November, 19 2021, 05:00pm EDT
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FOIA Response Suggests Fed's Powell Was Dishonest about Personal Ethics Signoff
WASHINGTON
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) 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.
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US Leads Global Surge in Oil and Gas Expansion, Analysis Finds
"The U.S. has become a petrostate and is still, even under President Biden, permitting new drilling," John Sterman of MIT said. "The developed countries don't show any significant efforts to limit drilling."
Jul 24, 2024
Five wealthy countries including the United States have led a global surge in oil and gas development in 2024, threatening international climate goals, according to an analysis published by The Guardian on Wednesday.
The U.S., United Kingdom, Canada, Australia, and Norway together are projected by the end of 2024 to have issued licenses for fossil fuel projects that will emit 11.9 billion metric tons of greenhouse gas emissions over their lifetimes—far more than in any of the previous five years, and roughly equal to a full year of emissions from China, the world's highest emitter—according to industry data analyzed by the International Institute for Sustainable Development (IISD) and shared with the newspaper.
The five states are responsible for more than two-thirds of all oil and gas licenses issued globally since 2020, with the U.S. alone accounting for half of the world total. President Joe Biden's administration increased oil and gas licensing by 20% over Trump-era levels, and issued a record 758 new extraction licenses in 2023, according to the analysis.
"The U.S. has become a petrostate and is still, even under President Biden, permitting new drilling," John Sterman, a climate policy expert and professor at Massachusetts Institute of Technology's business school, told The Guardian. "The developed countries don't show any significant efforts to limit drilling."
Sterman pointed to a "fundamental contradiction" between rich countries' international commitments and their ongoing fossil fuel expansion. "We can't keep going on like this," he said.
Revealed: wealthy western countries lead in global oil and gas expansion
Surge by world’s wealthiest countries – such as the US and the UK- threatens to unleash 12bn tonnes of planet-heating emissions.
By @olliemilman & @ninalakhani https://t.co/esY5IuIfi9
— jonathanwatts (@jonathanwatts) July 24, 2024
The industry's grip on U.S. politicians has made significant policy change in Washington difficult. In the past decade, fossil fuel companies have spent $1.25 billion on federal lobbying and more than $650 million on campaign contributions, according to OpenSecrets data.
The Conservative-led U.K. government issued a surge of North Sea licenses in the first half of this year, but lost power to the Labour Party following a general election earlier this month. It's not yet clear if Labour will be able or willing to rescind licenses already issued. Currently the U.K. is set to finish 2024 with 72 licenses for projects that would create 101 million metric tons of greenhouse gas emissions over their lifetimes—a 50-year high, according to the IISD analysis. Norway and Australia are also seeing major upticks this year.
Capital expenditure at the world's largest oil companies is up 60% since 2020, with $302 billion projected to be spent on well development this year, The Guardian reported. The fossil fuel expansion continues even though the reserves in rich countries are generally hard to reach, as more accessible reserves have already been tapped.
The expansion also comes in spite of disturbing climate news—2023 was hottest year on record, June was the 13th consecutive hottest month, and Monday was the hottest day, having broken a record set the previous day—and dire warnings from leading international institutions. No new fossil fuel projects can proceed if the world is to meet the 1.5° Paris agreement target, the International Energy Agency declared in 2021.
In December, at the United Nations COP28 climate summit, the world's nations agreed to transition away from fossil fuels, though the agreement was viewed by climate campaigners as weakly worded and ridden with loopholes.
Delegates from wealthy Western nations often present themselves as change-seekers in international climate negotiations, but the IISD analysis adds to evidence that such nations are in fact a big part of the problem.
"Fossil fuel corporations, and the governments that support them, will never stop unless forced to," Bill McGuire, a climate scientist at University College London, said on social media in response to the analysis. "Neither has any interest in the future of the climate, our world, or their own kids."
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Arkansas Supreme Court Orders State to Count Abortion Rights Signatures
The limited ruling was called "a good start" by one pro-democracy group, as advocates hope to include an abortion rights amendment on November ballots.
Jul 24, 2024
Abortion rights advocates in Arkansas were cautiously optimistic Tuesday evening that the state government would count the signatures of more than 100,000 residents who signed petitions in support of an anti-forced pregnancy constitutional amendment, after the Arkansas Supreme Court issued a limited order calling on the secretary of state to begin the process.
Secretary of State John Thurston, a Republican, moved earlier this month to disqualify the petition that advocates had spent months gathering signatures for, claiming organizers had failed to provide information about paid signature-gatherers who had worked on the campaign run by Arkansans for Limited Government (AFLG).
On Tuesday evening, the court ruled that Thurston must begin "the initial count of signatures collected by volunteer canvassers according to A.C.A. 7-9-126(a)," but said nothing about whether signatures gathered by paid workers needed to be counted.
The order did not indicate whether Thurston is required to begin the second stage of the tallying process, in which his team would verify that the signatures are accurate and belong to Arkansas voters.
That stage would begin a "cure" period during which AFLG would be allowed to continue collecting signatures.
"We are heartened by this outcome, which honors the constitutional rights of Arkansans to participate in direct democracy."
