Signing up for Social Security may soon feel like a trip to the DMV

Summary

Marketplace Morning Report: Detailed Summary

Release Date: March 19, 2025

Host: David Brancaccio
Reporter: Nancy Marshall Genzer, Nova Safo, Will Chalk
Contributors: Nancy Altman (Social Security Works), Lee Dudek (Acting Commissioner of Social Security), Kieran White (Maltby Main FC Chairman), Matt Nicholls (Drummer, Bring Me the Horizon)

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1. Changes to Social Security Sign-Up Process

Overview:
The Social Security Administration (SSA) is implementing significant changes to the application and management process for Social Security benefits, effective March 31st. These changes aim to reduce fraud but may introduce additional challenges for applicants, particularly those with limited internet access or mobility issues.

Key Changes:

• Internet ID Proofing: Applicants applying for benefits or changing their direct deposit information by phone must now use "Internet ID proofing."
• In-Person Appointments: Individuals without internet access are required to make in-person appointments at SSA field offices.

Implications:

• Increased Foot Traffic: Nancy Altman, president of the advocacy group Social Security Works, warns that the new ID system could result in up to 85,000 additional in-person visits per week. This surge may exacerbate existing wait times at field offices, causing delays and potential denials for applicants.

  “People who are seniors, people with disabilities, often have mobility issues. They may live in rural areas far away from a field office for those who can travel,” says Nancy Altman [00:26].

• Fraud Mitigation vs. Accessibility: While the SSA aims to curb fraud through these stringent measures, a recent Inspector General report indicates that improper payments amount to nearly $72 billion from fiscal years 2015 through 2022, which is less than 1% of all Social Security benefit payments during that period. This raises questions about the proportionate response to fraud prevention.

  “The new ID policy is not intended to hurt applicants and will monitor the situation closely,” assures Acting Commissioner Lee Dudek [01:26].

Additional Developments:

• The Trump administration is anticipated to urge Congress to eliminate the taxation of Social Security payments, a tax currently impacting about 40% of beneficiaries. This move could potentially increase net benefits for a significant portion of recipients.

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2. Restructuring of Fannie Mae and Freddie Mac Boards

Overview:
A notable reshuffle has occurred within the leadership boards of Fannie Mae and Freddie Mac, two pivotal government-controlled entities that provide financial backing to the mortgage market, thereby influencing interest rates for American homeowners.

Key Developments:

• Board Member Replacements: William Polte, the newly confirmed head of the agency overseeing Fannie Mae and Freddie Mac, has dismissed 14 board members across both firms. He has appointed new members, including Christopher Stanley, a cybersecurity engineer affiliated with Elon Musk's companies and involved with Doge Pulte.

  “I wouldn’t have even thought this time last year I’d have been so invested,” remarks Matt Nicholls regarding the unexpected shifts [06:36].

• Potential Workforce Reductions: The New York Times speculates that these board changes may signal initial steps toward downsizing the workforce at both firms. During the Trump presidency, there was an unsuccessful attempt to privatize these companies, an effort that experts believe could lead to increased mortgage interest rates if revisited.

  “Depending on how that's done, it could push up mortgage interest rates,” notes Nova Safo on the potential economic impact [02:25].

Impact on the Mortgage Market:

• Fannie Mae and Freddie Mac play a critical role in setting mortgage standards and maintaining liquidity in the mortgage market by purchasing loans from lenders and repackaging them for investors. Any significant changes in their governance or structure could have cascading effects on mortgage availability and pricing.

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3. Unexpected Global Buzz for Maltby Main FC Through Music Sponsorship

Overview:
In a heartwarming convergence of sports and music, Maltby Main FC, a semi-professional soccer team from South Yorkshire, England, has experienced a surge in global interest and merchandise sales thanks to their partnership with the Grammy-nominated metal band Bring Me the Horizon.

Key Highlights:

• Sponsorship Impact: The team's new kit, sponsored by Bring Me the Horizon, has garnered international attention, leading to unprecedented demand for their jerseys worldwide. This unexpected popularity has provided a much-needed financial boost to the club.

  “It's keeping us going because it does cost quite a lot of money to run a team at this level,” explains Kieran White, the club's chairman [05:23].

