Jan 21, 2015
Saïd Business School Dean’s Research Drives American Savings Promotion Act
On December 18, 2014, President Obama signed the American Savings Promotion Act (ASPA) into law. The Federal bill grew out of pilot testing and research conducted over the last eight years by Peter Tufano, Dean of Saïd Business School, working in collaboration with Doorways to Dreams (D2D), the social enterprise that he co-founded in 2000 to support the finances of low income Americans by developing innovative financial products and public policies.
The bill removes US federal prohibitions on banks offering Prize Linked Savings (PLS) products, which are savings vehicles where the collective interest of savers is redistributed via a raffle-like draw – similar to National Premium Bonds in the UK.
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