Here's a quick question about your retirement savings: When was the last time you checked the fees on your 401(k)?
If you're like most Americans, chances are you're not sure what exactly your plan is charging you. Even though employers are now required to disclose more information about 401(k) fees, only about half of workers said they actually noticed the data, while just 14 percent made changes after reviewing the information, according to a 2013 study from the Employee Benefit Research Institute.
In F. Scott Fitzgerald’s The Great Gatsby, East Egg represents inherited wealth and privilege, while West Egg represents wealth earned through innovation and hard work, a distinction at the core of the American ideal. We have always embraced a dynamic capitalism, marked not by stasis but rather “creative destruction,” lionizing trust-busters as heroes of competition.
When a city is forced to spend more on Wall Street fees than on basic public services, it is the sign of trouble. When that city is one of America's biggest population centers, it is the sign of a burgeoning crisis.
The Supreme Court’s ruling earlier this spring in McCutcheon v F.E.C., which increased the amount of money donors can contribute to political campaigns for federal office, has added new fuel to an 80-year-old debatebetween those who contend that the Supreme Court decides cases on the basis of abstract principles of law and those who argue
Thomas Piketty’s wildly popular new book, “Capital in the 21st Century,” has been subject to more thinkpieces than the final episode of “Breaking Bad.” Progressives are celebrating the book — a
Competition and innovation in bank payments risk being undermined if the system’s new regulator is too heavy handed, a report from Demos Finance warns.
The government is setting up a regulator to ensure new and smaller banks get a fair deal when using larger rivals’ systems. But analysts at Demos worry some actions to address this could backfire, prompting banks to withdraw services rather than comply. The think tank also wants the new regulator to consider potential uses for collecting tax data.
Jeff Jacoby ends his June 29 column by asserting that black citizens’ right to vote “is no longer endangered anywhere in America.” What America is he talking about?
Nate Silver has already dubbed the 2014 election as "the least important in years." But this year's midterms are still breaking records for at least one thing: Secret political spending.
Reformers in Washington are looking for a few good scandals.
Watergate led to the biggest overhaul of campaign finance law in the past century. Outrage over donors sleeping in the Lincoln Bedroom and Enron influence peddling helped spur the 2002 McCain-Feingold overhaul. And the Jack Abramoff affair got Congress to act quickly on lobbying and ethics reform.
Los Angeles lawmakers were expected to vote Wednesday on a proposal to renegotiate or terminate an interest rate swap deal from the mid-2000s that critics say now costs the city millions of dollars a year in fees. If successful, the initiative could make the city the nation's largest to challenge ballooning Wall Street levies that accompany similar interest rate swap deals throughout the nation.
The FDIC estimates there are 10 million people living in the U.S. who do not have a bank account — that’s one out of every 13 households. Nearly 33 percent of people living in Starr County, TX can’t write a check. In one census district in Savannah, GA, over 42 percent of residents are unbanked. The unbanked are usually poor, often minorities, and find themselves shunned by banks that can’t make money off them. Typically, they end up turning to predatory check cashers and payday lenders. Many also feel a great sense of social division between themselves and those who have bank accounts.
On Election Day, Montana will host one of the country’s key voting rights battles as voters decide whether to preserve or eliminate the state’s Election Day Registration (EDR) law, which permits citizens to register (or update their registration if they’ve recently moved) when they show up at the polls.
In the wake of the unrest in Ferguson, Missouri, after the Aug. 9 shooting of black teenager Michael Brown by white police officer Darren Wilson, there has been a focus on racial disparities in representation. A recent study found that while people of color make up 37.2 percent of the U.S. population, they account for only 10 percent of elected officials at the federal, state and county levels. By contrast, white men, who make up 31 percent of the population, account for 65 percent of representatives.
In their seminal 1980 study on the question, using data from 1972, political scientists Raymond Wolfinger and Steven Rosenstone argued that “voters are virtually a carbon copy of the citizen population.” In 1999, Wolfinger and his colleague Benjamin Highton again came to the same conclusion: “Outcomes would not change if everyone voted.” Their argument rested upon the fact that polling data did not show large differences in opinions on most issues between those who voted and those who
Five years ago this week, in Citizens United v. Federal Election Commission, the Supreme Court decided to allow unlimited amounts of corporate spending in political campaigns. How important was that decision? At the time, some said criticism of the decision was overblown, and that fears that it would give outsize influence to powerful interests were unfounded. Now, the evidence is in, and the results are devastating. [...]
It’s been five years since the Supreme Court decided Citizens United, which allowed unlimited corporate money into the political system and increased the domination of democracy by the wealthy elite. Money has indeed overwhelmed the system since 2008.
The last two years of Obama’s presidency will largely be defined by his defense of key legislation: the Affordable Care Act, caps on carbon emissions and Dodd-Frank. While the broad shape of the first two battles is already known, the war on financial regulation, because of its abstract nature, will often be waged outside of the public eye.