• Community and Cultural Engagement: Matt Nicholls, the band's drummer and a local resident, emphasizes the social benefits of the partnership, aiming to foster community spirit and engagement rather than solely focusing on financial gains.

  “It's like getting the community together and giving them something to be a part of, do you know what I mean?” states Matt Nicholls [05:31].

• Broader Trends: This initiative is part of a larger trend where musicians support local sports teams, similar to Ed Sheeran backing Ipswich Town in the Premier League. However, Maltby Main FC, being a smaller club, can directly attribute their growth to such collaborations.

  “Bring Me the Horizon are far from the only musicians to do something like this,” observes Will Chalk [05:57].

Future Prospects:

• The increased revenue from jersey sales allows Maltby Main FC to invest more in their players, potentially enabling them to climb up the lower leagues and enhance their competitive standing.

  “More shirt sales means more cash to spend on players and that could lead to a climb up the leagues,” concludes Will Chalk [06:52].

Personal Stories:

• Fans like Bec, who previously had little interest in soccer, have become ardent supporters, traveling significant distances to attend matches and actively engaging with the team’s newfound success.

  “I wouldn't have even thought this time last year I'd have been so invested,” shares Matt Nicholls [06:36].

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Conclusion

This episode of Marketplace Morning Report delves into significant shifts within the Social Security administration, potential restructuring at major mortgage-financing institutions, and an inspiring story of community and cultural synergy enhancing a local sports team’s appeal. Through insightful reporting and firsthand accounts, the episode underscores the delicate balance between regulatory changes, economic impacts, and grassroots initiatives shaping today's societal landscape.

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Notable Quotes:

• Nancy Altman, Social Security Works:
  “People who are seniors, people with disabilities, often have mobility issues. They may live in rural areas far away from a field office for those who can travel.” [00:26]

• Lee Dudek, Acting Commissioner of Social Security:
  “The new ID policy is not intended to hurt applicants and will monitor the situation closely.” [01:26]

• Kieran White, Maltby Main FC Chairman:
  “It's keeping us going because it does cost quite a lot of money to run a team at this level.” [05:23]

• Matt Nicholls, Drummer, Bring Me the Horizon:
  “It's like getting the community together and giving them something to be a part of, do you know what I mean?” [05:31]

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This comprehensive summary captures the essence of the March 19, 2025 episode of the Marketplace Morning Report, providing listeners and non-listeners alike with a clear understanding of the discussed topics and their broader implications.

Transcript

[David Brancaccio]

Will signing up for Social Security become like a charming trip to the Department of Motor Vehicles? I'm David Brancaccio in Los Angeles. Changes to the way we sign up for Social Security will require many more people to show up in person at field offices. The new policy is intended to curb fraud but will add friction to the process that could lead to delays and denials. Marketplaces Nancy Marshall Genzer reports.

[Nancy Marshall Genzer]

The Social Security administration says starting March 31st there will be additional identity requirements for people applying for benefits or changing their direct deposit information by phone. They'll have to use what the agency calls Internet ID proofing. If applicants don't have access to the Internet, they'll have to make in person appointments at Social Security field offices. Nancy Altman, president of the advocacy group Social Security Works, says says that could be difficult. People who are seniors, people with disabilities, often have mobility issues. They may live in rural areas far away from a field office for those who can travel. Altman says the new ID system will lead to as many as 85,000 more in person visitors per week to field offices that already have long wait times. Acting Commissioner of Social Security Lee Dudek says the new ID policy is not intended to hurt applicants and will monitor the situation closely.

[David Brancaccio]

And if it is to the detriment of our citizens that we serve, then we're going to take necessary actions to improve those services.

[Nancy Marshall Genzer]

As for fraud, an inspector general report last year says Social Security estimates it did make almost $72 billion in improper payments from fiscal years 2015 through 2022. But that's still less than 1% of all Social Security benefit payments during that time. I'm Nancy Marshall Genser for Marketplace.

[David Brancaccio]

The Trump administration is also expected to push Congress to end taxation of Social Security payments, a tax that affects about 40% of recipients. A presidential appointee has removed more than a dozen board members at Fannie Mae and Freddie Mac. Those two government controlled firms provide financial backing and therefore keep interest rates lower for about half the home mortgages in America. Marketplace's Nova Safo has more.

