The Federal Reserve typically releases minutes from its 2pm meetings; however, it was forced to put the minutes out five hours early on Wednesday after learning that some people inadvertently received the minutes on Tuesday. 

 

The Federal Reserve accidently emailed the minutes from its March meeting to approximately 100 people a day early. While no major announcements were expected to come from the minutes, they are nevertheless viewed as a primary document that can move markets and influence politics. Wall Street analysts and players often delve deep into the minutes for clues about when the central bank may cut back on its bond-buying policy or hike-up interest rates.  

 

For this reason, the minutes are typically protected by the central bank and their release is supposed to be executed in a precise manner. A spokesman for the Fed told various news outlets that the mistake was entirely accidental and it can be chalked up to a human error. The 100 or so individuals on the list included mostly Congressional employees and employees of trade organizations. These individuals received the minutes shortly after 2 p.m. on Tuesday. 

 

After noticing the error this morning, the United States Federal Reserve decided to release the minutes to the public at 9 a.m. on Wednesday. It is currently not clear whether any trading took place based on the premature release, but the Reserve Board’s Inspector General will conduct an investigation regarding the error. 

The minutes contained very little information regarding expected Fed policy. The primary takeaway from the release is that most Fed members think the central bank should keep buying $85 billion in assets a month, at least until the midway point of this year. 

 

The Fed’s current policy includes purchasing $45 billion in treasuries and $40 billion in mortgage-backed securities each month; the primary intent is to lower long-term interesting rates. That said, the program, which is regarded as quantitative easing, is viewing by some as the primary reason why the S&P 500 and the Dow are at record highs. 

 

The central bank continues to keep short-term interest rates close to zero to further boost the economy. The Fed announced it plans to keep the interest rate near zero until the unemployment rate dips below 6.5 percent or inflation exceeds 2.5 percent a year. The bulk of Fed officials do not expect this to happen until at least 2015. 

 

Source: AP

 

 

President Obama’s $3.77 trillion budget proposal for 2014 calls for long-term changes to Social Security and Medicare in hopes of reducing the deficit by $1.8 trillion over the next decade.

 

The budget’s blueprint, which has already drawn criticism from both the right and left, offers changes to Social Security and Medicare. The budget also includes tax increases that would hit high-income corporations and homes. 

 

The Obama budget also calls for greater spending on infrastructure, nondefense research and early childhood education programs. These investments would be funded by other measures to avoid further adding to the deficit. 

 

“Debate in Washington has raged between reducing our deficits and making investments needed to grow our economy. My budget answers this argument; we can grow our economy, and reduce our deficits,” said the President. 

 

President Obama’s budget was released with a delay, coming after the House and Senate each passed separate and different 2014 budget frameworks. 

 

While the proposal is not expected to fly on Capitol Hill, Obama’s budget sets a powerful marker for continuing debt talks with lawmakers. 

 

President Obama’s budget calls for a $50 billion investment to repair bridges, highways, airports and transit systems. The budget would also create a National Infrastructure Bank to merge public and private capital for noteworthy projects.

 

Obama has already faced heavy criticism from the left for supporting a switch to a chained CPI measure, which is a new way to track inflation to ultimately reduce federal spending by slowing the growth in federal benefits which are adjusted each year for cost of living purposes. Obama’s budget; however, calls for ways to compensate low-income veterans and recipients of Supplemental Security Income. 

 

By 2020, the use of the chained CPI measure would yield an average tax increase of $311 among the 80 percent of homes that would see a tax increase. 

 

Among the President’s new tax measures, Obama plans to place a cap on the tax-advantaged portion of a person’s savings across tax-preferred retirement accounts, such as IRAs. 

 

The President’s debt reduction proposal comes from an offer he made to House Speaker John Boehner during last year’s fiscal cliff talks. The proposal, if accepted, would replace the automatic budget cuts, which took effect last month.  

 

 

Source: whitehouse.gov

 

A recent wave of tremendous cyber-attacks has proven it is possible to bend, but not shatter the Internet. 

 

It is easy for a virus to take down a website; attack methods known as “distributed denials of service” enable cybercriminals to direct considerable amounts of traffic to a website to overwhelm its servers and render the site unreachable. Government websites, banks and financial exchanges have been commonly targeted venues for distributed denial of service attacks. 

 

However last month, European spam-prevention service Spamhaus was rocked by the largest known cyber-attack in history causing Internet speeds to slow throughout large chunks of Europe. The attackers utilized nearly 100,000 servers to transmit 300 gigabits of traffic per second during the breach. The attack was more than three times larger than the Iranian-sponsored cyber-attacks of September 2012, which impeded access to some American banks’ websites for days. 

