Getting into the deregulation business

Summary

Marketplace Morning Report: "Getting into the Deregulation Business" (December 12, 2025)

Episode Overview

In this concise and informative episode, Marketplace's David Brancaccio brings listeners up to speed on key business and economic news from overnight. The episode centers primarily on U.S. financial regulation shifts under the Trump administration, innovative developments in electric vehicles (EVs), and a behind-the-scenes look at the economic battle over Machu Picchu tourism revenue in Peru. It stitches together expertise and firsthand perspectives from correspondents and industry experts, making world economic storytelling accessible in under 10 minutes.

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Key Discussion Points & Insights

1. U.S. Financial Regulation Takes a Turn Toward Deregulation

[00:58–02:12]

• The Financial Stability Oversight Council (FSOC), created after the 2008 financial crisis as a regulatory watchdog, is now shifting focus.
• Chair, Treasury Secretary Scott Bessen, intends for FSOC to promote economic growth by easing regulations he believes create "undue burdens."
• Key changes:
  • Formation of working groups on:
    • Market resilience (examining regulatory costs on markets)
    • Household financial resilience
    • Financial stability risks posed by artificial intelligence
• Opposition:
  • Sen. Elizabeth Warren warns that this "hands off approach leaves the financial system and economy at greater risk" ([01:56], Nancy Marshall Genser quoting The New York Times).

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2. Innovations in Electric Vehicles: The Return of the Extended Range Hybrid

[02:12–04:00]

• Volkswagen, BMW, and Stellantis are exploring "extended range EVs"—electric cars equipped with small gasoline engines to recharge batteries on the go.
• How It Works:
  • The car uses a battery to drive. When battery charge is low, a gasoline engine acts as a generator, recharging the battery and extending range ([02:34], Henry Epp).
• Expert commentary:
  • Gil Tal (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.” ([02:48], Brancaccio quoting Tal)
  • Brian Moody (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.” ([03:09], Moody)
• Market Trends:
  • Smaller EV sedans approach 500 miles per charge, but pickups/SUVs need more—extended range tech is particularly attractive there ([03:17–03:38], Henry Epp & consultant Talas Blalak).
  • Example: The upcoming Ram pickup (2026) offers 145 miles on electric, then up to 700 miles with gasoline backup ([03:45], Henry Epp).

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3. Machu Picchu: Dispute over Tourist Dollars in Peru

[05:11–08:25]

• Machu Picchu draws 1.5 million tourists/year; $45/ticket, but the local economy sees little benefit.
• Local Grievances:
  • Mayor Elvis La Torre (Machu Picchu district): “Around 95% of our economy comes from tourism. … 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.” ([05:58], [06:12])
  • He argues for a greater local share: “We want to receive a bigger percentage of the money and for it to stay here in Cusco so that we can improve services for tourists.” ([06:29], La Torre)
• Regional Tourism Leadership:
  • Carlos Gonzalez, President, Chamber of Tourism of Cusco:
    • Only 7% of ticket money (~$5M/year) funds preservation.
    • 93% goes to the Ministry of Culture, largely for payroll ([07:14], Gonzalez).
    • Prefers control shift to Ministry of Tourism for better site management.
    • Frustration over lack of political stability: “I've lost count how many ministers … I've spoken to. But we cannot see to exert that pressure from the private sector. Otherwise, things are going to remain the same for now.” ([07:55], Gonzalez)
• Political Context:
  • Ongoing instability in Peru makes change unlikely before the next elections in April ([07:36–07:55], Jane Chambers).