AFLG turned in more than 101,000 signatures in time for the July 5 deadline, including an estimated 87,382 that were collected by volunteers and 14,143 gathered by paid workers, according to the Arkansas Times.
The state requires a petition for a constitutional amendment to have at least 90,704 signatures to qualify for the November election ballots—so if Thurston is required to count only the signatures collected by volunteers and does not have to initiate the cure period, AFLG's petition may fall short.
The state Supreme Court did leave open the possibility of an additional ruling on the matter, saying the panel "reserves the right to issue further orders and proceed in accordance with state law."
Despite the uncertainty, AFLG said in a statement that "the will of the people won" this round of the fight to ensure Arkansas residents can vote for abortion rights in November.
"On behalf of 101,000 Arkansas voters, 800 volunteers, and the AFLG team, we thank the court for upholding democracy in Arkansas," said the group. "We are heartened by this outcome, which honors the constitutional rights of Arkansans to participate in direct democracy, the voices of 101,000 Arkansas voters who signed the petition, and the work of hundreds of volunteers across the state who poured themselves into this effort."
The amendment proposed by AFLG would state that the Arkansas government "shall not prohibit, penalize, delay, or restrict abortion services within 18 weeks of fertilization" or in the cases of rape, incest, or "fatal fetal anomaly."
The pro-democracy group For AR People said the court's ruling was "a good start" and noted that at least three of the court's seven judges—Justices Courtney Hudson and Karen Baker and Chief Justice Dan Kemp—seemed "favorable to AFLG's arguments" that the count, the verification process, and the cure period should commence.
Matt Campbell of the Arkansas Times pointed out that AFLG could legally continue gathering signatures as they would during the cure period, before one officially begins.
"Just because a cure period was not explicitly granted doesn't mean AFLG cannot currently be gathering signatures," said Campbell. "The cure period just officially starts the clock, but signatures can be collected before that clock starts and still be valid."
AFLG said that although the matter is not entirely resolved, the court's decision was "reflective of our state motto: 'The People Rule.'"
"We look forward to that principle guiding the rest of the signature verification process," the group said.
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Israeli Forces Have Killed 366 UN Workers and Family Members in Gaza: Leaked Report
Confidential figures shed additional light on what's been the deadliest-ever war for United Nations staff.
Jul 24, 2024
A leaked report obtained by Drop Site estimates that Israeli forces have killed at least 366 United Nations staffers and their family members in the Gaza Strip since October, an indication of the grave threat Israel's ongoing assault poses to humanitarian relief workers and the enclave's broader civilian population.
Drop Site's Ryan Grim reported Wednesday that the confidential figures, assembled by the U.N.'s Crisis Coordination Center, show that three family members of World Food Program staffers and four dependents of U.N. Children's Fund workers were among those killed by Israeli forces. The total number of U.N. staffers killed so far is 195, according to the data.
The U.N. Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), the primary aid agency operating in Gaza, has seen the largest impact on staffers and their family members. The leaked report estimates that Israeli forces have killed 158 dependents of UNRWA staffers since October.
Israel's devastating military campaign in Gaza, aided by U.S. weaponry and diplomatic support, is by far the deadliest-ever war for U.N. personnel, who have repeatedly been targeted by the Israel Defense Forces (IDF).
Over the weekend, Israeli soldiers fired on a U.N. convoy heading toward Gaza City. UNRWA Commissioner-General Philippe Lazzarini said that "the teams were traveling in clearly marked U.N. armored cars and wearing U.N. vests."
"While there are no casualties, our teams had to duck and take cover," he added. "Like all other similar U.N. movements, this movement was coordinated and approved by the Israeli authorities."
Targeting humanitarian relief personnel is a war crime.
#Gaza
Heavy shooting from the Israeli Forces at a UN convoy heading to Gaza city.
While there are no casualties, our teams had to duck and take cover.
This took place yesterday. The teams were traveling in clearly marked UN armoured cars & wearing UN vests.
One vehicle…
— Philippe Lazzarini (@UNLazzarini) July 22, 2024
Grim noted that the leaked report is just "the latest in a series of alarming findings regarding Israel's actions in Gaza," much of which is facing famine conditions due to what U.N. experts recently described as a "targeted starvation campaign" by Israel.
During a 12-hour period earlier this week, Israeli forces killed at least 70 Palestinians and wounded around 200 others—mostly women and children—in a barrage of attacks on the city of Khan Younis, according to the Euro-Mediterranean Human Rights Monitor.
The confidential U.N. data emerged hours before Israeli Prime Minister Benjamin Netanyahu's scheduled address to a joint meeting of the U.S. Congress on Wednesday afternoon. Dozens of Democratic lawmakers are expected to boycott the prime minister's speech.
U.S. Rep. Rashida Tlaib (D-Mich.), the lone Palestinian American in Congress, argued Tuesday that Netanyahu "should be arrested and sent to the International Criminal Court," alluding to that body's request for an arrest warrant for the Israeli prime minister.
On Tuesday, hundreds of demonstrators were arrested on Capitol Hill during a peaceful Jewish-led demonstration against Netanyahu's visit and U.S. complicity in the IDF's mass atrocities in Gaza.
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