In the News

Decrying a “rigged” system and the long overhang of the 2008 crash, Sen. Elizabeth Warren Tuesday introduced a bill to ban mandatory pre-employment credit checks. “This act is about basic fairness,” the Massachusetts Democrat told reporters on a Tuesday call. “Let people compete for jobs on the merits, not whether they already have enough money to pay all their bills.”

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Salon
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A judge's ruling that the city of Detroit can move forward with bankruptcy and strip the city's public workers of their modest pension benefits will have a devastating impact on Detroit's middle class — many of whom are African-American — and the city's ability to rebuild a strong and sustainable economy.

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Hank Ronan knew he would get the job. He had sailed through three rounds of interviews and hit it off with the doctors at the diagnostic center in Annandale, Va., where he had applied to be a driver for $11 an hour.

Shuttling patients to appointments was a world away from his 20 years as a software engineer, but it was the best that Ronan could find after being laid off in 2011. He was eager to get back to work and granted the doctor’s office permission to run a credit check. Ronan never heard back, he said Tuesday in an interview. [...]

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Washington Post
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U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, introduced legislation on Tuesday that would prohibit employers from requiring job applicants to disclose their credit history.

In a conference call with reporters, Warren argued that a person's poor credit history is often the result of medical bills, job loss or divorce and does not reflect his ability to perform a job.

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new survey finds that African-Americans are much more likely than whites to be called by debt collectors, despite both groups reporting relatively equal levels of debt and repayment rates.

Just take a look at this chart:

debt collectors

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Job-hunters are increasingly being asked to agree to allow potential employers to view their personal credit information, a development that Sen. Elizabeth Warren says is unfairly keeping people out of the job market who've had financial setbacks or have reports that contain inaccurate information.

Sen. Elizabeth Warren (D-Mass.) introduced a bill yesterday that would ban employers from considering prospective employees' credit reports and ratings during the hiring process.

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Though they are important, let’s be honest: Municipal budget figures can be mind-numbingly boring. Even in high-profile, high-stakes dramas like Detroit’s bankruptcy, the sheer flood of numbers can encourage people to simply tune it all out for fear of being further confused.

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President Obama has proclaimed that thanks to the Volcker Rule "never again will the American taxpayer be held hostage by a bank that is `Too Big to Fail', " the reality is a bit more complicated. 

Though the rule issued today by financial regulators seeks to ban proprietary trading -- essentially gambling with federally insured deposits --  some experts argue that banks will find ways to get around the restrictions to continue engaging in risky behavior. [...]

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President Obama calling economic inequality the premier challenge of our time is notable for two reasons: first, he is acknowledging the weakening of the America middle class as one of the greatest threats to America's future. But perhaps more telling, he is making this declaration at THEARC - a community center in one of the poorest neighborhoods in Washington, D.C.

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