Chris Arnold

NPR correspondent Chris Arnold is based in Boston. His reports are heard regularly on NPR's award-winning newsmagazines Morning Edition, All Things Considered, and Weekend Edition. He joined NPR in 1996, and was based in San Francisco before moving to Boston in 2001.

Most recently, Arnold has been reporting on financial challenges facing millions of working and middle class Americans as the economy continues to recover from the worst recession in generations. He won the National Association of Consumer Advocates award for Investigative Journalism for a series of stories he reported with ProPublica that exposed improper debt collection practices by non-profit hospitals who were suing thousands of their low-income patients.

Arnold is now serving as the lead reporter and editor for the ongoing NPR series "Your Money and Your Life" which explores personal finance issues. As part of that, he's reporting on the problem of Wall Street firms charging excessive fees in retirement accounts: fees that siphon billions of dollars annually from Americans trying to save for the future.

Following the 2008 financial crisis and collapse of the housing market, Arnold reported on problems within the nation's largest banks that led to the banks improperly foreclosing on thousands of American homeowners. For this work, Arnold earned a 2011 Edward R. Murrow Award for the special series, The Foreclosure Nightmare. He's also been honored with the Newspaper Guild's 2009 Heywood Broun Award for broadcast journalism. And he was a finalist for the Scripps Howard Foundation's National Journalism Award.

Arnold was chosen for a Nieman Journalism Fellowship at Harvard University during the 2012-2013 academic year. He joined a small group of other journalists from the U.S. and abroad and studied economics, leadership, and the future of journalism in the digital age. Arnold also teaches Radio Journalism as a Lecturer at Yale University. And he was named a Poynter Fellow by Yale in 2016.

Over his career at NPR, Arnold has covered a range of other subjects – from Katrina recovery in New Orleans and the Gulf Coast, to immigrant workers in the fishing industry, to a new kind of table saw that won't cut your fingers off. He traveled to Turin, Italy, for NPR's coverage of the 2006 Winter Olympics. He has also followed the dramatic rise in the numbers of teenagers abusing the powerful and highly addictive painkiller Oxycontin.

In the days and months following the Sept. 11, 2001, attacks, Arnold reported from New York and contributed to the NPR coverage that won the Overseas Press Club and the George Foster Peabody Awards. He chronicled the recovery effort at Ground Zero, focusing on members of the Port Authority Police department, as they struggled with the deaths of 37 officers - the greatest loss of any police department in U.S. history.

Prior to his move to Boston, Arnold traveled the country for NPR doing feature stories on entrepreneurship. His pieces covered technologists, farmers, and family business owners. He also reported on efforts to kindle entrepreneurship in economically disadvantaged areas ranging from inner-city Los Angeles to the Pine Ridge Indian reservation in South Dakota.

Arnold has worked in public radio since 1993. Before joining NPR, he was a freelance reporter working out of San Francisco's NPR Member Station, KQED.

Investing for retirement doesn't have to be hard. You read up on how to put together a diverse mix of low-cost index funds, bonds, etc. Then keep setting aside all you can into that retirement account. Easy.

But when you actually retire and start spending that money, that's like going from playing checkers to playing chess. It can get a lot harder.

This week, NPR and some member stations will be talking about trade on the campaign trail and in communities around the country.

Economists for decades have agreed that more open international trade is good for the U.S. economy. But recent research finds that while that's still true, when it comes to China, the downside for American workers has been much more painful than the experts predicted.

And that's playing out on the presidential campaign trail in a big way.

'Disastrous' Trade Agreements?

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After more than a year of study, the White House on Wednesday finalized tougher requirements for retirement investment advisers.

The changes are intended to help Americans build bigger nest eggs while reducing fees and sales commissions they pay to advisers — keeping more money in workers retirement accounts instead of advisers pockets.

Critics say the changes will create burdensome legal requirements that could squeeze out brokers who earn commissions from working with small investors.

Happy times are here again at the gas pump. The price of oil keeps falling, and Americans are filling their tanks for less than $2 a gallon. The government says cheaper gasoline put an extra $100 billion into drivers' wallets last year alone.

That seems like it would be good for the economy. Turns out, it might not be.

"Is it possible that lower oil prices could actually hurt the U.S. economy?" asks Vipin Arora, an economist with the U.S. Energy Information Administration. "I think the answer could be yes."

As Iran prepares to pump even more oil into an already glutted market, that oversupply isn't just making gas cheaper for your car — it's also causing jet fuel prices to go down sharply. And that's now pushing airfares down, too.

Want to launder $20 million in illicit drug money? Buy a fancy penthouse in Miami with cash. It turns out, secretively purchasing luxury real estate is a popular way for the world's super-criminals to clean their dirty money.