 

Yet many experts contend that the entire Internet cannot just be flipped on or off like a simple light switch. “The infrastructure of the Internet is highly robust and designed to guarantee reliable traffic at a high quality of service,” said Dr. Schneck, chief technology officer at Intel’s Internet security division. 

 

Despite the relative ease of taking down individual websites, it would be particularly difficult to sustain a widespread level of attack for a lengthy period of time, let alone a continuous flow of traffic that would exceed the limits of Internet service providers. 

The Internet is also too widely distributed to fall victim to a widespread attack. There have numerous occasions when regional access to the Internet was disrupted, either by attacks on vital services, accidental cable cutting, or a government-run utility limiting or shutting off access. Yet the Internet continued to work for billions of people outside of those regions. 

 

In the United States, a number of redundancies are built into the Internet; if one or two avenues are disrupted from your local network to the Internet, you likely won’t even notice a hitch. 

 

Another reason why the Internet is impossible to take down: cyber attackers depend on the Internet to operate. “The Internet is what the attackers need to deliver their attack,” said Gavin Reed, the director of engineering and products for Cisco. “I suppose it is possible for an attack to be large enough to destroy large chunks of the Internet, but we have not seen that happen.” 

 

Only government bodies have the ability to grind the entire Internet to a halt for a sustained period of time. So even as cyber-attacks increase in frequency and size, cyber criminals will never be able to take down the entire Internet. 

 

Source: whitehouse.gov

 

 

As the battle for the Gender Expression Non-Discrimination Act heats up in the state of New York, two prominent members of the Trans Rights Coalition have launched powerful media campaigns to educate New York residents about discrimination on the basis of expression and gender identity. 

 

The New York State Pride Agenda movement—often known as the Empire State Pride Agenda Campaign—has been broadcasting a radio spot in a number of media markets throughout the state. These advertisements serve as a reminder to listeners that New York employees should be judged on their accomplishments and merits, and not on the basis of their expression or gender identity. The Human Rights Campaign issued a simply statement to back the initiative of the Empire State Pride Agenda campaign, by saying “nobody deserves to be fired from their job or not hired for an employment opportunity because of who they are.”

 

Housing works has issued several postcards that illustrate the struggles that transgender New Yorkers face on a day to day basis. Housing works also explains on its webpage why the Gender Expression Non-Discrimination Act is such a critical piece of legislation to an initiative whose mission is related to the homelessness and HIV populations. 

 

Both campaigns draw attention to the prominence of New York State passing the Gender Expression Non-Discrimination Act this legislative session. This piece of legislation would prohibit discrimination against transgender people in employment, education, housing, credit and public accommodations. The state of New York protects lesbian, gay, bisexual, and heterosexual people from discrimination on the basis of sexual orientation. 

 

The Human Rights Campaign claims that it is time for the state of New York to close the gap and guarantee that transgender individuals are afforded the same vital anti-discrimination protections that are provided to the rest of the population. Currently sixteen states, Washington D.C., and 166 cities and towns in the United States institute similar laws, including Buffalo, Albany, New York City, Suffolk County, Rochester, and Tompkins County in the state of New York.  

 

 

Source: Human Rights Campaign

 

Greenwich Village, the birthplace of the American gay rights movement, remained in a state of shock on Sunday over the shooting of a homosexual man by gunman who police claimed uttered anti-gay slurs prior to targeting the victim. 

 

Mark Carson, age 32, was shot and killed in Greenwich Village near midnight on Friday in what Police describe as a hate crime. Others are postulating that the shooting could be a backlash against the advance of gay marriage laws across the nation.

 

The New York City neighborhood has long been a haven for artists, and its Stonewall Inn has served as a landmark for gay rights since a 1969 conflict when patrons of the gay bar stood firm against a police raid. 

 

Sympathizers built a shrine to the victim on Sunday, leaving flowers, cards, and lighting candles at the spot where he was slain, on Sixth Avenue at Eighth Street.

“This area is supposed to serve as the world’s capital for gay rights,” said Josh Steinman, age 42, who paused for a moment in front of the memorial. 

 

The killing marked the 22nd anti-gay hate crime in the city this year, compared to only 13 incidents at this time last year, said New York City Police Commissioner Raymond Kelly. 

 

“It is abundantly clear that the victim was murdered solely for the fact that he was thought to be a homosexual,” Kelly said. “There is no question about the motive; there were derogatory remarks, and the victim did nothing to instigate or antagonize the shooter. It was only because the shooter thought his victim was a homosexual.”

