethics.
Today, the Federal Reserve informed us that "staff searched Board records and consulted with knowledgeable staff but did not locate any documents responsive to your request." This indicates that there are no records of communications between January 2020 and the present in which Office of Government Ethics officials render any opinion on the propriety of any of Powell's financial holdings or transactions. As Powell, an attorney, understands well, ethics opinions are designed not only to convey advice but to offer a shield to the recipient in case of future inquiry. Even if the financial holdings in question were discussed over the phone, it is implausible that they would not also have been transmitted to Powell in writing. Given this finding, it is difficult to see how Powell's September 22 statements could be truthful.
After allowing repeated, grave ethical violations to occur under his leadership, Powell has sought to assure the President, lawmakers, and the public that he takes ethics seriously. His seeming dishonesty, revealed through our requests, makes clear that he still does not. That should be disqualifying. President Biden must not renominate Jerome Powell.
The Revolving Door Project (RDP), a project of the Center for Economic and Policy Research (CEPR), scrutinizes executive branch appointees to ensure they use their office to serve the broad public interest, rather than to entrench corporate power or seek personal advancement.
"Charging or jailing the killers is not enough," said the national director of the Working Families Party. "Justice is changing the conditions so no one dies during a traffic stop."
This is a developing story… Please check back for possible updates...
Editor's note: The videos at the end of this article contain graphic and violent content.
The city of Memphis, Tennessee on Friday night released four videos of the January 7 arrest of Tyre Nichols, a 29-year-old Black motorist who died after being beaten by five officers who were subsequently fired and charged with murder.
The footage was privately seen by Nichols' family on Monday. Three of the videos are from body-worn cameras issued by the Memphis Police Department (MPD). Another is from a camera mounted on a pole and contains no audio.
Before the videos were released, MPD Chief Cerelyn "C.J." Davis warned that they show "acts that defy humanity."
Nichols was pulled over by Memphis officers for alleged reckless driving that Davis has since said her department has been "unable to substantiate." After three days in the hospital, he died on January 10 from cardiac arrest and kidney failure.
\u201cA young father, son, skateboarder, a photographer. This is who Tyre Nichols was.\n\nHe should still be alive today.\nhttps://t.co/JbsgEMTxMI\u201d— Vera Institute of Justice (@Vera Institute of Justice) 1674862160
"I am disturbed and disgusted by the sheer brutality and lack of humanity on display in the footage released today," said NAACP president and CEO Derrick Johnson in a statement Friday night. "No person should ever be subjected to such violence, to have to call for their mother as they are being brutalized by police."
"This video is a stark reminder that in America, on any day of the week, a Black person can be brutally beaten to death less than a hundred feet from his home by those who are supposedly here to 'serve and protect' our communities," he continued. "Let me be clear—a traffic stop should not result in the brutal death of an unarmed man—period."
\u201cCPC Chair @RepJayapal and CPC Policing, Constitution, Equity Task Force Chair @RepBonnie echo community demands for justice for Tyre Nichols and call for fundamentally reimagining public safety in their statement on the release of the body camera footage of his killing.\u201d— Progressive Caucus (@Progressive Caucus) 1674865377
As Common Dreamsreported Thursday, former MPD cops Tadarrius Bean, Demetrius Haley, Justin Smith, Emmitt Martin III, and Desmond Mills Jr.—who are all Black—were charged with second-degree murder and various other crimes.
In a series of tweets responding to the charges, ColorOfChange president Rashad Robinson said Friday, "Let's be clear, while the mass movement of people demanding some level of accountability has succeeded in this one instance, convictions aren't the goal."
"WE WANT AN END TO POLICE MURDERS OF BLACK PEOPLE. So, this moment isn't about Black vs. white, it's about blue vs. Black. Diversity cannot and does not solve systemic problems," he continued. "If we don't change the structure of policing and safety in our country, Black people will continue to be killed, by police of all races. The evidence is clear—investing in communities will keep us safe, not the police."
\u201cCharging or jailing the killers is not enough. Justice is changing the conditions so no-one dies during a traffic stop.\n\nPolicing is fundamentally broken. Trading white officers for Black ones was never a solution.\n\nIf we're serious about public safety, we'll fund our communities\u201d— Maurice Moe Mitchell \ud83d\udc3a (@Maurice Moe Mitchell \ud83d\udc3a) 1674866194
Damon Hewitt, president and executive director of the Lawyers' Committee for Civil Rights Under Law, said Friday evening that "Tyre's death is a bitter reminder of the Black lives that we've lost due to police brutality. Thirty years ago, we were horrified by the footage of police beating Rodney King. And yet, despite our decades of protest, we're still fighting the same battle."
