News Archives » North America
Investors Alarmed by Senate Interference with Dodd-Frank Rules on Derivatives July 11th, 2013
Thirty-eight faith-based and socially responsible institutional investors sent a letter to Senators who recently asked Treasury Secretary Jacob Lew to delay the implementation of important Dodd-Frank derivatives regulations. The Rev. Seamus Finn, OMI (Missionary Oblates of Mary Immaculate, and Board Director, the Interfaith Center on Corporate Responsibility) organized the letter, which expressed dismay and disappointment at the Senators’ action.
Read the letter (download PDF)…
It is vital that the over-the-counter derivatives market be regulated, and soon. Derivatives are complex financial instruments used to hedge risk, and were largely responsible for the 2008 financial crisis.
In the lead up to 2008, large financial institutions bought and sold trillions of dollars worth of over-the-counter derivative instruments linked to subprime mortgage securities, which instruments would trigger a payout in the event of default. “This particular type of OTC derivative, known as a credit default swap (CDS), fomented the mortgage crisis and subsequent credit and economic crisis by offering purported “insurance” to people investing in subprime securities. This insurance fueled excessive risk-taking, demand, and expansion of the subprime market.” (Ref.: The Role of Derivatives in the Financial Crisis, Univ. of MD website)
Oblate JPIC Office Intern arrives in Washington from San Antonio June 29th, 2013
The Oblate JPIC office is proud to welcome our newest intern, Erin Chase. He will be focusing on human rights and social media use for justice. Here is a brief bio:
Erin Chase: Born and raised in San Antonio, Texas, Erin graduated from Saint Anthony Catholic High School where he first encountered the Oblates. He was very active in St. Anthony during his time there. In the Young Oblate’s club, he worked with Oblate brothers and fellow peers to organize monthly community gatherings with the homeless. He also served on the music and organizational teams for the students’ home-designed SALVE Retreat, which stands for Service and Action, Love, Vocation, and Evangelization. It’s a 3-4 day, student-designed retreat. Additionally he served on the team for the local ACTS retreats. While in high school, Erin became an Eagle Scout, and received the Junior Oblate Cross and the Archbishop’s Medallion for his commitment to service and Catholic devotion. He is currently a rising junior at Wesleyan University in Middletown, Connecticut, where he is majoring in Religious Studies.
Erin is involved in a number of faith-based activities at Wesleyan. During his freshman year, he revived the Catholic Student Organization, which provides educational and spiritual opportunities for faith development on campus. The group, which works in an interfaith context, tries to engage students of any or no faith. Erin continues to lead this community, and, in addition, directs the Catholic liturgical choir. Other initiatives in which he is involved include Shining Hope for Communities, a grassroots organization combating generational poverty and gender bias in Nairobi, serving as an executive member in the Wesleyan chapter. Other involvements are with the outreach team at Amazing Grace Food Pantry in Middletown, and with the Middlesex United Way, where he serves as the Special Projects Coordinator. In his spare time, Erin enjoys songwriting, coffee, and learning about social entrepreneurship. He hopes to utilize his skills and develop his understanding of social justice issues through working with the Missionary Oblates JPIC Office.
Armand Matthew, OMI – Requiescat in Pace June 24th, 2013
It is with sadness that we announce the death of a dedicated priest and colleague in the JPIC work: Fr. Armand Matthew, OMI. Fr. Armand passed away on Saturday at the age of 90.
In a statement provided by the University of Texas at Brownsville, where Mathew helped launch the Center for Civic Engagement in 2001, UTB President Juliet V. Garcia said, “Padre dedicated his life to being an advocate for social justice and challenged each of us to join him in the battle against indifference. He was humble and of kind heart; he had unlimited courage and stamina. He loved without limit and condition and taught us to try to live a life that made a difference in the lives of others. He lent us his courage and expected us to do the same for others. He never gave up on a cause he believed in, nor would he let us give up either. Knowing him we have known an angel among us.”
In his memory, we would like to share this video made for his 90th birthday:
Religious Leaders Press JP Morgan Chase to Reinvest in Virginia County Hit Hard by Foreclosures June 20th, 2013
Fr. Seamus Finn, OMI calls for investment in mortgage-devastated communities from JP Morgan Chase
Northern Virginia Religious leaders marched this morning to JP Morgan’s DC offices after the Bank refused to invest adequately in Prince William County, VA. The county was hard hit in the mortgage crisis, and the investment is needed to re-build the blighted communities.
Fr. Seamus Finn, OMI and the Oblates, as investors in the major banks, have been supportive of the community effort to deal with the mortgage crisis, through VOICE (Virginians Organized for Interfaith Community Engagement). Fr. Finn spoke at the rally, calling on the JP Morgan Chase to make a meaningful investment in the community. Watch a video of the speech on YouTube.
VOICE leaders plan to meet with Federal Regulators in the next month to ask them to sanction the bank for predatory lending practices, and to investigate credit card robo-signings in Northern Virginia.
Click here to read more »
Go Green Tips from the EPA June 14th, 2013
The US Environmental Protection Agency sends out an E-Newsletter with Green Tips that you might find useful. Here are some ideas from the June Newsletter…
Prepare for disaster before it strikes. June is the beginning of hurricane season in the U.S. Individuals, communities, and businesses can plan ahead for safety, shortages, and storm cleanup. http://www.epa.gov/naturaldisasters/hurricanes
WHAT YOU CAN DO, WHAT YOU CAN USE
Hot tips for a cool summer! Save energy in summer and fight climate change. Get tips to reduce energy bills and greenhouse gas emissions. http://www.epa.gov/epahome/hi-summer.htm
Don’t Fry – Any Day! With the start of the summer season, avoid overexposure to the sun’s harmful “UV” rays. Put on sunscreen with SPF 30 or higher. Melanoma, the most serious form of skin cancer is the most common cancer among young adults aged 15-29. http://www2.epa.gov/sunwise/action-steps-sun-safety
Landscaping makes WaterSense! Homeowners or businesses can use WaterSense-labeled controllers for landscape watering. Landscaping water controllers with the WaterSense label meet criteria for efficiency and performance. http://www.epa.gov/watersense/products/controltech.html
You can subscribe at http://epa.gov/gogreen