A suspect, identified as Elliot Morales, age 33, was arrested and charged with second degree murder as and a hate crime shortly after the shooting. Mr. Morales is currently being held without bail and two of his accomplices are cooperating with authorities. 

“I cannot fathom that something like this happened in the village,” said Carmine Tzavis, a bartender at the Stonewall Inn.

 

Residents of the Village said they were scared and feared the violence may have been motivated by the advancement in gay marriage laws throughout the country.

Last week, Minnesota Governor Mark Dayton signed a bill to make his state the 12th in the nation to allow gay couples to marry. 

 

 

Source: Human Rights Campaign

 

Starting today, committed same-sex couples in every community and corner of the Centennial State will gain access to the fundamental protections they require to take care of themselves and the ones they love. 

 

Colorado’s Civil Union Law passed in March with bipartisan support in both houses of the state’s General Assembly; the bill was then signed into law by Governor Hickenlooper. Advocates at several Colorado gay rights organizations and initiatives worked tirelessly to ensure that the bill would secure approval and subsequently be passed in a timely fashion. 

 

One Colorado, which was the leading advocacy group in ensuring the success of this bill, put together a streamlined application form, equipped with Frequently Asked Questions, and an assortment of other tips for couples seeking civil unions. 

Colorado, through the passing of this law, becomes the eighteenth state—in addition to Washington, DC—to offer comprehensive state-level benefits, rights, and obligations to same-sex couples.

 

Currently, nine states in the U.S. (Connecticut, Maine, Iowa, Maryland, Massachusetts, New York, New Hampshire, Washington, and Vermont), along with Washington DC issue marriage licenses to homosexual couples. Moreover, as of May 1st, nine states (Colorado, California, Hawaii, Delaware, Nevada, Illinois, New Jersey, Rhode Island, and Oregon) will provide the equivalent of state-level spousal rights to homosexual couples within state borders. 

 

For more information on trends, upcoming votes, and state sentiment regarding the passing of laws that extend rights to homosexual citizens, please visit the Human Rights Campaign website at www.hrc.org. 

 

 

Source: Human Rights Campaign

 

Last week, the Boy Scouts of America Executive Committee offered a policy that would establish a nondiscrimination policy to eliminate its longstanding discriminatory ban on gay Scouts, while maintaining several discriminatory practices in place for lesbian and gay parents, employment opportunities, and Scout leaders. 

 

The resolution offered by the Boy Scouts of America proposes a policy where, “no youth shall be denied entry into the Boy Scouts of America on the basis of their sexual orientation.” This policy is national in scope as opposed to the organization’s previous approach that placed the membership decisions on the shoulders of local sponsoring organizations. The new proposed resolution will face a vote by approximately 1,4000 leaders of the organization during their National Council Meeting, which is set to take place on May 22nd through the 24th. 

 

“It is welcomed news that the leadership of the Boy Scouts of America is open to terminating the ban on gay scouts; however, this resolution must contain more protections for the gay community,” said Chad Griffin, the President of the Human Rights Campaign. “Adults and Parents of good moral character, regardless of sexual orientation, must be allowed to volunteer their time to mentor the upcoming generation of Americans. What message does this proposal send to the homosexual scout who, as an adult, wishes to continue a lifetime of scouting by becoming a leader in the organization?” 

 

Unanswered in the proposal is the issue of employment discrimination; currently the job application for a leadership position with the organization explicitly says homosexual cannot apply. The application, which is uniform throughout the nation, reads: “The Boy Scouts of America will not employ agnostics, atheists, avowed or known homosexuals.”

 

In anticipation of a universal resolution, the Human Rights Campaign issued a petition asking its supporters to call on their local Boys Scouts of America councils to vote in favor of a policy which prohibits discrimination against homosexual scouts, parents, and leaders of the organization. The petition aims to generate messages to local council representatives, so they hear how the ban on homosexuals harms members of their own community. 

 

 

Source: Human Rights Campaign

 

Rhode Island Governor Lincoln Chafee just signed the state’s marriage equality bill into law in a riveting ceremony on the steps of the Rhode Island State House. The marriage equality bill passed the Rhode Island state House earlier this morning with unanimous bipartisan support. 

 

The Human Rights Campaign celebrated the historic victory moments after it became official by raising the Rhode Island flag above their D.C. office. The state of Rhode Island now becomes the tenth state alongside the District of Columbia to legalize gay marriage. 

 

Rhode Island becomes the last state in New England to legalize gay marriage after independent Governor Chafee signed the bill on Thursday. “I know that you have been waiting for this day for a long time,” Chafee said to the state’s lesbian and gay community at a ceremony in front of thousands. “I understand that you have loved ones that have long dreamed that this day would become a reality. I am proud to announce that this day has finally come, and you are free to marry the person you love.”

