Federal Reserve Board Chairman Alan Greenspan, speaking before the Federal Reserve Bank of Kansas City, recently gave some suggestions on how to keep the Social Security and Medicare systems solvent. The well-known expected shortfalls in the Social Security system will be minor next to the problems the country will encounter trying to support Medicare, Greenspan said. "Medicare faces financial pressure not only from the changing composition of the population but also from continually increased per-recipient demand for medical services," he said. Part of the solution is to boost primary and secondary school education to increase worker productivity, he said. Encouraging older workers to continue to work past the now-accepted retirement age of 65 will also help, he added. "Changes to the age for receiving full retirement benefits or initiatives to slow the growth of Medicare spending could affect retirement decisions, the size of the labor force and saving behavior," he said.
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Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
48m ago -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
2h ago -
The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
2h ago -
But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
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The accusations led to the end of 16 years at the firm.
July 15 -
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15