"The only difference now is more of the horrific incidents are being captured on video, whether it be bodycams or bystanders," he added. "Tinkering at the margins of a violent police state is not enough. It never was. This death must amount to more than just another viral moment or hashtag. It must spark a serious reconsideration and shifting of priorities, deployment, and resources."
Before the footage was released, major cities across the United States were preparing for potential Friday evening protests.
According toThe Associated Press:
As a precaution, Memphis-area schools canceled all after-class activities and postponed an event scheduled for Saturday morning. Other early closures included the city power company’s community offices and the University of Memphis.
Nichols' mother, RowVaughn Wells, warned supporters of the "horrific" nature of the video but pleaded for peace.
"I don't want us burning up our city, tearing up the streets, because that's not what my son stood for," she said Thursday. "If you guys are here for me and Tyre, then you will protest peacefully."
Noting that "there's been a lot of focus on the perceived threat of violence,"MLK50: Justice Through Journalism, a nonprofit Memphis newsroom, on Friday published a collection of stories and columns "to add context to this tragedy" for those who may be unfamiliar with "the antagonistic relationship police have cultivated with the community, dating back decades."
The coalition Decarerate Memphis shared on Twitter demands from Nichols' family and the community, including reforms to reduce the chances of similar future events.
\u201c\ud83d\udea8\ud83d\udea8\ud83d\udea8 Save and share everywhere. We demand #JusticeforTyreNichols\u201d— Decarcerate Memphis (@Decarcerate Memphis) 1674851240
The Movement for Black Lives tweeted advice on "how to limit viewing sensitive content" on social media platforms, for those who do not want to be traumatized by the footage.
\u201cToday a video of Tyre Nichols\u2019 murder will be released. Do not share it. Do not traumatize our people further by putting it in front of us. We feel the overwhelming rage and grief without subjecting ourselves to a video of his life being taken.\nTo protect yourself online: \u2b07\ufe0f\u201d— Movement 4 Black Lives (@Movement 4 Black Lives) 1674850469
"We grieve with Tyre's family, friends, and the entire Memphis community," the movement said in a statement. "Had those officers not pulled Tyre over, he would be here right now with his four-year-old son, taking photos of sunsets and skateboarding. Yet, even as we try to grieve and stand in solidarity with Tyre's family, we know the police are ramping up to criminalize our actions—meeting our calls for justice and accountability with more state violence and suppression."
Editor's note: The videos below contain graphic and violent content.
"These lobbyists are not getting hired to advocate for American energy consumers—they will push an agenda that benefits the new majority's donors no matter what it costs taxpayers."
An analysis published Friday by the nonpartisan watchdog Accountable.US revealed that numerous former fossil fuel lobbyists are being hired to work for the Republican-controlled 118th Congress, including in high-level positions on the House Natural Resources Committee.
"As the Republicans majority begins the new Congress, former oil industry lobbyists will have new and growing influence as top staffers for congressmen on key committees," the analysis states.
Accountable.US detailed the close ties between Nancy Peele—chief of staff to House Natural Resources Committee Chair Bruce Westerman (R-Ark.)—and fossil fuel interests.
"It's no surprise that Big Oil is infiltrating the halls of Congress after spending millions to elect some of the most extreme legislators in American history."
Peele's history includes:
Majority Leader Steve Scalise's [R-La.] Chief of Staff Megan Bel Miller came to Scalise's office straight out of working as an oil and gas lobbyist... Miller lobbied Congress on behalf of National Oceans Industry Association, a group representing the offshore oil and gas industry. Bel Miller advocated for polluting industry interests on numerous conservation issues, including the Endangered Species Act, National Environmental Policy Act, and offshore leasing. Majority Whip Tom Emmer's [R-Minn.] new Policy Director Ian Foley is an energy and mining lobbyist. In 2022, Foley lobbied Congress on behalf of the uranium mining industry and public utilities with oil and gas portfolios.
These are but a handful of the many examples of the revolving door between Big Oil and Congress highlighted in the analysis.
"It's no surprise that Big Oil is infiltrating the halls of Congress after spending millions to elect some of the most extreme legislators in American history," Accountable.US energy and environment director Jordan Schreiber said in a statement. "These lobbyists are not getting hired to advocate for American energy consumers—they will push an agenda that benefits the new majority's donors no matter what it costs taxpayers."
Underscoring the analysis' findings, the U.S. House of Representatives on Friday passed legislation that would require the federal government to lease a portion of public lands and waters for fossil fuel extraction for each non-emergency drawdown of the U.S. Strategic Petroleum Reserve. The bill was introduced by Rep. Cathy McMorris Rodgers (R-Wash.), who chairs the House Energy and Commerce Committee and was the top recipient of oil and gas PAC money in the House Republican caucus during the last election cycle.
