Business Resource Center
Subscribe

KIPLINGER FORECASTS

Home > Business Travel, Regulation
 
 

EXECUTIVE POLL

Bernard Madoff, convicted of running an $65 billion Ponzi scheme, was sentenced to 150 years in jail. What’s your take on his punishment?

Too heavy. There’s no point having him die in jail.
About right.
Not nearly heavy enough.
Not sure
 
   view results
Compare Price Quotes 100+ Services
ADVERTISEMENT
 
 

OUR PREMIUM CONTENT


The Kiplinger Letter
 
 
 

CURRENT LETTER

 
The Kiplinger Washington Editors
July 2, 2009
 

Overhauling
Financial Regs

By year-end or so, Congress will give the nod to a major rewriting of the nation's financial regulatory system. This week’s Kiplinger Letter explores whether the package will do more harm than good and what lawmakers are likely to include.
 
CORRECTIONS

TRY THE LETTER:

Subscribe
| See Sample
 
YOUR FEEDBACK
SUBSCRIBERLOG: Got a topic you'd like to discuss? Or a problem or question? Please join our exclusive forum for Letter subscribers only.
 
ASK US: A Kiplinger Letter editor will promptly answer subscriber questions.
 
 
OPEN FORUM: Share your insights and analysis with other visitors.
 
I just attended a franchise seminar. The speaker represents a few hundred franchises that (he says) are hand picked. He has the prospect (aka victim?) answer some questions about themselves then he makes recomendations - based on your personality, capital situation, etc.. If you pick a franchise, then he does some due dilligence for you. If you both decide it's a good idea, he helps you get started. He says he offers this service free of charge, which means he gets a commission if he's able to sell you a franchise. Has anyone done this? Successfully? Unsuccessfully?
-- fender
 

Government to Take over Screening from Airlines

It's good news for many travelers but some worry that the new system isn't bugproof.
 
 

Come January, at least one aspect of traveling by air may improve. That's when Uncle Sam takes over passenger screening from the airlines. Under a program dubbed Secure Flight, the Transportation Security Administration (TSA) will assume responsibility for checking passengers against a watch list of known and suspected terrorists. Currently, that job is performed by the airlines, and each one has its own process. "One carrier may have a sophisticated computer system that uses robust filters to clear names. Another carrier may check names manually," says Greg Wellen, assistant administrator of TSA. The result is that thousands of travelers are daily delayed by additional questioning and searches as well as missed flights.

A centralized system should mean fewer false positive identifications. But to be effective, it will require more information from passengers up front, such as date of birth, which should result in fewer false hits. "This should help sort out the good John Smith from the bad John Smith," says Stewart Verdery of the National Business Travel Association. The problem: This will take extra time, so while the airlines and travel agencies are supportive of Secure Flight, they are uneasy about how much additional information they will be required to collect and how much it will cost in both money and time for airlines and passengers.

Industry and consumer groups want the new system to be phased in gradually. Going live all at once with Secure Flight could be risky and cause significant disruptions, given that 2 million people a day travel through the system. "At the very least, they (TSA officials) should sit down with us and discuss how they intend to implement this program," says one airline executive. These groups are hoping that more details will be included in the final rule, which is expected to be issued around Nov. 1.

Secure Flight's path has been long and torturous. A uniform watch list was first recommended by the 9/11 Commission, but earlier incarnations ran into opposition because of privacy concerns and data security. "This thing has had a longer gestation than an elephant," says Paul Ruden of the American Society of Travel Agents.

In the 2005 Department of Homeland Security Appropriations Act, Congress outlined 10 requirements for Secure Flight before it could go forward, including adding security measures to prevent hacking, establishing a redress process and an oversight board. The government says it has now met those requirements.

For weekly updates on topics to improve your business decisionmaking, click here.

READER COMMENTS

Post a comment
 | 
Read all comments (1)


POSTED BY: TERRY KOERNER (October 06, 2008 03:50 PM)
I think we need a scanable pass port that is the size of a drivers licence, that brings our picture and address on a computer screen Just like some of the banks are now using, so they know who is asking to cash in a CD or IRA The current pass port is too big and can be lost to easy

SAVE, SHARE & DISCUSS:    |   |   |   |   |   |   |   |   
ADD HEADLINES: