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Isaiah Fund Certified as a Community Development Financial Institution October 31st, 2013
Low-income housing in New Orleans built through the Isaiah Fund
The Isaiah Fund recently became a certified Community Development Financial Institution (CDFI), an important milestone for the interfaith initiative. The Isaiah Fund is a multi-faith-based permanent disaster response loan fund that provides long-term investment in the revitalization of disaster-torn communities.
The OMI USP is an investor in the Isaiah Fund, which targets rebuilding in low-income communities. The Oblate US Province Sharing Fund has also supported their work.
With CDFI certification, the Fund should be able to grow, attracting new investors, which will enable it to broaden its reach to the poor and marginalized, who suffer most when natural disasters occur.
Certification by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is an important milestone for the fund and has been many years in the making. It will now make Isaiah eligible to apply for competitive Financial Assistance funds from the CDFI Fund as well as investments and equity from banks, insurance companies, and other investors.
The need for rebuilding after major disasters continues – in New Orleans, more than eight years following Hurricane Katrina, and in New Jersey and New York one year following the destruction caused by Hurricane Sandy. The Isaiah Fund continues its work to deploy loans and mission deposits where they are needed most in these communities.
Celebrate Human Rights Day: December 10th October 28th, 2013
On December 10, 2013, the world community will commemorate the 65th anniversary of the adoption and proclamation of the United Nations Universal Declaration of Human Rights. On this day, we are being encouraged by the National Religious Campaign Against Torture (NRCAT) – as people of faith, who acknowledge the dignity of every human being – to reaffirm the Universal Declaration’s statement that “no one shall be subjected to torture or to cruel, inhuman or degrading treatment or punishment.”
The National Religious Campaign Against Torture’s theme for Human Rights Day 2013 is “Confronting Solitary Confinement in an Age of Mass Incarceration.” NRCAT developed a Human Rights Day toolkit to help congregations and religious organizations observe the day. The 2013 toolkit includes:
- A bulletin insert with educational material and an interfaith prayer
- A poster for the promotion of Human Rights Day
- Talking points for integrating the reality of solitary confinement into sermons and prayers during worship
- Links to other worship resources, as well as to educational and advocacy activities that congregations can do to commemorate Human Rights Day
We encourage you to observe Human Rights Day during worship services, as a part of your religious education efforts and through advocacy activities during either the weekend of December 6-8, December 13-15, or another time of your choosing. If your congregation plans to commemorate Human Rights Day in any way, please let NRCAT know.
Access the NRCAT Human Rights Day Toolkit (Download PDF)
JPIC Report Fall/Winter 2013 Issue Available October 24th, 2013
The Fall/Winter 2013 issue of JPIC Report is now available on line as a PDF. It is also available in print form. Please contact Mary O’Herron in the JPIC Office if you want to be added to the mailing list.
You can find all issues of JPIC Report on this website in the Resources section. (Download a PDF of the latest issue)
CEO Pay Goes Through the Roof October 23rd, 2013
The Guardian newspaper in London reported, “For the first time ever, the 10 highest-paid chief executives in the US received more than $100m in compensation last year, and two took home billion-dollar paychecks, according to a leading annual survey of executive pay.”
The studied showed that the top 10 CEOs in this year’s poll took home over $4.7bn between them, and “for the first time ever, none earned less than $100m.”
“I have never seen anything like that,” said Greg Ruel, GMI’s senior research consultant and author of the report. “Usually we have a few CEOs at the $100m-plus level but never the entire top 10.”
“Father Seamus Finn, a corporate governance expert at Missionary Oblates of Mary Immaculate, said the numbers were ‘ridiculous’.”
“It’s an amazing number. Who knows how compensation committees come up with them?”
Finn, who has campaigned against what he sees as excessive remuneration at companies including Goldman Sachs, said boards often argued that they would lose talent unless they paid top management huge sums.
“But I’ve seen no evidence of that,” he said. “These huge pay deals are seldom linked to shareholder returns.”
Nearly all the outsized gains came from stock options and other share-related compensation. The top 10 made $3.3bn in 2012 on stock option profits and the vesting of restricted stock. Cash bonuses totalled $16.2m.
See the full article at The Guardian Newspaper
Close Expensive Offshore Tax Loopholes October 18th, 2013
Tax Justice Network is collecting organizational signatures for a letter in support of proposed legislation by Senator Carl Levin; the Stop Tax Haven Abuse Act (S. 1533). This critical piece of legislation closes the most egregious offshore tax loopholes used by big multinationals and wealthy individuals. It would raise $220 billion in revenue – enough to cover the costs of two years of the sequester.
Their goal is to sign on 500 organizations. Now that a short-term deal has been struck to reopen the government and extend the debt limit, Congress will move to set up a conference committee on the budget. Closing tax loopholes needs to be on the table in these budget negotiations.
The deadline for the letter is COB Friday, October 25th. To sign on, please visit this link.
