Mending the financial safety net for savers

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Chapter 11 in All Fall Down, 2018, pp 82-88 from Edward Elgar Publishing

Abstract: A new financial safety net is needed to protect household savings and promote financial stability. Based on information about holdings financial institutions already report about their clients for tax purposes, such a system should protect individuals rather than institutions using social security numbers to identify their accounts. It should cover holdings in more than one place— banks, pensions, or retirement accounts— up to the current amount of $250,000 and would be funded by a small insurance premium deducted from the earnings on the assets saved. In addition, reforms are needed to improve the governance of private pension funds. The mutual structure for TIAA that allows beneficiaries to choose management is a model that should be considered.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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