Chapter 1: What is the main topic discussed in this episode?
following the money all the way to the high Andes. I'm David Brancaccia. First, the Trump administration is reconfiguring a government watchdog that grew out of the great financial crisis of 2008. The Financial Stability Oversight Council watches out for risks to try to prevent the future need for government bailouts. But now the council will get into the deregulation business.
Chapter 2: What changes is the Trump administration making to the Financial Stability Oversight Council?
Marketplace's Nancy Marshall-Genzer has that. The Financial Stability Oversight Council is made up of the nation's top financial officials. It's chaired by Treasury Secretary Scott Besson. Now Besson says the watchdog will focus on boosting economic growth and easing regulations that he says impose undue burdens. Besson is creating working groups. One will focus on market resilience.
It'll consider whether regulation has imposed undue costs on markets. Another group will focus on the financial resilience of households. And a third will look at potential risks to financial stability from AI. Senator Elizabeth Warren, a Democrat from Massachusetts, told The New York Times this is a hands-off approach and leaves the financial system and economy at greater risk.
I'm Nancy Marshall-Genzer for Marketplace. Volkswagen of Germany could build EVs for the U.S. with an approach that could significantly extend their driving range. That's according to a Bloomberg News report. Other car companies, including BMW and Stellantis, are planning similar approaches.
Chapter 3: How will the Financial Stability Oversight Council's focus shift towards deregulation?
This is about having a small gasoline engine in reserve, which is a hybrid by another name. Marketplace's Henry Epp explains. Here's how these extended range EVs work. An electric battery moves the vehicle's wheels, but when the battery gets low, the gas engine turns on and charges the battery back up. Gil Tal researches electric vehicles at UC Davis.
So it's more of an electric car with a generator. When you drive very long range, the generator kicks in and you can finish your trip. That could take away some of the fear of running out of charge. Range anxiety is one of the reasons more drivers haven't bought fully electric vehicles. With an extended range EV, says Brian Moody at Kelley Blue Book.
It really is just a way to have the drivability of an electric car with the convenience of a gasoline-powered car. But range extenders might not be necessary for smaller cars. Some new electric sedans already get close to 500 miles on a single charge, says Talis Blalack, an electric vehicle infrastructure consultant.
To get that kind of range on an electric pickup or SUV requires a huge, expensive battery, which is where that gas generator could help. So when you start talking about large vehicles and you still want that range, the extended range provides a lot of great capability. At least one carmaker is already getting in on this.
A new Ram pickup truck model planned for 2026 will go 145 miles on its electric motor before the gas kicks in. Using the gas, it can go close to 700 miles. I'm Henry Epp for Marketplace. On many a travel bucket list, whether or not we can financially pull it off, is the visit to Machu Picchu in Peru, the ancient Inca city high in the Andes.
The history, the steep topography, the vegetation draws one and a half million visitors every year who pay tickets. The Peruvian government gets the proceeds from all those tickets, but there's a fresh fight over how the funds are used. Here's the BBC's Jane Chambers. Tourists come here from all over the world and stay in hotels, eat at the restaurants and buy local souvenirs.
They're a major source of income for the town, as the mayor of Machu Picchu district, Elvis Latore, explains. We're in his office just off the main square, where tourists pose for selfies by the fountain. Around 95% of our economy comes from tourism. A general adult ticket to Machu Picchu costs around $45, but the mayor says the money ends up elsewhere.
90% of all ticket sales go to the Ministry of Culture, 10% stay here in the district and are spent on things like security, health, education and keeping things clean. He wants the allocation of money to change.
We want to receive a bigger percentage of the money and for it to stay here in the Cusco region so that we can improve services for tourists here in Machu Picchu and in the rest of the region. I contacted Peru's Ministry of Culture for a response to the comments made by Mayor Elvis Latorre but haven't had a reply.
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Chapter 4: What are the potential risks to financial stability from AI?
The sad part is only 7% of that money, so we're talking about $5 million per year, goes to the preservation of the site. And the rest, the largest sum, 93% of it goes to the Ministry of Culture, and it is used primarily for paying payrolls. He wants the Ministry of Tourism to be in charge instead of the Ministry of Culture because he thinks they can provide a better service.
But he admits it's difficult for him to get the change he wants. Peru's suffering from political instability with a high turnover of presidents and ministers. General elections will take place in April next year. I've been a leader of the tourism sector for five years now. I've lost count how many ministers, vice ministers and congresspeople I've spoken to.
But we cannot cease to exert that pressure from the private sector. Otherwise, things are going to remain the same. For now, the conflict continues about how to make the most of Peru's most popular tourist destination, the magnificent Machu Picchu. I'm the BBC's Jane Chambers for Marketplace.
We also have a discussion today about how to read the company holiday party for clues about whether your company is in trouble or not. Marketplace Morning Podcast has that now. In Los Angeles, I'm David Brancaccio. This is the Marketplace Morning Report from APM, American Public Media.