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Notable Quotes & Memorable Moments

• Sen. Elizabeth Warren on Deregulation:

  “This is a hands off approach and leaves the financial system and economy at greater risk.”
  — Nancy Marshall Genser quoting Warren ([01:56])

• Gil Tal (EVs):

  “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.”
  — Quoted by David Brancaccio ([02:48])

• Brian Moody (on hybrids):

  “It really is just a way to have the drivability of an electric car with the convenience of a gasoline powered car.”
  — ([03:09])

• Mayor Elvis La Torre (Machu Picchu):

  “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.”
  — ([06:12])

• Carlos Gonzalez (Cusco Tourism):

  “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. … Otherwise, things are going to remain the same for now.”
  — ([07:14], [08:16])

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Timestamps for Major Segments

• 00:58–02:12 | U.S. Financial Deregulation (Nancy Marshall Genser)
• 02:12–04:00 | Extended Range Electric Vehicles & Industry Responses (Henry Epp)
• 05:11–08:25 | Machu Picchu Tourism Revenue Dispute (BBC's Jane Chambers)

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Tone & Style

The episode maintains Marketplace’s signature clear, matter-of-fact, and accessible delivery, blending hard economic news with on-the-ground perspectives and expert analysis. Quotes are delivered in a straightforward, journalistically neutral fashion, with a slight sense of urgency and engagement fitting for a morning news update.

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Summary Conclusion:
This episode efficiently delivers a snapshot of shifting attitudes at the highest levels of U.S. financial oversight, real-world innovations in EV technology aimed at overcoming range anxiety, and a fascinating local-global clash in Peru over one of the world's greatest tourist economies. Marketplace reinforces its mission to untangle the connections between money, decisions, and daily lives, all before the market bell rings.

Transcript

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[David Brancaccio]

Equal Housing Opportunity Builder 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 will get into the deregulation business. Marketplace's Nancy Marshall Genser has.

[Nancy Marshall Genser]

That. The Financial Stability Oversight Council is made up of the nation's top financial officials. It's chaired by Treasury Secretary Scott Bessen. Now Bessen says the watchdog will focus on boosting economic growth and easing regulations that he says impose undue burdens. Bessen is creating working groups. One will focus on market resilience. It'll consider whether regulation has imposed undue costs on 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 Genser for.

[David Brancaccio]

Marketplace. Volkswagen of Germany could build EVs for the US 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. This is about having a small gasoline engine in reserve, which is a hybrid by another name. Marketplace's Henry Epp.

[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.

[David Brancaccio]

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.

[Henry Epp]

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.

[David Brancaccio]

Book. It really is just a way to have the drivability of an electric car with the convenience of a gasoline powered.

[Henry Epp]

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 Talas Blalak, 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.

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[Henry Epp]

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.

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[David Brancaccio]

Spicy. 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 there's a fresh fight over how the funds are used. Here's the BBC's Jane.

[Jane Chambers]

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 La Torre explains, we're in his office just off the main square where tourists pose for selfies by the.

[Elvis La Torre]

Fountain. Around 95% of our economy comes from.

[Spanish Language Announcer]

Tourism. Es gracias al.

[Jane Chambers]

Tourism. A general adult ticket to Machu Picchu costs around $45, but the mayor says the money ends up.

[Elvis La Torre]

Elsewhere and 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.

[Jane Chambers]

Clean. He wants the allocation of money to.

[Elvis La Torre]

Change. We want to receive a bigger percentage of the money and for it to stay here in the Cusco so that we can improve services for tourists here in Machu Picchu and in the rest of the.

[Jane Chambers]

Region. I contacted Peru's Ministry of Culture for a response to the comments made by Mayor Elvis La Torre, but haven't had a reply. The train to and from Aguascalientes is a magical journey through lush tropical landscapes with brightly coloured flowers and snow capped mountains in the distance. Back in the former capital of the Inca empire, Cusco, I meet Carlos Gonzalez, the president of the Chamber of Tourism for the region. Like the mayor, he's also not happy about how the ticket money is currently spent by the Ministry of.

[Spanish Language Announcer]

Culture. 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 and 93% of it goes to the Ministry of Culture and it is used primarily for paying.

[Jane Chambers]

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.

[Spanish Language Announcer]

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 see to exert that pressure from the private sector. Otherwise, things are going to remain the same for.

[Jane Chambers]

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.

[David Brancaccio]

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. Dear listener, this week only you can get your very own Marketplace hoodie for half the price. Yes, it's officially half price Hoodie week. They say it's soft, it's cozy, and it's our way of saying thanks when you make your year end donation a little early. Well, don't wait though. The deal ends on Friday and once it's gone, it is gone. Give [e-mail] or click the link in the Show.