[Nova Safo]

Fannie and Freddie Mac help set mortgage standards. They also buy up loans from lenders and repackage them to sell to investors. This system provides cash to keep the entire mortgage market humming and keeps mortgage rates down. But there are questions about where it's headed next. William Polte, the newly confirmed head of the agency that oversees Fannie and Freddie, this week fired 14 board members at both firms. He also installed new ones, including Christopher Stanley. Stanley is a cybersecurity engineer working for Elon Musk's companies. He is also said to be involved in Doge Pulte has not provided reasons for the changes, but the New York Times speculates that they could be first steps toward reducing the workforces at both firms. Also, during the first Trump presidency, there was a failed effort to privatize both companies. Some experts say depending on how that's done, it could push up mortgage interest rates. I'm Nova Safo for Marketplace.

[Marketplace]

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[David Brancaccio]

Sports as Fashion brands around the world, you can spot New York Yankees clothes or Real Madrid togs. A report now from the BBC's Will Chalk On a team that's not fully pro, but trying this.

[Will Chalk]

In terms of glitz and glamour. Soccer team Multbimane FC in the north of England is about as far from qualifying for the champions league, the UK's equivalent of the super bowl or the World Series, as you could imagine. Based in the town of Maltby in South Yorkshire, the club play their home games in front of around 100 fans. Soccer clubs move up and down leagues depending on success. Currently, Maltby Main play in one of the lowest leagues, which isn't fully professional. Despite that, their new kit launch has caused an unexpected stir with demand for their team jerseys from around the world and it's been a lot for the club's chairman, Kieran White, to manage.

[Kieran White]

Whenever we launch anything, it's just you can tell what time people are waking up around the world because at certain times it'll go off and it's like, right, South America's just getting up because we're getting loads of orders coming in.

[Will Chalk]

So why the sudden interest? Well, it's because of these guys. Maltby Main's matchday kits are now sponsored by Grammy nominated metal band Bring Me the Horizon. Kieran says the response has given a real boost to the team's finances.

[Kieran White]

It's keeping us going because it does cost quite a lot of money to run a team at this level.

[Will Chalk]

Bring Me the Horizons Drummer Matt Nicholls is from the town.

[Matt Nicholls]

Maltby's not a place that has much going on. It's like it's a mining town and then obviously the coal industry is gone, the pit's closed. So it was more just like getting the community together and giving them something to be a part of, do you know what I mean? And get involved with and it's good to help them financially, but I think the aim more than anything is just to get people through the gate and to actually get involved.

[Will Chalk]

Bring Me the Horizon are far from the only musicians to do something like this. In fact, Ed Sheeran supports his local team Ipswich Town, who currently play against Liverpool, Manchester City and Arsenal in England's most famous competition, the Premier League. But for a club the size of Maltby, Maine, the direct impact is much easier to track.

[Matt Nicholls]

It's just a nice community and it's just everyone's friends really. At the end of the day.

[Will Chalk]

Bec is a Bring Me the Horizon fan who previously had no real interest in soccer. Now she goes on a two hour round trip to Multby Main matches.

[Matt Nicholls]

I wouldn't have even thought this time last year I'd have been so invested.

[Will Chalk]

In Back to Matt from the Band.

[Matt Nicholls]

I've played games in Malaysia and someone on the front row has got a multi domain shirt on and it's pretty.

[Will Chalk]

Mad for this tiny soccer team. More shirt sales means more cash to spend on players and that could lead to a climb up the leagues. In the UK I'm the BBC's will chalk for Marketplace, and in Los Angeles.

[David Brancaccio]

I'm David Brancaccios, the Marketplace Morning Report from APM American Public Media.

[Janelli Espinal]

Consumer confidence had its sharpest monthly decline since 2021, which means we're all in our feels about money. And while uncertainty is the only constant these days, it's also a great reason to get serious about understanding personal finance. I'm Janelli Espinal, host of Financially Inclined, a podcast from Marketplace that makes learning about money simple. Learn about practical skills like negotiating job offers, dealing with money and friendship and love, entrepreneurship and student loans. Get serious about your money and build a life you've always dreamed of. Listen to Financially Inclined wherever you get your podcasts.