Policy Currents | The newsletter for policy people
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** July 2, 2024
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This will be the only issue of Policy Currents this week. We'll be back after the July 4th weekend with a special edition on Tuesday, July 9, when the NATO summit kicks off in Washington.
Banking the Unbanked in California
The proposed CalAccount Program would offer zero-fee, zero-penalty, federally insured banking services to residents of California. The primary goal is to facilitate basic financial transactions for unbanked and underbanked households. (Unbanked households are those in which no one has an account at a bank or credit union. Underbanked households are those in which one member does have such an account, but someone has recently used an alternative financial service, such as a payday loan.)
A new RAND study looks at the costs and benefits of the program and assesses its overall feasibility. The authors identify two main benefits. First, CalAccount may offer significant annual savings for participants--ranging from $41 to $185 per household--mainly from avoiding fees associated with traditional banking (e.g., overdraft fees), as well as the use of costly alternative financial services. Second, the program could significantly reduce disparities in access to banking by race and ethnicity.
The findings suggest that the CalAccount Program is generally feasible, with two important caveats. First, banks may have little incentive to participate in and promote the program. And second, lack of interest among the target populations may pose a significant challenge to achieving sufficient enrollment.
In fact, the authors emphasize that the success of CalAccount hinges most on enrollment. Ways to boost awareness and interest in the program include implementing instant payments for account holders; establishing low-cost options for in-person services, including enrollment; and partnering with community organizations on outreach and promotion.
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The U.S.-China Competition in Outer Space
Both the United States and China are expanding their capabilities in outer space. This could lead to unstable competition and raise the risk of military escalation. What do China's military leaders think about this issue? And what are the key factors for stabilizing U.S.-China competition in the space domain? RAND researchers explore these questions in a new study. Their findings reveal that China's thinking on escalation dynamics in space has become much more risk-tolerant over the last decade. What's more, China's leaders have a deeply suspicious and competitive view of the U.S. approach to establishing norms to avoid escalation in space. With such a mindset, Beijing is unlikely to agree on space norms that it did not initiate.
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NATO Needs to Revive Its Human Security Agenda
In recent years, NATO has emphasized a human-centered approach to its core mission: keeping people safe. Heading into next week's summit in Washington, it's important that the alliance not allow human security to slip down the political agenda, says RAND Europe's Pauline Paillé. "NATO's approach to human security must reflect and adapt to the fast-evolving threat environment," she says. This includes not only protecting civilians--NATO's main priority--but also addressing other important issues such as countering human trafficking, preventing and responding to conflict-related sexual violence, and protecting cultural property.
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** RAND Recommends
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- RAND's Beau Kilmer spoke to NPR about findings from recent research he led on Americans' use of psychedelics--and key questions facing policymakers.
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- Before Iran's election, which is now heading to a runoff, RAND researchers Michelle Grisé and Heather Williams spoke to the Washington Post about their thoughts on voter turnout.
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- In Business Insider, RAND's Alexandra Stark discussed the ongoing problem of Houthi attacks in the Red Sea. It's difficult to not only prevent the rebels from obtaining their "low-tech, low-cost" means of attack, she said, but also to deter them from launching those attacks.
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** Events
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Pardee RAND Admissions Webinar: Master of National Security Policy Overview
Tuesday, July 9, 2024 (Online; more dates available at the link below.)
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Recent Trends Among the Unsheltered in Los Angeles
Wednesday, July 17, 2024 (Online)
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AI Security: Safeguarding Large Language Models and Why This Matters for the Future of Geopolitics
Thursday, July 18, 2024 (Washington, D.C., and Online)
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Considering Alternatives to Prohibiting Psychedelic Drugs
Thursday, July 18, 2024 (Online)
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Policy Lab: Reconstructing Ukraine
Wednesday, July 24, 2024 (Online)
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