"You can spend a lot of money to buy a house, and then you can sell that house a year later," says Heather Lowe, a lawyer with Global Financial Integrity. "And all of a sudden, all of that money is completely clean money." Her group tracks the transfer of illicit money out of developing countries.

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A couple of years ago, University of Chicago professor Harold Pollack did an online video chat with personal finance writer Helaine Olen. The topic was how regular people get steered into bad investments by financial advisers.

The Federal Reserve is expected to start raising interest rates later this week, and anyone who's ever bought a house — or thought about it — knows that if mortgage rates rise by much that will make it tougher to afford a home.

Homebuilders are watching the interest rate decision closely too. That's because this 100-year flood of a housing crash has been especially tough on them.

De Desharnais, a homebuilder in Nashua, N.H., says she's one of the lucky ones — her company survived the crash. But it didn't come without pain.

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Facebook founder Mark Zuckerberg and his wife Priscilla Chan's recently announced $45 billion philanthropic pledge will be given away not through a nonprofit foundation but instead through a for-profit company the couple is creating.

Each year Americans pay billions of dollars in fees when they roll over their retirement accounts — and those fees can be hard to see.

Elizabeth Merry, 49, a marketing manager at a technology company, has saved up $150,000 in a 401(k) there. At the end of the year, though, she's leaving her job, and so she was thinking about rolling over that money into an IRA with the help of her financial adviser with Ameriprise Financial. She pays him $1,000 a year to manage her money.

Many Americans feel they can't save any money for the future. Yet if an employer automatically enrolls workers in a 401(k) plan and matches some of their contributions, 90 percent of people stick with it and save and invest for retirement.

Now, what if your employer doesn't do that for you? What can you do? People in NPR's new Your Money and Your Life Facebook group wanted to know.

Many American parents face a tug of war over trying to save enough for retirement and saving for college.

Some, like Lisa Carey, a 44-year-old high school history teacher in Tampa, Fla., and her husband, Peter, a minister, haven't yet started saving for their three kids' college education. (Carey joined NPR's Your Money and Your Life Facebook group. If you're on Facebook, you can join the group, too.)

Jack Bogle is leading a populist revolution on Wall Street.

The longtime investment guru, who 40 years ago founded the investment company the Vanguard Group, wants everyday Americans to make a lot more money in the stock market — and give less of their returns away to financial firms.

And the surprising thing about his revolution? He's winning.

New federal rules could be in the works to make it easier once again for Americans to seek relief through class action lawsuits. That's the latest word out just this morning from the Consumer Financial Protection Bureau.

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Tractor-trailers have 18 wheels. But under current federal law, you can't be 18 years old and drive one across state lines. You have to be 21. The highway bill working its way through the Senate, though, would change that.

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The Greek word for no is oxi, and across Athens and the Greek Islands on Sunday, it was everywhere: on posters, spray-painted on walls and old cars.

And it was also on ballots: Greek voters voted oxi Sunday in a historic referendum over the country's economic future.

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There's a serious problem in the American economy: Big corporations are doing well, but real household income for average Americans has been falling over the past decade — down 9 percent, according to census data.

"That's not good for America," says Harvard economist Michael Porter. "That's not good for America's standard of living. That's not good for our ultimate vitality as a nation."

When it closed at 5,056.06 on Thursday, the Nasdaq Composite Index hit a new high — surpassing the old record close of 5,048.62, reached March 10, 2000, during the dot-com craze.

That also makes it 15 years since that infamous tech bubble burst, sending the index down more than 75 percent by the time it hit bottom.

Saving enough money to retire can be tough. But it's next to impossible if a financial adviser is steering the client into bad investments — and getting big commissions in return. And according to the Obama administration, that's exactly what too many advisers have been doing.

Millions of Americans trying to save for retirement have ended up with investments where high fees cripple their returns over time. U.S. Labor Secretary Tom Perez says much of that is due to bad advice.

John Hancock announced a new program promising discounts for policyholders who wear a fitness tracker, exercise more and go to the doctor. The life insurance company says that if people live longer healthier lives, everybody wins. But privacy advocates worry about all the electronic monitoring.

The vast majority of U.S. workers haven't seen any real wage gains since the recession. But that's starting to change, at least for low-income workers.

This week, fast-food giant McDonald's announced it will pay workers $1 more than the local minimum wage.

It joins some of the nation's other largest employers, including Wal-Mart, Target and TJX, the parent company of Marshalls and TJ Maxx. All say they will be boosting pay to at least $9 per hour this year, and some will go to $10 next year.

For Wal-Mart alone, that's a pay raise for half a million Americans.

The three major credit rating agencies reached an agreement with New York Attorney General Eric Schneiderman on Monday to change the way they handle errors on credit reports. Under the reforms, consumers can initiate a formal dispute to challenge inaccurate information and agencies must use trained employees to investigate the complaints.

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