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Nobel winning banker: US must reform welfare law

Nobel winning banker: US must reform welfare law

The economist who won a Nobel prize for extending banking services to the developing world is expanding his operations to help poor Americans, but says reforms in U.S. welfare and banking law are needed.
Muhammad Yunus told The Associated Press Tuesday at the beginning of a financial summit in Kenya that current laws penalize Americans trying to get off welfare and called for an overhaul of the system. His Grameen Bank disburses small loans to millions of customers in the developing world and around 4,000 in the U.S. The average loan in the U.S. is around $1,500 and is usually used to open a small business like a hair salon or daycare.
Yunus said that U.S. welfare recipients were discouraged from starting small businesses because their benefits would be withdrawn before they made enough money to live on.


Updated : 2021-04-23 14:13 GMT+08:00