\u201cNEW: MAGA Republicans in Congress just passed a bill that would obstruct one of @POTUS\u2019 only powers to protect consumers from Big Oil\u2019s price gouging\u2014letting oil companies get rich at Americans\u2019 expense. https://t.co/pcwPGdVkIs\u201d— Accountable.US (@Accountable.US) 1674844979
"We grieve for all this unthinkable loss. And with our grief, we also rage," said Jewish Voice for Peace. "The Israeli government's domination and oppression of Palestinians is the root cause of each of these senseless, tragic deaths."
Human rights defenders condemned a Friday attack outside a synagogue in an illegal Israeli settlement by a Palestinian gunman who murdered at least seven people—a massacre that followed the killing of 10 Palestinians by Israeli forces during a raid in the occupied West Bank Thursday.
TheTimes of Israelreports the unidentified gunman shot and killed seven people and wounded three others during the Friday evening attack in Neve Yaakov in East Jerusalem. Friday is International Holocaust Remembrance Day. The attacker was shot dead during a gunfight with police as he attempted to flee into the Palestinian neighborhood of Beit Hanina. An ambulance service said the deceased ranged in age from 20 to 70.
In a statement, Stéphane Dujarric, spokesperson for United Nations Secretary-General António Guterres, said the U.N. chief "strongly condemns today's terrorist attack by a Palestinian perpetrator outside a synagogue in Jerusalem, which claimed the lives of at least seven Israelis and injured several others."
"It is particularly abhorrent that the attack occurred at a place of worship, and on the very day we commemorated International Holocaust Remembrance Day," Dujarric added. "There is never any excuse for acts of terrorism. They must be clearly condemned and rejected by all."
\u201c\ud83d\udea85 #Israelis killed & 5 wounded in a shooting attack near a synagogue in the Neve Yaakov settlements in occupied East Jerusalem.\n\nViolence begets violence begets violence....\n\nPeople don't understand how close the occupied territories are to a full disastrous explosion!\u201d— Muhammad Shehada (@Muhammad Shehada) 1674846498
Tom Nides, the U.S. ambassador to Israel, tweeted that he is "shocked and disgusted at this heinous terrorist attack on innocent people, including children. Praying for all of the victims and their loved ones."
The synagogue massacre came one day after Israeli occupation forces killed 10 Palestinians including an elderly woman and wounded around 20 others during an early morning raid on the Jenin refugee camp. Israeli forces then bombed Gaza early on Friday morning after Palestinian resistance fighters fired two rockets at Israel.
The Jenin raid was part of Operation Breakwater, a nine-month campaign targeting Palestinian resistance in the camp and nearby Nablus. Human rights groups say 30 Palestinians, both fighters and civilians, have been killed so far by Israeli forces in 2023. Last year was the deadliest year for West Bank Palestinians since the second intifada—or general uprising—a generation ago, with 150 people including 33 children killed. Another 53 Palestinians were killed by Israeli forces in Gaza in 2022.
\u201cInstead of linking today's terrible attack in Jerusalem to Holocaust Remembrance Day, which it has nothing to do with, you might connect it instead to the 30 Palestinians that have been killed by Israel just this month. This is a cycle of violence borne of Israeli apartheid.\u201d— Arielle Angel (@Arielle Angel) 1674851482
In a statement following the synagogue murders, the U.S.-based group Jewish Voice for Peace (JVP) called the attack "the inevitable, horrifying outcome of decades of Israeli apartheid"
"We grieve for all this unthinkable loss. And with our grief, we also rage. The Israeli government's domination and oppression of Palestinians is the root cause of each of these senseless, tragic deaths," JVP contended.
"The violent, racist speech coming from the Israeli government makes it clear that the Israeli military will continue to escalate its violent attacks on Palestinians. Already the Israeli army has invaded Palestinian neighborhoods in occupied East Jerusalem," the group said.
\u201c10 killed in #Jenin and now 5 dead, 5 wounded in Jerusalem shooting attack: these are the ENTIRELY PREDICTABLE RESULTS of a vicious extremist #Israeli government that leaves no room for hope, no room for peace, more to come. https://t.co/kQt5NgIMw3\u201d— Sarah Leah Whitson (@Sarah Leah Whitson) 1674845638
What we are witnessing is not a "conflict," a "clash," or a "war" between two equal parties. There is no mistaking the massive disparity of power between the Israeli government and the Palestinians it targets. Backed by $3.8 billion in annual military funding from the U.S. government, the Israeli government controls, dominates, and dispossesses Palestinian lives and lands.
"We are on the side of unconditional commitment to justice, equality, freedom, and dignity for all people, no exceptions," JVP added. "To achieve a future where all are safe and free, we must end the Israeli government's settler-colonial apartheid regime."