According to community leaders in Minneapolis-St. Paul, 80 percent of the Somali-Americans there send money back to East Africa. Aid groups say 40 percent of Somalia’s population relies on those dollars — known as remittances — to survive. But recently, strict regulations meant to prevent that money from falling into the hands of terrorists have compromised that vital flow of dollars, and policymakers have been scrambling for a solution. NewsHour’s Stephen Fee reports from Minneapolis. Continue reading
WASHINGTON — Federal agencies made $125 billion in improper payments last year, including tax credits to people who didn’t qualify, Medicare payments for treatments that might not be necessary and unemployment benefits for people who were actually working, said a government report released Monday.
WASHINGTON — The Obama administration is proposing tougher restrictions on brokers who manage Americans’ retirement accounts, reigniting a confrontation with the financial services industry over rules affecting trillions of dollars in 401k and other savings accounts.
Wednesday’s Powerball jackpot has spiked to more than $450 million and is likely to grow. The prize is expected to boost sales this week, but ticket buying has reportedly dropped 35 percent since 2013, which is putting state budgets on the losing end of the lottery system. Ben Leubsdorf of The Wall Street Journal joins Alison Stewart from Washington to discuss the pitfalls of Powerball. Continue reading
Since the American Savings Promotion Act became law in December, banks can now offer prize-linked savings programs, which were previously only available in a handful of states through credit unions. But will the passage of the bill actually help boost Americans’ savings rates? Karla Murthy reports. Continue reading
Between credit cards, debit cards, Apple Pay and Venmo, the need for cash is on the decline — and so is the ATM. And yet North American and European banks aren’t necessarily decreasing ATM production or removing the machines. Some banks, including Wells Fargo and Chase Bank, are instead recreating the ATM. Continue reading
New evidence from behavioral economists, researchers who study the psychology behind financial decisions, is at the root of what a number of major companies are using to help consumers get a better fiscal foothold. Continue reading
Behavioral science is behind a host of new online applications that nudge people into making better decisions on everything from health care to saving money. Continue reading