 

Chafee outlined his support for gay marriage rights for not only moral grounds, but also economic, “the talented workers who are pushing this economy forward want to live in a place that reflects their thoughts and values. These young people want diversity, not simply because of a sense of justice, but because diversity makes life more enjoyable,” he said. “Why would any state in the U.S. turn away the individuals who are most likely to create the economies of the upcoming generations?”

 

As a conservative U.S. senator in 2004, Chafee expressed his support for gay marriage when the vast majority of his party staunchly opposed it. Chafee was ousted from his seat in 2006 but won the governor’s race in Rhode Island in 2010 as an independent. 

Chafee is now urging fellow governors to push for similar legislation to what was passed in his state today; Chafee is also calling for the United States Supreme Court to overturn the Defense of Marriage Act. 

 

Although public sentiment continues to favor same-sex marriage, legalizing the prospect remains a burden for the majority of states. Even in Rhode Island, which is positioned in the nation’s friendliest territory for gay-marriage supporters, opposition from the state’s religious right served as a staunch impediment to the bill for several years.  

 

 

Source: Human Rights Campaign

 

George Canellos, age 48, has been serving as the Department’s director since January and previously served as the division’s Deputy Director since June of last year. Mr. Canellos played a vital role in developing the division’s Cooperation Program and generated numerous legislative and policy initiatives regarding national priority enforcement actions. 

 

From July of 2009 to June of last year, Mr. Canellos served as Director of the Security Exchange Commission’s New York Regional Office. Under this role, Mr. Canellos was responsible for 400 enforcement attorneys, investigators, accountants, and compliance examiners involved in the prosecution and investigation of enforcement actions and the performance of compliance in the region. This regional office was responsible for the largest concentration of SEC-registered finance institutions, including in excess of 4,000 investment banks, broker-dealers, hedge funds, mutual funds and investment advisers. 

 

Previously, Mr. Ceresney served as a partner at a prestigious law firm, where he focused on representing individuals and entities involved in white collar crimes and SEC investigations. Before working at this firm, Mr. Ceresney served as a Deputy Chief Appellate Attorney for the Southern District of New York, where Mr. Ceresney served as a principal member of the Securities and Commodities Major Crimes and Fraud Task Force unit. 

 

“Andrew and George are two of the finest lawyers and people I know. They are a fantastic combination to lead the Enforcement Division, which is responsible for protecting investors and keeping or markets vibrant and safe,” said the chair of the Securities and Exchange Commission, Mrs. Mary Jo White. 

 

The Enforcement Division is the Security and Exchange Commission’s largest unit, with in excess of 1,200 accountants, investigators, trial attorneys and an assortment of other professionals. In recent years this division has achieved considerable success with prosecuting insider trading, financial crisis and other financial cases, while returning billions of dollars to defrauded investors.  

 

 

Source: SEC.gov

 

The Rhode Island Senate made history this week after passing S-38, also known as the marriage equality bill, by a vote of 26 to 12. The state of Rhode Island is now poised to become the tenth state in the nation along with Washington, D.C. to formally legalize gay marriage. 

 

The Rhode Island House of Representatives unanimously passed the marriage equality bill this January, but because of an amendment passed in the Senate, the bill will return to the House for a final vote. When the House passes the amended version of the bill, the measure will be placed in front of equality supporter Governor Mr. Lincoln Chafee for his signature. 

 

The Rhode Island vote is particularly historic because earlier this week the Senate Republican Caucus declared their unanimous support for the measure. 

 

Rhode Island will be the last state in New England to enact marriage equality laws. The Human Rights Campaign had been involved for a number of years in the state of Rhode Island, working closely with marriage Equality Rhode Island and several legislative bodies to build support for relationship recognition in the state, particularly when civil unions were formally made legal in 2011. 

 

The Human Rights Campaign joined with residents of Rhode Island and Rhode Islanders United for Marriage to pass the marriage equality act. The Human Rights Campaign contributed staff and other resources to bolster the odds of the bill passing. The Human Rights Campaign sent a senior organizer to work with city councils to build support at the local level. The Human Rights Campaign also hired a local faith organizer to work with religious bodies who support equality and fairness for all residents of Rhode Island. 

 

The final vote in the state’s House of Representatives will take place next week; the state’s governor is expected to sign the bill sometime after the House approves the measure. Marriage equality in the state of Rhode Island should take effect by the 1st of August. 

 

 

Source: Human Rights Campaign